All Forum Posts by: Logan Turner

So I made a cash offer on a house owned by the US Marshals. Last time I saw them selling a house, I found out it was a meth house and decided to find lower hanging fruit. Well here I am again, looking at a house and no disclosures of meth. Which i think they’re required to say. So I find out owners do some google searching and see that owner was arrested for selling cocaine, fired arms, and a bunch of cash were seized. In the article states they converted cocaine to crack at the house for sale. Any crack specialists out there shed any light? I remember the old master p song, “make crack like dat” lol. But is it cooked? Does it cause fumes and make a house toxic? The guy is in federal prison for 10 years. I think I’ll be able to get in, do some light rehab and sell it before he’s out. Input appreciated

1 Vote

Benjamin Ervin Great job on the rehab. Very nice looking. A few things to consider: Plan out whether it will be a flip or BRRR at the beginning. This would be a terrible rental. Too nice and you would be disappointed after wear and tear on it. Materials should be durable not pretty (laminate vs tile/vinyl planks). It shouldn’t be the prettiest house in the neighborhood. Financing: people are referring to hard money lenders. Not fixed Fannie Mae loan. Also consider local credit unions. Dodd frank acts being repealed will help them lend to people they have a relationship with. Great job on the property. Budget is amazing. The design and vision you had for it were great as well.

2 Votes

it's a private lender so, they won't know. I made sure they were well secured. 55 LTV, first lien deed of trust etc, just need to get them legally off title! Thx I'll check out the document

0 Votes

Question for proper documentation. I have a private lender whom i gave a first lien deed of trust to. In order to release this lien, do I need a document From the county clerk notarized and signed by my lender, to release the lien? Can this be any release of lien document or is it a county specific one. Should I have a lawyer draw one up, or is it a standard form I can use? I’m thinking the county clerk will be able to answer this all but I’m not able to talk on the phone and thought I’d reach out to the BP world for advice. Thanks

0 Votes

William, which market are you talking about? If Midland, I have a top notch PM.

0 Votes

Yes. Go to meetup.

Permian real estate investors. Great group. A few of the members are on here

2 Votes

Originally posted by @Matt R.:

Originally posted by @Logan Turner:

Originally posted by @Matt R.:

Originally posted by @Logan Turner:

I took the plunge and plopped 10k down. Bitcoin and litecoMy 10k, 4 days later is now valued at 15k.

Not bad for 4 days. I may sell a note I own and drop it in litecoin. My thought: 70k won’t change my life. I have a high w-2 income and I know how to make money in real estate. I buy 1-2 properties a month for long term hold. That is my hedge against inflation, and my slow term wealth build.

This is my gamble. Losing 70k, won’t change my life much. But losing out on the possibility of 10million would really hurt.

That's sweet. There was one of the og bitcoiners I heard say a couple years ago, just get one bitcoin that is all you will need.

I’ve been reading a lot of your comments Matt regarding crypto and tend to agree with your stance.

Since I wrote that, litecoin has went from 220 up to 350. Could be a big bubble but, I think it’s a larger risk not to find out.

Apparently there will only be like 0.03 bitcoin per person, once they are all mined and due to some being lost.

It’s getting valued between 100k and 1million per coin. It could all go to nothing, but This also could be the internet of money and will forever change history. I’m willing to spend some money to “INSURE” I’m not left out.

High priced insurance people.

It appears bitcoin is like the savings account and litecoin is like the checking account for crypto?

Yes. Apparently transaction fees are low and it is fast to use. (LTC).

Bitcoin is a way to store wealth. Like gold.

0 Votes

Originally posted by @Matt R.:

Originally posted by @Logan Turner:

I took the plunge and plopped 10k down. Bitcoin and litecoMy 10k, 4 days later is now valued at 15k.

This is my gamble. Losing 70k, won’t change my life much. But losing out on the possibility of 10million would really hurt.

That's sweet. There was one of the og bitcoiners I heard say a couple years ago, just get one bitcoin that is all you will need.

I’ve been reading a lot of your comments Matt regarding crypto and tend to agree with your stance.

Since I wrote that, litecoin has went from 220 up to 350. Could be a big bubble but, I think it’s a larger risk not to find out.

Apparently there will only be like 0.03 bitcoin per person, once they are all mined and due to some being lost.

High priced insurance people.

2 Votes

I took the plunge and plopped 10k down. Bitcoin and litecoin. My 10k, 4 days later is now valued at 15k. Not bad for 4 days. I may sell a note I own and drop it in litecoin. My thought: 70k won’t change my life. I have a high w-2 income and I know how to make money in real estate. I buy 1-2 properties a month for long term hold. That is my hedge against inflation, and my slow term wealth build. This is my gamble. Losing 70k, won’t change my life much. But losing out on the possibility of 10million would really hurt.

2 Votes

First of all, you did a great job on the work. If you enjoy that, definitely keep doing it for your own rehabs. A few costs I don’t see calculated, for a fair comparison, are cost to originate and refinance loans, cost of your time. A good way to calculate is to see how much you are worth per hour on your current job then, bump the rate up slightly since youre working OT. Then multiply by the hours you put in. If your a high wage earner, then add about 15-25k based on your area for a Contractor price. There is a true cost of time. With a contractor, you are paying someone else for their time. Not trading your time for dollars. Also, you may save some sanity, and get the work done quicker. Which is important if you are using a HML on a house that won’t qualify for financing. But I love BRRRR method, and you’ve done a great job. Keep it up, and do 5 more in 2018

0 Votes

All Forum Posts by: Logan Turner

Logan Turner has started 42 posts and replied 271 times.

Post: Crack cocaine cooked in house

Post: My First Flip! With Numbers and Photos!

Post: Release of lien document

Post: Release of lien document

Post: Property Management Interview Questions

Post: Midland Texas Meet-Ups?

Post: Investing in Bitcoins

Post: Investing in Bitcoins

Post: Investing in Bitcoins

Post: This BRRRR thing really does work, with pictures