All Forum Posts by: Don Hines

Howdy Randy. Glad to see somebody else from Arkansas in here. Not too many active. I am in LR.
Don

I put either $20k or 20% of ARV into my calcultations. Plus 10% of what I think the rehab will cost plus the rehab, buying, holding, and selling cost. I am having problems buying with those figures right now. But, I think it will wash out when the market takes a little adjustment.
Don

Did one last spring. I can't remember the name of the paint. But, it came from Sherwin Williams. The vinyl had a chalky type substance on it before. I presser washed it with plain water. The paint stuck great. Only down side is we had to brush it on as recomended. I don't know why a spray rig wouldn't work.
Don

This is my Wife's department. So, I have been present only once when she was with a Home Depot rep laying out a kitchen design. Our very first one was a "U" shaped design. We took measurements after the framing was complete. She took those to Home Depot and they created a picture for me to use; complete with measurements. I used this to lay out the plumbing and electrical outlets. My son who is a framer by trade actually did the installation. They turned out great. I would not hesitate to use Home Depot again. We went with a laminate top. They used our measurements for a quote then sent the installer out do check the measurements. We used him to install the top for just a few hundred $$$$ more. He even cut the sink opening out for me. I would use them again when the time comes.
Don

I am sure I can learn more that can go wrong. I sold my first rehab just about this time last year. I considered it my learning experience so, I really wasn't expecting a profit even though I had one built into the proforma. Here is where it went wrong...
With the wave of a hand, my wife said "lets's knock this wall down". I said "we got plenty of profit in it so OK". Then with a wave of my hand, I said "let's replace these crappy windows". ETC, ETC, ETC.
We ended up overdoing the house for the neighborhood with other stuff like fancy custom light fixtures, building decks etc. $Five$ Hundred here $700 there, about $1200 in electrical and $2000 in plumbing that were surprises. I also learned not to tear into walls. My profit and more was gone. I lost about $4000 on the deal.
But, I loved every minuet of it. Learned to not enter any deal with less than $20k figured for profit and hope to make $15k.
Don

First 30 minuets and found a place I might be able to contribute.
1.Stick to the budget.
2. Stick to the budget.
3. Stick to the budget.
Don

I finally found an user ID that I might remember that is not already used!!
You might know me as"DRH" on other sites. Josh, your's by far is the most informative there is. The bloggers are great. I look forward to reading all of Ted W's and Rich's post in the forums (JScotts too).
I consider my self as a newbie. But, my feet are wet and my nose is bloody from a fip that I sold almost a year ago. It has taken until now to convince the Mrs to do it again. But, now I am waiting a couple of months to see what shakes out of the Tax Credit ending this month. My interest are strickly rehabbing to flip right now. I wouldn't be a good landlord and wholesaling looks to be too stressful to me. I have goals to be able to do this successfully by the time I retire for supplemental $$$$. That is 6 years away. So, maybe I will get it right by then. I hope to be experienced enough to be blogging in a couple of years.
Glad to be here.
Don :D