All Forum Posts by: Mike Hurney

Gentlemen,
Phil Halleen & Trent Begay You may want to catch up with a friend of mine Alan Langston, AZREIA.org ?

The key to success is similar to what my old Instructor Tom Powers used to say: For every hour in the Dojo (or online) you've got to spend 9 hours in the real world.

Phil, seems like you're already out there. Trent, see you out there, ASAP!
Good Luck Investing, Mike

Hey Patrick,
Just don't say:
"I'm looking for some quick Flips for chunks of cash and some rentals for Cashflow!"
Labels you as a (very) recent Seminar/Webinar graduate.
Good Luck Investing, Mike
PS Do not have "Real Estate Investor" on your biz cards. RE Brokers will avoid you like the plague

How about that Fabreze you see on TV?
In the commercial they spray a dumpster with it, then take blindfolded people into it. They rave how nice it smells. Of course they're disgusted when they remove the blindfolds and see that they're surrounded by (I won't say it;-)

Hey Maria,
If you put together a rough business plan with timelines and goals we can comment on it.

If someone asks how to do something, it's hard to figure out the background and capabilities they bring to the table.

On the other hand if you ask: "I have this opportunity and I can do A, B or C but I'm inclined to do B because blah blah blah"

Now you'll get meaningful feedback!
Of course take the 16 months to read every Blog/Forum post here on BP.
I'm kidding of course.
You can block out some time each day to read, take notes and ask for that feedback.
Good Luck Investing, Mike

Steve Might Hey Steve I've had this problem with several houses in high water table areas.
I went to BDri a company that specializes with this and they gave me a detailed proposal. If you get me your email or colleague me I'll dig it out and send it to you.
I then had my guys do the work as fill-in between other RE projects.

1. Make sure the grade is pitched away from your house and any old overgrown plants remove or replace any soil that's just humus (leaves that have built up over the years and not been removed, turns into very porous soil)
2. Dig out the basement floor.
3. Install 4" perforated pipe (with a mesh sieve, sleeve), pitched to the lowest point and dig a sump.
4. Replace the basement floor with 6-12" of gravel.
5. Install a vapor barrier.
6. Pour a concrete floor over the entire basement, except for the sump.
7. Pipe the sump away from the house.

Obviously you've got a lot of digging so the final floor is at the same level it is now. And there's usually a boiler/furnace there and electrical wires need to be moved and etc

Crawl space dehumidifier isn't sounding so bad;-)

Ray Hurteau Hey Dude (and fellow Husky), where was your 3 family? I worked Dot Ave last December and the condos were flying off the market!

Buying with partners, .....hummmm...

Anyway your 2 new multis sound promising!
Good Luck Investing, Mike

Melanie Noblin Now you know the Bank can reneg, even at the Closing. Called the "Golden Rule" (S)he who has the Gold, Rules.

Jon's right, contact as many LOs & Mortgage Brokers as possible.
You might want to ask the Manufacturer of the house if they'll finance it or who they use for financing? or other MH builders?
and even the original bank that walked on you may have a lead to financing?
Good Luck Investing, Mike

I was on a Webinar for folks running REIAs and the main speaker said:
"We'll see how long Hedge Funds last, picking up REOs and renting them? Given our experience with Tenants and what we have to put up with, it won't take long. Especially the houses with former Owner Occupants turning into their Tenants!"

I didn't think it would end this soon;-)
Good Luck Investing, Mike

Justin Fong When I began in Real Estate, I picked some Properties to cashflow but having a good salary as A Project manager for a Defense Contractor I could afford to buy in areas that appreciated faster and had negative cashflows.
Imagine buying a house on Comm Ave in Newton and renting it to cashflow? Good Luck! but it would have high Appreciation as the market returns.
On the other hand take parts of Worcester, they'll cashflow on the day you close but may not Appreciate, percent wise, as much as Newton. Worcester would also net less, on the order of magnitude of Newton because it's priced much higher.
My properties that were Negative eventually turn "fat" or cash positive as the debt service is paid down (or retired) and rents rise (30F mortgage maintains the same payment).
Good Luck Investing, Mike
PS You call Christie?

Mike Hoefling Hey Mike, welcome to BP!
I'd figure out what the KC house is worth as is?
What it would cost to max it out?
Sell it price, maxed out?
vs. Cash Flow as rental??

Good Luck Investing, Mike