All Forum Posts by: Don Hines

Will Barnard
Congrads!!!! Thanks for your contributions. You are one of the EF Huttons on this board. When you speak, I listen.
Don

I sure miss Denny Crane!!!
Don

I just went through an ordeal that required an attorney. I was shocked that her charges were broken down in 6 minuet encrements to the tune of $150 per hour. She smoked the other side though. Well worth it.
Will Barnard
How many Mercedes have you paid for with this deal by now?
BTW
The litigation was not over RE. Some BS the family is going through for now.
Don

Uwe S.
Larry K.
Bill Gulley
Steve Babiak

I found the window list people by the first letter of any second name they might have for a user name. IE... @ "B" listed Steve, @ "S" listed Uwe etc.
But, thanks for asking this question. Now I can do it too.
Don

Congrads.
I will be glad when I get the cajones.
Don

Maybe I got lucky. But, I am dealing with an out of state seller and my spread is a lot better than $15k when I am done. I think I would just ask for the owner financing with no prepayment. Sweeten the deal with a balloon in 2 to 5 years. If this your first one, put at least 20% contengency in your rehab guesstimate.
Don

I just found this thread today. I am anxious to hear more
Thanks
Don

Thanks to all
Bill, it is in west Pulaski County about 9 miles from I 430 down Col Glenn.
Don

Oh boy!! I am getting some pop corn to watch this one.

Don

My wife and I were originally looking for a smaller house on a couple of acres that will accomadate our boats, campers, and other toys. And actually, we were finding homes that suited our needs, but were just not right. A realtor called us back with a new listing (her's) a couple of days after we explored open houses.
Breakdown...
2700 ft on 10 acres, 2 half acre ponds, deer, turkey, atv riding. The exterior needs a roof and siding but, the interior is cleaner than any rehab project we have ever seen. In fact, you could move right into it now. It is extremely dated; however it is not tore up like we are accustomed to seeing in projects.
I am not experienced in comping land. Using county appraisals and what comps I can find I place the ARV between $300k and $350k. I have the rehab at $60k. To make the wife happy it is closer to $80k.
It was listed at $185K. It has been on the market at $500k before. I have it under contract for $130,000!!!!!
It will close in a couple of weeks. We are putting the current residence up for sale. When it sells and all of the smoke clears, besides living in a place I have never dreamed of, we will have reduced the monthly budget by $300 per month. Also, we will have enough cash left over from equity in our current home to pay off our vehicles and put an additional $1100 per month in the bank.
I am conserveative enough to know not to be counting chickens in the eggs. But, I am pumped. This is one of those deals you see on TV and proves the business is viable. We have even considered flipping it after a couple of years for an additional $100 grand or more in the bank.
Thanks BP nation for shareing the knowledge. Without it, we would have just bought another ready made retail house and wondered how we were going to make it to retirement. I hope Jeff Brown (Bald Guy) sees this post. This ain't nothing like he and I have discussed.
Don