All Forum Posts by: Joseph Druther

@Scott W. My HELOC is a good rate. I can't remember what it was then, but it was a really low introductory rate. I think like 3.75% or maybe even less. So 3.75% x$100,000 =$3750 annually /12 months = $312/month interest only payments. It is somewhere around there. We used some savings, but we maxed out that 100K first.

@Vinh Le Thanks, and go get it!! 

@Casida Caines Thanks

@Kami Carlson I appreciate it!

@Dennis O. Definitely AWESOME!!!

@Scott W. The Interest was from my personal HELOC and was super low, so like $300/month max. I don't think that was in the spreadsheet. Taxes came off the HUDS (not on this sheet), but were only a few hundred as well since they were prorated and we have relatively low property taxes. As far as hours.... sheesh. I don't know. I did some of the electrical and plumbing myself, and I spent too long on it lol. I also had help from my wife who managed the job while I was at work and my dad who was the lead carpenter.

@Amanda Duhart See above answer.

@Maria Alfante Thanks

@Moises Guzman, Get a HELOC on it. super low interest rates and like a giant credit card for buying your first flip. Listen to the BP Podcasts. If you listen to more than 50 or 75 without doing a deal then you are not taking enough action! Enjoy a good slice of pizza or a bagel for me. Oh how I miss my New Jersey breads lol!! Let me know if you have any questions! Good Luck

@David Zheng Thanks!

@Justin Shumaker Right now I am revamping all of my tracking methods for my KPIs. I haven't been very good with that at all. Our best response comes from yellow letters, but that doesn't mean the best leads. Driving for dollars for the worst houses in the best neighborhoods are the best way to go. In my area I have good response from mail. Other areas of the country seem to be different. 

@Felipe Lois AffiniThanks. Take massive action and you won't be a newbie for long!

@Rachel Pervis Thanks! Happy to do it.

@Alan Kahanu Thanks.

@Stacy Label It is very exiting!! That's why I use TWO (2) Exclamation points a lot!! ;)

@Christine Bruno Awesome!

@Colette Chase Thanks!

@Joshua S. Thanks man. We worked really hard to eliminate all of our debt as the foundation. We were able to (with very small incomes (+/-30K)) eliminate all our debt and pay off our house. Once I got a new job that gave me a raise I was able to pay off the addition to our house and get a 100K HELOC on our paid off house. So With the little bit of savings that we had and the HELOC I was able to buy and rehab the flip house. The flip was in Pinehurst NC.

@Michael DeYoung I can't wait to see your pictures! Be sure to tag me in the post when you make it.

@Damian Rochman Sure thing! Come on out! it's very laid back and you can just get to talk with some local investors. We will look forward to seeing you there!

@Ray Thompson Look forward to meeting you both!

@Kirsten Ostby Absolutely, we will be there a little early to make sure everything is set up. But you HAVE to come out now, because you've been telling me you were going to come out for the past year lol ;) So I definitely look forward to meeting you.

@Moises Guzman Absolutely! Btw My dad was raised in Newark. Then we moved further north to Sussex county. Good luck!

@Susan Maneck Hahaha. I did some of that work myself to "save money" but now I don't do any of the labor on the jobs. And I. H.A.T.E. P.A.I.N.T.I.N.G.!!!! lol

@David Edwards Glad you clicked ;-) We were able to build our foundation and eliminated all of our personal debt and that included our very modest home. VERY modest lol. But we were able to get it valued enough to pull a 100K HELOC out after we added a master suite. We barely closed on our HELOC in enough time to purchase and rehab the house, so we had to borrow a few thousand from family to eek out about a week in between purchasing it and getting our full funding in place. A little stressful for a few days haha!

@Linda R Harley Glad it inspired you. We weren't expecting to get that. Originally I had a 170-175 ARV based on the comps. We finished it way nicer than anything else on the market and were able to command a higher price. So excited for you! good luck!

@Craig Holt Thanks! And don't be envious. That will eat you alive in this game. I have a bunch of friends doing a bajillion times better than me. Just go out and do it! Trust me, if I can do it, anyone can do it!

@Julie S. Thanks! I will put it on my list.

@April Molina No. I bought a Porsche and went on a vacation to Disney..... nah just kidding. :-) To an extent we did spend some on marketing. We drive for dollars a lot so our cost per deal is still pretty low. We do write letters, postcards, and some stuff like that. Building it all slowly so no need to spend all that money at one time ;-)

@Carla Young you're welcome.

@Sal Pirillo Thanks! We tried hard for good workmanship. We definitely kept the ball rolling and have done a bunch of deals since then. We have 4 at different stages currently and are hoping to have 12 completed this year altogether! Good luck on the SC project, that sounds like a big opportunity. I am about 2 hours east of Charlotte. 

@Robert Wayne Thanks!

@Samantha Lee Sure! I dont feel like itemizing it so here is the copy and paste from my original spreadsheet.

@Alex Huang we do direct mail marketing. We also do some door knocking and a lot of Driving for dollars. I will post some of our other success stories of out driving for dollars stuff in the future.

@Olu Sanya Thanks. They were actually a nice laminate. Much more durable than hardwoods and looked great I thought! Glad you thought so too!

@Maria Flowers I hoped it would encourage someone, glad you liked it.

@Robert ZemkoThanks!

@Arianne L. Thanks! I love your guys story!! And I'm looking forward to seeing you guys crush your goals too! 

@Erik Anderson Thanks!

@Sean Ryan You are welcome! and Thanks! And DO IT!!! The only thing in your way is yourself. I give you permission to go after it!!

@Scott S. That's AWESOME!! Making the neighborhoods better is so rewarding. Good luck!

@Alexcia White We rehabbed this in about 7-8 weeks. We had put it on right before thanksgiving 2015. We went under contract in about a week and closed February 5th (ish I think) because it took a while for the VA loan.

@Ryan Johnston Thanks. And Absolutely get out there and do it!! It's not really that risky, just get the information to make an informed decision. In my opinion college is risky. You can literally just throw the money away and it could be a totally useless degree. This will give you an education and at the end of the day the house will have some kind of value, so the chances of you just losing all your money is (almost) nothing. I'm going to try to stay more consistent with posting our success stories here in the future, so stay tuned!! 

I would touch them +/- every 6 weeks consistently over time. Not too soon and not too far apart like @Jerry Puckett said.  If they aren't ready to sell today, then they wont be ready to sell next week, the week after that, or the week after that....... But 6 months or a year from now may be a different story. Life circumstances change!! And the fact that you will be there 6 months or a year from now with a slow and steady postcard campaign, they will call you. You don't want to blow it all on a short window when they might not be ready to sell. Just my $.02.

Good Luck