All Forum Posts by: Account Closed

I just started a rehab on a house that after i got it under contract and 2 days before the inspection period ended. I went back and renegotiated with the wholesaler for a additional $10,500 off plus the $1100 in closing costs .. it worked so well , I think that I am going to use that as my model for now on .. worst case is they say no and you can still choose the close if you still want to ..but, Now i figure it hurts nothing to ask .. my goal is now going to be .. get it under contract w/ inspection clause .. and yes .. It helps a huge amount if you can afford to put diwn a very big earnest money deposit .. In the case above we ( my partner and I ) put the whole asking price in escrow .. The seller already had his mind on soending some of that money so, i think that helped a lot .. I wish you all the very best ..

God Speed, 

Michael Short   

I completely agree with @Richard Allen except for one issue .. but this is just my opinion ..I would buy a sink hole property if ..and only if .. it was deemed fixable by underpinning it and I git a big enough discount on it .. and last but not least .. If i was buying to hold and rent .. the thing is , here in Fl we have sinkholes .. there might be one under me right now , i mean we are under sea level for the most part .. in all the years i have lived here 20 + i have only heard of one man dying from a sink hole that opend up while he was in bed in Orlando .. it swallowed his whole room up and was so deep that they never found him .. his brother tried jumping in and didnt get far before he was pulled out .. .Im not saying it cant happen again but fixed correctly it could them be standing for the next 150 yrs .. or the whole earth could warm up enough to melt a few big glaciers and all of fla could be under water .. 

i hope you make the right decision based on your needs .. 

God Speed, 

Michael Short 

Wow..what a great resume, Im very happy for you that you have built the courage to step firward into the abyss that is real estate investing .. and finding BiggerPockets just gave you a huge advantage ..I hope you find it as useful as i did and do .. It has literately changed my life .. I found so many great contacts and helpful insights .. its like being in church in a way .. my real estate church .. lol.. everyone is just so helpful and encouraging .. I mean why not learn from others mistake's if they'll share them .. and victory's.. If I was closer to Tampa ( im a hr north ) I woukd certainly try to partner up with you on a few flips .. kind of help where i coukd but by the sounds of it , you would be teaching me a thing or two .... Im sure you will have no problem finding private money if needed .. you already have one investor that seems interested .. not sure what he has in mind but ..for me , I always like risking others people's money .. although its a small risk they might loose some ..it could happen i suppose .. I dont like to think about that .. because it woukd mean , natural disaster or war or arson .. something along those lines .. wow .. i just turned gloomy .. lol.. I just want to add that I wish you the very best and hopefully i will get down to some reia meetings down that way soon and maybe run into you .. 

God Speed, 

Michael Short 

@Richard Solano I dont of of two many multi units in inverness but it certainly is a undervalued city right now ... and is in desperate need for rentals .. I also have it on goid authority that over 3500+  new decent paying  jobs are going to be avalible in the next yr or two I think by the middle of 2018 .. we already had a spike in the area from the pipeline going through this area .. it is were i hope to start my buy and holds buy the yrs end .. I presently only do Flips but I have seen good numbers from them lately .. I know i have got a bit lucky but i also eat, sleep, live real estate .. So finding decent flips that have a Roi of at least 40% on a $100k investment has been a bit challanging but i have found two just this last month that had higher potential Roi's than that .. somewhere closer to 55-65% ..one rehab i am starting tomorrow is a big job but the return should be wirth it .. at least thats the hope .. Im a bit nervous because the scope of work is really bigger than I would normally want .. and keeping on budget and timelines is worrisome a little .. but I have always performed well under pressure .. anyway .. this isnt about me .. its about my take on the rental market near Inverness, Fl ..which is about 1 hr north of Tampa .. do yourself a favir and stay away from anything to close to the water on this cost.. mainly in Spring Hill  And New Port Richey as sink holes are commen in those areas .. that being said, as far as i know only one incedent in the last 10 or 15 yrs has lead to loss of lives .. and that was in Orlando, poor guy was sleeping when his bedroom got swallowed up .. his brother jumped in after him but it was to late .. I dont mean to scare you , like i said as far as i know that was a pretty isolated incident .. I wish the very best of luck and welcome to Bp ..I really hope you find it as exciting as i did and still do . Please make sure you take full advantage of all it has to offer.

