All Forum Posts by: Jake Wagoner

Put this way if we don't see a drop sooner or later it will be that much bigger when it eventually does. I can share your concern Marlon your in one of most obscene areas for home values, taxes ect..  in the country in So Cal.   I can't share much more then what's posted here but think Jason Bee here has it about right.  I will say following politics pretty closely there will be some major policy changes coming with Taxes, jobs, and small businesses.  I don't think we've felt the full effect of Covid losses regardless of apparent winners and losers Im expecting 2022/23 to be a pretty rough years for the housing market.  2020 has eaten up a ton of home sales we'll have to make up for those numbers somewhere.  With that said if you can keep a stream of funds to invest with continue to educate yourself Realestate can offer great opportunities some more so in a down market. Keep after Marlon if its not as bad all the better then worst case. 

Hi Aldin welcome to BP. I’m a GC I’d agree with Brie and Jay. I’m not in your market but have spent a lot of time in developments.  I know there’s a lot of guys out struggling in the construction  business. Skills poor help whatever the excuse was. If the guy has a big presence in the community he might be anxious to get it right. Depends also on your relationship with him and how much he cares too stay in business. Sometimes you’re money ahead cutting the loss and move on too someone more experienced  with what you need. 

As far as building a development not knowing all your details I’d probably go with an architect. There’s a lot that goes into it. Every lot is different. Lay out, design and  landscaping all have to fit. You can save a tremendous amount of $s and headaches getting a good Architect. Also modifying off the shelf prints they’ll charge a premium for it if they get it right. Good luck on your projects should be a lot fun and profits either way. 

Names Jake Wagoner  General Contractor/Investor - I’ve been looking for a group in Des Moines. I should make the next July meeting if it’s still at the Tap on Ingersol. 

Jason do you find sellers fairly willing to trade I love the concept. My market here is small but stable good balance of Agriculture and Industry. We’re centered an hour and half from Omaha-Des Moines and KC. Should my new deal be hear or there. I’m hearing both KC and Omaha getting offers above the list price. Des Moines a little over built in multi family what’s the best move? Maybe I’m wrong  about Des Moines. I still see a lot of deals in Florida. Just contemplating weather the next deal should be out of town. 

Joseph The first flip interestingly enough was a 3000sq ft church that no one knew what to do with but had a great location. I paid 10k -rehab was 90k and ARv is 220k.  

The second was again purchased for 10k also and again in the right location- 50k to rehab ARV is $110k.

The first one was a home run the second flip ill make the 30k threshold but it was junk it wouldn’t make grade for investment where I’m at today. 

One side note the warehouse is also zoned for apartments. The town is in desperate need of new product. I do have a lender who likes the deal for 20 units -1 yr construction @ $600k. Numbers and refi look great I just keep getting reminded don’t build in the apartment sector. 

Anthony , Thomas appreciate the feed back I’ve learned 10fold just in the last 4 months knowledge is true power as they say. Like Thomas said commercial deals are more about cashflow and your reputation then credit score. I was relying on conventional small town banks and my lack of knowledge finally caught up with me. Im net cash flowing $1500 a month on the commercial deals another $3700 in 3-6 months more there and likely 250-275k to leverage once both residential units are sold and score back to 750 for which hopefully won’t matter. Kind of interesting if you’re needing a good credit score your probably financially off somewhere to start with. Let me know of any meetings you guys do in CB or Des Moines I’d love to learn more about your deals and share ideas. I’m a general contractor I know both city’s pretty well. 

Any recommendations I own 4 investment properties and My first mistake was I bought them before I was educated about financing deals. I used my own cash and used what easy available credit I had to rehab the projects. The issue now is my credit score is 630 and I'm having a hard time finding lenders to finish my investments. A Brief summary all 4 projects (2 houses -1 retail property-1 industrial) totaled $180,000 combined to purchase. Combined rehab cost $450,000 (total of $630,000) Final ARV $930,000 conservatively. I've put in $500,000 of the $630,000. There is currently $110,000 of debt on just two of the properties so when I cash out I should net $690,000 cash. One house did just appraise at $220,000 should be on the market in 3 weeks so maybe that's my way out of the debt to income hole.

Hi my names Jake I own a 52,000 sq ft warehouse I want to convert into a 24 unit apartment. We’re in a smaller town pop 5,000 with stable employment with very little new or quality product. I’ve talked to the city and I’m zoned correct with no special permit or adjustments needed and the city very behind me on the project. Numbers look great but I’m sure there’s more diligence to uncover before I proceed. I have two main questions 1) What state regulations besides standard building codes are out there for new multi family units in existing buildings? 2) Is the size of my Market an issue?