All Forum Posts by: Donna Carroll

Not that you need any more advise or comments but this maybe of value to you..

When it comes to color matching for an accent wall, entire room or entire house, I decide on the color and then purchase the paint I will need. And not just what I need, I over estimate the amount that I measured so I will have paint left over. Then I will have the color added. I do this to save me the headache of trying to color match paint again at a later time, AND I will have more than enough for touch-ups, if needed. It may cost me a little more upfront, and it may be a waste of paint, but it is well worth it and less stressful. 

On another note: I've learned that HD is not the place to color match paint. I once tried to get a paint match of a new bathroom vanity cabinet. I even took one of the vanity drawers into the store where they chipped off a small piece, to use it as a way to get a color match. They tried several times to get the color right, but it was off. They mentioned that it may not be a close match and they were right. I ended up adding black paint to darken it (which some may disagree doing), and even then, it just wasn't right. Luckily, the paint was used for a vanity mirror frame that I can easily remove from the house, not like a wall. That was my lesson and a lesson learned well. Since then, the only paint I would buy, if I were to buy from HD, is white. And even then, I would use Lowe's before HD.

Hi Richard, I am interested and will be attending on 6/12/18.

Hi Chris, 

Seems like you had a few decisions that made a turn for the worse. Getting out of a flip when the hot market takes a downturn, might be the case here, however from the photo you posted, you may have other things to consider. 

I agree to what others have commented, there is no curb appeal and this house wouldn't be a house I'd want to come back to or even remember if I was a buyer. Also, to be frank the security gate at the front door tells me a couple of things: 1) that this neighborhood is not safe. And 2) that the person who upgraded this property didn't "care" enough to remove this unsightly thing. It doesn't add value to your curb appeal, if anything it hurts it. Now, this area may need this added security gate, but a buyer doesn't want to be reminded of that.

Lastly, do you know your target market? Are you appealing to bachelors or families? Again, from the photo it appears that it can pass for a bachelor pad or a rental. Some who are in a lower price point might be able to overlook the items I mentioned, and that will tell you that you either should make the necessary changes so that you can sell this house for the price you want or you need to lower your ask so you can sell to the right audience. When you add value, people will notice. 

Hi, 

Curious to know if you all had a chance to meet outside of BP? I attend REI groups frequently and would be interested to meet/network with like minded people.

@Daria B.

I can understand your apprehension, especially if you are new to the appeal process. The time you would need to appear would be if you represented yourself and/or if you chose to attend the hearing with your "Agent" (someone who is representing you at the hearing). 

More often than not, appeals are settled prior to a hearing. And more often than not, it's quicker to handle paperwork electronically or via regular mail than wasting time driving yourself back and forth. If you change your mind or would like to feel out other options, let me know. Good luck! 

Daria, I've been advised that property tax consultants can work long distance and from what I understand it is what they do with the majority of their clients. They do not have to be local unless that is what you prefer. There is a particular company here in California that works the property appeals and has for several years. If long distance communication will work for you then I will send you their info. 

Hi Daria,

From my understanding, using an attorney for property tax appeals, is one way to go. You also may want to look into Property tax consultants who often are hired by attorneys to handle the appeals. Depending on the area your properties are located, I may be able to recommend someone for you. 

Thank you Bill. Great advice!

Jeff S. thank you for the example, it's helped clear up some of the other unforeseen questions that could arise would i decide to do this deal. (not going to) And I agree with you that this particular deal smells of greed. That and desperation!

You're exactly right Wayne! It certainly was popular before the bubble burst, different market entirely! Now I was under the impression that the deposits were refundable. If in fact they are not, then more reason not to do the deal! Thanks for the insight!

J Scott, you hit the nail on the head with how the middleman is not willing to share in the downside risk, even thought (from what I understand) there isn't any. When someone doesn't want to share in the downside risk, why would you then share with them in the upside profits? The stock market doesn't even work that way. In my opinion, it's similar to bird dogging and when has a bird dog been handsomely compensated AFTER the property was fixed and flipped? I agree with you 100% on the small flat fee.

Erik Hitzelberg I'll agree with you to some extent that what the other guy makes should not be my concern. I have no problem with the wholesaler making their cut. So let's go with your example, the wholesaler is making $30,000 and you are making $100,000. Now, let's change the numbers around to this scenario. Instead of you making more of a profit (as in your example) the wholesaler now makes $65,000 for finding you the property and you make $65,000. 50/50 Now you have put up all of the money yet the wholesaler is profiting the same amount. Would you still do the deal?  

Jon, yes that is the explanation I was given. I invest $5k and once the $5k + 50% ($2,500) threshold has been reached (my "realized" not a good choice of words) then anything after that (after $7,500) would be shared 50/50. Your numbers example is great, and your

Correct answer: my original $100K plus $20,500.

is dead on. The question I have now is would you do this deal? Does this deal really need a middle man at 50% of your profit?

Thank you all for your feedback!

Today I had an "interesting deal" presented to me and I'd like to find out what other investors think if the same "deal" were presented to you.

The deal that was solicited has to do with purchasing pre-construction homes at various phases of build. Then turning around to sell at retail for a profit. Now, you the investor will finance this deal 100% and the "deal-maker" will find you the area and home builder to put you together with. The "deal-maker" has no skin in the game, yet after your initial investment has exceeded 50% profit, the "deal-maker" expects a fee of 50% of your remaining profits.

For example: Your initial investment = $5,000.00. Half of the initial investment is 100% yours = $2,500.00. Once your investment + profit of $7,500.00 has been realized, any profits after that would be split 50/50. Therefore, if your profits were to exceed, say $50,000.00 then the "deal-maker" would expect half of that = $25,000.00. 

(Mind you, there is virtually no down-side risk. IF the values decreased during the pre-construction phase, you simply would not purchase.)

I'm all about win/win deals where everyone can make money. And I get that 50% of something is better than 50% of nothing. However, in my game-book, 50% is a lot to ask for on the back end of a deal that I financed 100%. Especially when it doesn't take much time or effort to create the deal, it really just takes money. Please tell me your thoughts...