All Forum Posts by: Rich Weese

Joe,

When I had mine, I was neither nor ever have been either....

Rich

I prefer both..........

Rich

p.s. I just returned home from Daytona Raceway 20 minutes ago. Our convertible club from The Villages got to run 3 laps on the track. I had just added a Paxton Supercharger a couple months ago. 771 HP at the rear wheels (in cool weather) dyno. It was great fun even though they wouldn't let us get up on the 33 degree turns.

Interesting read while I'm sitting in Dallas airport waiting for a flight. I don't want anyone reading this post to think it is easy to all this. It reminds me of the late night gurus explaining how easy it is to flip for a profit...

I closed on a sale of a650 unit self storage facility in Bonita Springs Florida. The trouble started before that. Two different buyers UNDER contract fell through. I had already started hunting for upside properties where I could use my 3 million plus in a 1031. I found 2 great properties in Dallas area and had LOI's on both. I tried to dink around with those while I waited for buyer # 3 to close. He did close on March 2. I had done all the prep work and funds went to Starker Services as the accommodator. (arguably the best in the country)

I had been working an analysis of MANY properties and trying to delay as much as possible until I had the funds available. my 45 day period had begun. I have literally worked to exhaustion researching, offering, negotiaiting, arranging inspectors, roofers, foundation people etc.

Oh, remember, you also need to find a lender for a 5-10 million dollar property and feel confident he will do the loan, all prior to your identification date... It is a giant balancing act. 

I sit at the airport and JUST one hour ago, received acceptance of my offer on 3rd property. I have 51 in grand prairie, 164 in mesquite, and 128 in Irving. These 3 should use up approximately 3.1 million and leave 25-50K taxable. The work to this point was incredible and now the financing, inspections and due diligence period starts. Just thinking about this makes me tired again...

In case you didn't do the calculation, my identification expiration date is tomorrow. I could add more info if any are interested, after I take a nap.

Rich

Having been over 350 pounds, but not a renter, I always felt discriminated and embarrassed when I was handed seat belt extensions. I also had to get an extender after I got a ticket and an extra one for not wearing a seat belt. Feel a lot less discriminated against now. Just get it now for being old...

Rich

Thanks Dustin. Maybe I'll do that when I return to do due diligence  and final walk throughs.

Rich

Jon,

There is ALWAYS a ton of construction and they STILL won't keep up with the demand. That's why I love apts here.

Rich

p.s. Time to join the I-20 parking lot now...

Rich

I've been here for last 3 days finding some apartments to exchange into. How do you guys that live here EVER get to an appointment on time? This traffic looks like all 400 million people in the country are on YOUR roads at all times! 

Arrived Sunday- Stuck on interstate for almost 2 hours. Finally got past remaining debris. Red P/U crushed and upside down in center land with 3 firetrucks blocking all lanes. Heard later that there were casualties and sorry about that.

Monday- Tried to visit property in Grand Prarie and then over to Garland. Stuck again and arrived 46 minutes late. Wierd to watch my Gps to say I'm further away as each minute goes by!

Tuesday- the capper- I had 4 appointments and was late to every single one. I even doubled my anticipated length of travel as per GPS. I thought I was being smart. I was jammed up again returning back to Hotel in Grand Prairie and jammed up  again on I-20. I thought I'd be smart and get off freeway. I ended up further away and GPS wanted to keep sending me back to I-20! Not sure I made up time, but it felt good  to have car actually moving.

Wed- Now I have a breakfast appt over by Love Field. I'm in Grand Prarie. Gps gives me estimated time-I'm doubling it.

Dallas is a great place to come and buy apts. but I would definitely go bonkers if I had to live here. I'm REALLY looking forward to getting back to The Villages in FL and my golf cart and Viper.  I would have no use for either if I lived here.

Have a great day.

Rich

This thread of mine keeps coming around. I can relate to quite a bit of it! I bought a Hennessey 650 Viper in 2005 for under 100K. I also was looking at a Lambo in the same store, "Lambo of Ohio" I decided the cheaper car would satisfy my itch and it has....... until just recently! I went into the chevy dealer and looked at the new zo SOMETHING! It was 650 HP and over 90K. Same HP as mine so I decided it wasn't worth it. Instead, I had a Paxton supercharger added, along with new exhaust system and rear end. It did the dyno at 773 HP at the rear wheels and sounds like a fuelie. In cool temperature.

Now I really have a 1 of a kind and satisfied the itch again for another few years. Front end has daytona racing front end, 9" longer and 2 3/4" off the ground. Quite a ride.

Jon- I'm in Dallas locking up my 1031 properties by Thursday deadline.

Rich

Justin Stamper.

I appreciate you saying that I am your hero. I think you need to set the bar a little higher for heroes!

Rich

It looks like Sergio might not still be around. Since I have posted several times in this thread, I thought I should add an update on my area of Florida. As stated in other threads I have on bigger pockets, I've been investing in the area between Orlando and Ocala. This is just outside The Villages, Florida, which continues to lead the nation in growth for several categories. I have to admit that I am not knowledgeable on the rental situation in this area. I have chosen a different route and that is to build spec homes just outside the villages with comparable product to the Villages. This has proven much more rewarding than continuing to try buy and flip anymore. I had another spec home close a couple days ago but I can't find the thread that I started where I would keep the team members advised of the results I was having. I did better on this home than the previous one and expect to do even better on the two I currently have under construction now.

Happy Easter to everyone.

Rich