All Forum Posts by: Philip Rowe

Bamboo is the fastest growing plant in the world. Its Green to use Bamboo, because it has low impact on the environment.

ARE YOU SERIOUS???

This is AMERICA!!! You know..."Land of the Free". I don't like the style of "saging" your pants, I think it is really stupid looking and silly. However, Would you agree with the law if it was the other way?
If the law was you must wear your pants at your waist, and not above your belly button. Would you agree with that?

I can't believe I live in a country where the government tells me how to wear my clothes. I understand that laws are to protect the people, but this is rediculous.
These laws are taking away our FREEDOM. You might not agree with the style, but you must see that this law is not protecting anyone. Most of the kids wear Basketball shorts under their jeans when they "sag" thier pants, will this be illegal too?

It is not about indecent exposure, because a Guy can walk down the street wearing a speedo, and it is not against the law. What would you rather see...a skinny, bright, white, old dude in a speedo or a kid with his belt line a little below the traditional standard of where it should be?

The correct answer is...neither! You would rather see neither, but the law should never have anything to do with it.

Welcome to Socializm!

Allen, if your still around...how do you attract your customers? Are you using the same group of investors buying the properties or do you find new ones?

I began coming on here trying to learn how to get listings for REO's. I read, and researched, and asked, and found that doing BPO's is a good start. I started doing BPO's, (tidious, not too lucrative, but money...and money is good), but then I started identifying REO properties, going to see them, trying to be the first agent in my area to see it, then I would talk about it for a few days...especially if it was a good deal, and then watch as it sold. I would gestimate how fast, and for how much the house would sell...and a lot of the time I was right. I started to notice that sometimes a property sells ASAP, down here min 3 days on the market. And observing those properties let me know what Fire Sale prices were, and what condition the property is in.
This Market knowledge alone is the reason I have closed 4 deals this year with 1 more on the table.
Its not a lot, but I am certain I am the REO expert in Hollywood, FL (Collectively). But I have a hard time finding "Real" Customers. Whats the secret? I would love to be doing 3 a month, which is realistic because I have the properties. I have buyers who submit contracts...just not at the prices I tell them to, and they end up loosing it to a higher offer within that 3 day period.
I have figured out how to get properties sent to me from various banks, before they go listed. I do not take the listings, but the information should be valuable, I use it to build my reputation, the only thing I can't figure out is "Where ARE the BUYERS"?.

Sorry, that was a little rant, I needed that. Also, Allen...

How much do you charge for "Supervisor" positions? I have done more of a project management role, but whatever you call it, what is the market value of these services. I have 1 friend who is a "Project Manager" and makes $150,000 per year. He works 5 days a week. I only made $2800/month for my role in planning a 63 townhome development, but I think I should have been making more.
Anyway, do you base your salary of the profit on the sale, do you charge a flat fee, or By The hour?

I am feeling pretty good about it! Thanks for all the feedback so far, and I got a few ideas from the 3 of you too.
Open Realty is something I will have to check out. I've written a few websites in the past, but have yet to get my head around css. (php I can handle), but I don't want to spend all of my time tinkering with code when I can being doing more productive things.
I spent a lot of time in the OBX; and weekly rentals ARE the market there.
I am limited by COA's, or HOA's here, but I think the company can be lucrative if I can attract 6-10 cherry picked properties to start. There is a market for it already, and a few National websites that are generic and most of them have the owners handle the transaction. My target is the Absentee Owner, who has a furnished unit, and doesn't have the resources to rent the property weekly. Properties that rent for $1000 a month are getting about $700 a week if it were a vacation rental. Absentee owners can still have their own property when they come into town and it can generate income. At 50% occupancy they can essentially "Break Even" if the property had been rented on a YEARLY contract.

I agree I think the website can go up ASAP, start driving traffic now. This could be my most valuable market, and I like the idea of approaching the tourists that are here now.

There are a few legal questions that I am researching, and once I figure out the answers I will began approaching property Owners.
Any lawyers on here?

I am starting a new Business in Hollywood, FL and feel pretty safe using this forum for Brainstorming, and fishing for Ideas.

My Business Plan is to set up a Full Service Weekly Rental Agency for the tourist area in this city. There are literally 100's of vacant units that sit on Hollywood Beach where the owner is too Lazy to worry about renting weekly, or is burnt out from renting weekly, or is trying to sell because the "Monthly Rent" for a unit down there doesn't cover the Mortgage. There is often No Vacancies down there when I go to the beach so the activity is coming from somewhere.

However, a place that rents out for $1000 a month, will rent out for $650 a week (Conservatively).

There are currently no Active Local Companies handling this area of Real Estate, and I know If I get in, hit the pavement, and make some waves, that I could set up a pretty successful business in no time.

A majority of the Tourists who come into town for weekly stays are from Canada.
There is a Large Airport, FLL, that most Tourists use.

