All Forum Posts by: Stephen McKee

Hey MikeOH,

If the country is that bad why would anyone invest here?

My user friendly CRM off choice.

http://store.apple.com/us/product/TH390LL/A?fnode=NDY2NDE4Mg&mco=MTA4OTA4ODE&s=topSellers

Read or listen to John W. Schaub's book "Building wealth one house at a time". Best long term hold stratigist hand down IMO and the opinion of several other experienced investors I know.

Robert Allens no money down for the 2000's is a great read also.

That being said my favorite rental is a middle income home in a blue collar neighborhood.
1200-1600 sqft
3 Bedroom
2 bath
1977+
5200-12000 sqft lot
low tax base (1999+ in Ca tend to have mell0-roos)
Interior lot (no main streets)
Single story (plumbing leaks in a 2 story can cost you a fortune)
simple layout. (Large living room, open kitchen, 3 beds and 2 baths down the hallway)

Either, BofA could be the servicer or Fannie direct. You can call the foreclosing attorney and ask them for the number to the bennie. You'll then go through phone call hell (5-10 people) repeating what you want until you are guided to the right asset manager or servicer. If they wont let you buy it direct they will be able to give you the name and number of the agent who will be listing the property.

I tack 10% extra on every project and it keeps me under budget. I haven't had a oh **** moment cost me more then 2k in the last 2 years.

Why don't you track down all the investors that are flipping in your area and go work for them. All you have to do is have and agent pull all the sales for the last year in the MLS that were rehabbed and get the names of the investors from public records. Contact then and tell them you will work for cheap to learn the business. You obviously cant work for less then your bills demand but get them as low as possible so you can work as cheap as possible. Even if it means surrendering toys you are making payments on. After a year or so of working with investors and a few dozen beers with said investors after the work day you will have the skill you need to flip on your own.

At that point you'll want to hunt for deals, lock them up in a contract, and then go to the investors you are working for and partner with them. you wont charge a contractor and they will front all the money. In the end you split the net proceeds. Repeat this process until you have enough money to do a few a year on your own.

DON'T OVER BUILD! Check out the sales in the area and make sure there is at least 1 or 2 sales with the level of upgrades your property will have. At some point the law of diminishing returns kicks in and that 2k granite job just gave you $500 in equity.

Less is more, touch every surface, and higher a professional cleaner. Clean windows and tracts go a lot farther than you think.

Josh is right about the bleeding out issue. A 1 time 100k loss is better then bleeding 200k over 10 years hoping for a change. Get out, remember the mistakes, try again.

Question to all. What does a "freak" look like? What does a "gang banger" look like? Just want make sure I avoid these people.

I'm sure we all gotta watch out for all those hair lips, retards, and disabled folks. They aren't like the rest of us "normal" people.

Side note for all those Glen Beck worshipers: The republican party was originally referred to as the progressives when it was formed.

Second note: I'm in the process of having a full sleeve drawn.