All Forum Posts by: David Goossens

I'm listening to Think and Grow Rich for the second time now and just came across this part again. I absolutely love this book. There are so many great ideas to ponder and apply in business. This section that you quoted reminds me of the Miracle Morning by Hal Elrod. Part of SAVERS deals with the subconscious mind: silence (medication), affirmations, and visualization. All of these concepts are also discussed by Hill and he places great significance on it. I used to think the whole "positive thinking" thing was kind of lame, but after incorporating the miracle morning and actively working on Positive thinking, I've noticed a major difference in my productivity and I am more willing to tackle my goals. I would encourage people to embrace positive thinking and watch how your life improves. 

Julie, I'm a Commercial Electrician in the Bay Area and completed my first flip not too long ago. Being a PM or a PE is a huge advantage because you are familiar with the construction process. On my project, I hired a general contractor, and that simplified the process quite a bit. I stayed very involved and walked the job everyday to make sure things were staying on schedule and that quality levels were up to my standards. I basically mimicked the processes on the job site and everything fell into place. Make sure to hold your GC or subs accountable to their work and schedule. Be firm but fair. Once you get started I think it will feel very natural for you. Good luck!

@Ryland Taniguchi thanks for the details on property radar. I'm going to give that a shot next time I drive my target area. 

@Joshua D. Nice job, congrats on your first flip!

I just did this with help from my attorney. The process isn't too difficult. When I asked my title company about whether I should use a quit claim deed or grant deed, they told me it didn't matter so I went with a quit claim. Just fill out the quit claim form according to the instructions and have it notarized. However, it might be worth paying an attorney a few hundred dollars just to verify its done correctly since there are multiple parties involved in the deal. I know everyone hates hearing that on the forums, but it's worth it to protect your interest in the property.

@Jake Knight- Thanks! Basically what I did was draw up a contract with the owner detailing the agreed upon selling price and the way in which the deal would be executed. I then used a Quit Claim Deed  to put myself on title as tenants in common with the owner to secure a right to the property before the rehab started. This added an extra layer of paperwork and red tape when it came time to sell, but overall worked out great. However, my attorney helped structure this deal for me and advised me along the way to make sure everything was done correctly. I wouldn't do this without an attorney.

The project took about 14 weeks, from start to closing escrow. 

Just finished my first flip! I acquired the property "creatively". It was a blend of joint venture and subject-to, which made for an interesting experience, but allowed me to get started with almost no money out of pocket. The Bay Area is crazy right now. Over 250 people came to the open house in ONE weekend, and we accepted an offer after 8 days on the market. Overall, the project was a huge success. The learning curve was steep, but I gained many valuable lessons along the way and can't wait to apply them to the next project. Thanks BP!

Location: San Jose, Ca

Purchase Price: $605k

Rehab: $115k

Holding Costs: 61k

Closing Costs: 58k

Selling Price: $925k 

Profit: $86k

Why don't you use your dad as a private money investor, for your flips and/or buy and holds. That way he gets a taste of investing without having to do very much, while you get to grow your business/gain more experience. After he sees you out there doing deals and making money, he might be more inclined to get involved.

I've seen that kind of switch before. If its going to be in the elements, make sure it is rated for at least damp applications. Weatherproof would be better. Typically we wire lights in parallel so that a malfunction on one light doesn't effect the rest of the lights on the circuit (ie. old Christmas lights that go out when one bulb is unscrewed). Almost all sensor, motion, timer, wireless fan switches, ect will require a neutral for the internal circuit to function. They get around this by using a battery like you mentioned. What exactly are you trying to accomplish?

Hi David, I'm not sure where in Merced county you are looking, but I typically deal with Theresa Bartholomew with Coldwell Banker in Los Banos. As far as property management goes, I couldn't really tell you since I self manage.