With those details, does anyone have any Ideas. I'm not looking for answers, I have a plan, but theres no harm in throwing the idea out here to the wolves and getting some feedback, so CHOW DOWN!

My main concern is Advertising, and the Appoach.

How do I get the Tenants?

I am Confident I can get unit owners to hire me. I am offering to handle all aspects of the transaction, Finding Tenants, Accepting Deposits, Checking In, Check Out, and Cleaning Service. I wouldn't need to spend a whole lot of money finding the unit owners, if any at all, so the costs there are Minimal.

When I go to the conversation page, (where you start a conversation then corrispond with other member), I am missing the first couple of letters of the left margin. For the most part I can still decifer the message but i was hopeing there was a way to fix it. Is anyone else having this problem. I log on to bigger pockets from my office PC and my laptop and on both I have the same problem. Also, on my laptop I use Firefox Mozella, so I don't think it is internet explorer. Let me know if y ou can help.

Man, I missed it!

What a great ignorant debate!

I am in FL. In Hollwood land is scarce so to determain the value of land I simply use the Tax records and check out the assesed value. This method might be flawed but it helps me analyze deals. Using this method I am finding 50% LTV properties down here LISTED.

I found a 1 bedroom Single Family Home on a 11,000 sq ft lot listed at $56,000. It was in a good neighborhood on a street with a few 7 and 8 thousand sq ft homes. To me thats a Mansion. This house was TOTALLY rehabbed. Missing just the Kitchen Applainces and Washer and Dryer. New A/C, New roof, New Bathroom, new cabinetry, new floors, new exterior paint. The Broward county assesed value for the land was $144 K. The house would easily rent for $1000 a month, if not more. To me this was buying at 38%. It was listed for 1 day, and recieved multiple cash offers. Unfortanetly, I was not the fastest gun, so I did not get it, but I am in the heart of South Florida, and if someone could by a a 1/4 acre of residential land down here for $56,000 they would jump on it. To throw in a house...THATS A DEAL. And no one had to negotiate the deal. It was listed at that price. Just applainces, and the bedroom needed the carpet layed, but it was already there.

I hope RICK is still reading.

I found another duplex, rental income = minimum $2000/m for the property, needs about $8000 worth of repairs, asking price was $73,000.
Land on that one was assessed at $116,000

I dont' know about CA, I have heard there a properties in Michigan selling at 20% LTV also, there was actually a new report on CNN about it. A street that was full of Million dollar houses, 6000 sq ft homes, aren't even selling. they are listed below $100 K now. still no sales.

Just wanted to add my .02 cents, FLFlipper is telling the truth.

Okay, I found it. I have never tried the product for myself but according to Andy Rosas form the Coaching Institute it works great. He offered it as one of his "freebees" during the seminar. Check out this link.

http://www.ecoquestintl.com/customers/product_guide/commercial/ozone_blaster.asp
also.
http://www.thelivingairpurifier.com/

that was a quick search so you might be able to find a better deal somewhere else.

or go to google and search ecoquest. This particular product is the Ozone blaster.
He stated it is dangerous to be around the device while its working, turn it on, and get out, then come back turn it off, and your fowl odor will be gone, for good.

It looks like it costs around $600. According to Andy, you place it in the center of a room, turn it on, and return in a few hours.

I haven't read a whole lot of reivews yet, but If I see a lot of negative stuff, I'll report back.

I was at a seminar one time, that ended up being a pitch for "coaching", but he spoke of a device that was developed by NASA that removed any odors in just a few hours.

I am researching the .net to find out what it was,
I found a "Cat House" TODAY in my city going for $99,000. Thats a huge discount in these parts.

Check back over the next couple of days, If I have to call the guy I have his contact info somewhere. I got 3 continuing education hours for it, so I can figure it out. I'm on the case.

not trying to bust your bubble, but I just wanted to throw some thoughts out there that you should think of. Also, I have noticed that the tendency seems to be 5% reduction of asking price every two weeks. Which means, an offer you make today, might get rejected, but the exact same offer in 2 months might get accepted.

I keep a log of the properties my investors make offers on, every thursday I update the list and have found that after a few months sometimes the asking price comes down to the original offer amount.
1 property in particular (originally priced at $249 in November 07)
first investor offer $140 - rejected in december
Listing price dropped to $189 by january
second offer of $140 in February - rejected
property recently was listed at $149 in March before it sold, Not to my investor unfortanetly! But if the bank would have countered at that price before hand the deal would have been done back in december.

The point is - the bank is like any other seller. They like to get as much as possible for the property. So sometimes you have to haggle and negotiate just to get it at what you want, and sometimes you just have to wait. A good realtor can take a property in particular and notify you immediately when the price drops.

I'm not saying your deal is a bad one, but if you are going to be finishing construction there should be a significant profit margin.