All Forum Posts by: David Begley

I have closed a property yesterday that I took a hit on... it was my first loss in 3 years and over 250 transactions that I funded.

Take away...

 BP member good talker bad in execution.. I went and met with him in Atlanta again talked good game... But I got a little greedy I will admit and I tried a scheme that was not known or proven to me.. and he failed miserably.. I ended up taking over the project. One shinning light is I met a nice RE agent in Atlanta who went above and beyond to help me sell this property...

So my record last 3 years is 249 +  1 -  but it was not a wipe out but it was not 500 dollars either.

be careful out there just because someone is on BP does not an expert make or create a person of great character... Having been a HML for almost 30 years I have had it happened before and I usually have a pretty good sense of who to do deals with and who to avoid and most of my Vendors I have known for 10 plus years... So I will be more diligent if I bring on a new vendor again.. and for sure will not get lulled into thinking being on BP is some barometer of well being LOL... myself included.

@Bill Hinshaw

  absolutely and being a licensed broker is your going to engage in flipping retail I personally think is a must  it gives you flexibility to lower price to get something moved and you compensate that with your broker fee your not paying.

And as HML in my day... I see HML fee's ruin profits ... on deals like these.. so to get your money lined up like she did was very smart as well... those two things gave her a huge advantage and took what would have been for most a break even deal and put 19k in her jeans... :)

Thanks all for the feedback. Yes, the property is in a trust and her real estate lawyer said something along the lines of it had to stay in the trust in order to maintain the lower property tax rate. The property is in California and I know she looked into just doing a cash out refi but for some reason that was not going to work. She also looked into a hard money loan, but with 50 pages of paperwork and the lender having the power to default the loan and seize the property for a myriad of reasons beyond that which conventional loans have, she just didn't feel comfortable doing it. She is a person who reads every line of a contract and will not sign if she feels uncomfortable with anything (which is good but makes this sort of process slow).

I've got a backward contractor problem. 

Rather than getting paid and skipping town my contractor has done some work painting a number of units. We paid him for one of the two completed and its been two weeks since he's done a single bit of work. His tools and supplies remain in the unit they were to start on next.

Obviously, I'll pay him for the second unit he's done and will never use him again, but what about the free tools? I'm not sure how to contact him at this point so do I get to keep the tools after 30 days? I wouldn't mind some of what's there but I don't want to overstep legalities. 

Maine is the best place on the planet for those 6 weeks. I forgot to mention there are many age 55+ joints dotted along the Cali coast. The discounted prices and value is going to be tough to beat anywhere. How young is 55 today?

@David Begley Maine does not have 6 months of summer that is for sure.  We don't even get that much in MA and RI. 

On beachfront if you gave me the choice of California or the Florida keys I would take the keys but that there was something about affordable in the question. California does have better hospitals than FL though.   RI has some beautiful spots rocky and sandy beaches and trains and planes, etc. Not cheap but not the most expensive either. 

 Some  more remote places are beautiful but I would want to live a reasonable distance from a few people I know in retirement, not too close and not enough to stay in the cold but a state or a couple away at the most.

@David Begley

  if you have not been take a trip to Monterrey and Carmel by the Sea  then drive south through Big Sur its stunning ... and you will get a feel for the difference's  between a gulf or east coast shoreline ... well south of New York anyway you have some very interesting shore line in Maine etc.

A tourist visa will get you 180 days before you need to renew it. If you are staying longer than that you need a Temporary Resident visa which can be good for up to 2 years.  After you have held a Temp. Resident card for 5 years you can become a permanent resident and at that time you could become a citizen if you like.