All Forum Posts by: Don Hines

Thanks for sharing. I think there should be an "Humble Pie" forum on BP. I lost $12k on my very first flip in 2009. Well, I bought it in 2008; took 10 months to DYI and still lose $12k.

My GrandPa told me one time, "Son, I know you ain't gonna listen when I tell you how to do something. But, when I tell you how not to do something, you'd better pay attention".

We are all still learning.

Don

I am about to take the plunge with the my next step in investing using SDIRA. I thought I knew best and have been planning on checkbook. Last night we had a presentation at our club and the presenter discouraged that. But, still the greatest threat I see is self discipline while using these funds.

I plan to use either the 401 or a simple SD Roth. I only have 1 year until I am 59 1/2 and feel that even if I do something to get whacked it will only be for the amount of my discretion and I can be very cautious the first year  (not saying I plan on breaking any rules).

Are there any other advantages towards one or the other?

thanks

Don

Congrats on getting that close. FNMA and I can't get within $10k of each other in the past couple of years.

don

When I first started flipping, I found a forum that Steve owned. His advice was always spot on for me. But, then he swayed away from flipping and towards his Lifeonaire program; which kind of turned me off. Don't get me wrong, I will always respect him and be grateful for his forum; it help me get off the ground. But, I follow Dave Ramsey's advice for getting my self out of my personal debts.  

Don

As Jon said, I use the 70% rule on first glance to evaluate a deal. For me, it rarely is profitable for houses that ARV under $100k. I figure all the cost associated with the project, then add my desired profit. Subtract these figures from the ARV to get to an offer.

Don

Any chance Judge Judy can hear this case? I would love to watch that one.

Don

I guess I have signed up for the thumb screw and bamboo lashing part of another seminar that will try to sell me the mentoring part.

We have just had a guy from Note School spend a lot of time with our local RE club in Little Rock. I was impressed that he was full of info. But, there was no pressure about signing up for a seminar.  I did buy the first course in NP notes and will attend in a couple of months. I was impressed there was no pressure to buy anything. It was more like "Here is what you will learn" and "Here is how much it cost" the last 30 minuets of an 8 hour day. That faired well with me as well as sparked my interest. BTW there was no charge for this day for members of the club.

I should have known there was more cost to be exposed to as far as an education (mentoring). For the people that have been to the three day course; do you think you learned enough to jump out into the note world with a local mentor?

I still have a warm and fuzzy feeling about my investment in my education so far due to the shared experiences and comments by others who have met Eddie Speed in this thread.

Thanks

Don

I am new to NPN as well. What I understand is to comply on an owner finance, the borrower has to qualify. Dodd Frank is designed to protect the consumers from the practices used back in 2000 / 2008 by lenders that made any breathing human qualify just to later lose their home. I wonder who made the lenders make those loans? The same lawmakers who passed the Dodd Frank law. Josh don't allow politics on BP no more. So, as Forest would say, "that is all I have to say about that".

Don

I am assuming you are refering to a formula such as ARV*65%-rehab. I am finding that set in stone formulas might be good for a ball park number. But, I am getting more bites on my offers by requiring less profit than these formulas require. I try not to settle on less than $15k profit on a $100k house.
Don

Red Flags:
1. No grass on the front lawn or neighbor's. It indicates lots of traffic (drugs, booze,ETC).
2. Sloped lots and driveways. It has turned away buyers before.
3. "Homemade" improvements or repairs.

Green Flags:
1. Severily neglected maintainance items. IE soffits, siding, ETC
2. Bad roofs
3. leaking shower pans.

Just to name a few
Don