God Speed, 

Michael Short 

@Ezra Simon 

Another thing you may want to consider is try to find a few to wholesale just by networking with family and friends and anyone who will listen that you buy houses ..your church , your dentist, your dr.. I tell eveyone who will listen that i am always willing to make a offer on a house they have or may know someone who has one they need to sell . Look at craigslist by owner ..maybe yu get lucky and you can wholesale a property or two and build up your cash reserves .. I just found out that the wholesaler i bought a property from made over $13k ..he was trying to get $25k over  .. but point is he had it marketed for 4hrs before i called and showed up .. I put in under contract within another 4hrs .. 20 days later we closed .. I start rehab this comming week .. and yes, I kick myself in the but because its right here in my small town and the wholesaler was from Tampa ..1hr away .. I should have found this property myself and saved that $13k ..but , Im still happy with the price ..Im looking at a est $50k profit once sold .. 

God Speed, 

Michael Short 

I just bought a house from a wholesaler that I later found out he made around $15k on it .. i bought it at a price that was very affordable to me .. that being said .. had i found that seller first , i might have saved $15k .. the wholesaler only put signs out for a few hrs before i called and was the first in .. made him a offer and had it under contract .. I dont know hiw my ch time it took him to find the property or deal with the owner but even it took him 3 months .. thats still $5k a month ..not a huge amount to some but if you could make that on the side .. not bad money .. just my input .. i wish you well .. 

God Speed , 

Michael Short 

Why dont you consider a deal by deal basis .. your non compete could be just until the rehab is complete on your existing deal , instead of a end date a yr from now .. That way your not chokehold for time your not in a deal . They just want to unsure you put their interest first . Later as you go you can show them that you are capable of running more than their projects .. maybe strat off with a easy paint and lipstick flip .. ask them if you can move on something that you can do on the weekends or after hrs.. then once they agree to one , it will get a easier to renegotiate with each property .. i wish you the very best ..

God Speed, 

Micharl Short    

Hello and welcome to Bp .. i hope you find this site as exciting as i did when I stubbled on to it .. there is so much great information and the members are so helpful and nice ..if i was to build a perfect real estate investment site .. it would be almost exactly like BP's . I hope you take advantage if all it has to offer and it lokks like you're on your way to doing that .. be sure to check out the pod casts .. and the recommended reading ..I wish you the very best of luck ..

God Speed, 

Michael Short 

So you are interested in buying a lake ? ..or maybe a pond ? .. I know in Dubi they are building Land buy pumping up sand from the bottom of the ocean and redirecting it ..i imagine the cost is enormous .. I cant see any value ..perhaps if there were 20 million dollar lots above water next to them .. or if you wanted to start a fish farm .. for me though .. i would learn to walk before i swam .. 

God Speed, 

Michael Short   

@Russell Holmes

One thing to consider is if it is a investment home you cannot pull permits yourself .. so when you say you are capable of the work .. you will still need to hire a contractor to due said work .. then there's also liabilty if you hire anyone else like laborers to do work there . Wc insurance is required by all people that work in construction .. even sole proprietors .. this is of course if your intending on keeping things legal and not wanting to risk getting sued by a injured worker .. a officer of a LLC or a corperation can get exempt from Workers Comp but they have to file for it .. so if you have anyone who you hire that tells you they are excempt .. ask to see their certificate .. then check online to see if it is valid .. unfortunately .. if you dont check and they get injured , you can still be held liable .. good luck and ..

God Speed , 

Michael Short