All Forum Posts by: Gerald King

Christie,

First off I want to say that was a very good post. Thank you for sharing your experiences with people. Personally I would like to blame the books, courses and the FLIP THIS HOUSE shows for the rush people try and put on a situation to turn it into a deal.

They think this is one big and glamorous field and ready to make their first deal because they just read Ron LeGrands "How to be a quick turn millionaire" and they go out and don't think situations through thoroughly.

While I am not a bird dog, wholesaler or investor and never have been. My father and his partner rehab 6-7 single family units a month and own a construction company and I get to see the not so glam side of things.

Bird Dogs want to think every situation is a deal and rush out to get that CHECK.

I couldn't tell you how many idiotic emails, phone calls and DEALS I hear about through my father because these Ron LeGrand motivated bird dogs just don't get the bigger picture.

I am not knocking Ron LeGrand as I love his books. I just say some of these courses and books just build you up with hype and that leads to a bad 2 step dance!

Birmingham, AL by the way of Biloxi, MS

:)

I have a 2007 Mazda 3si - which is a great little sporty car that is fuel efficient.

Also a matching 2006 Ford Explorer Eddie B edition that is garage kept as the gas is too pricey to drive it now days.

:)

Anyone care to buy the Ford from me?

My house is comparable to the ones in the neighborhood. We all have 2 bedrooms and 2 baths plus 1 car garage (attached).

Should I do away with the garage and turn it into another bedroom/master retreat and then add a detached storage in the back yard for the lawn mower etc. Will the house appraise for more money without the garage and the additional bedroom? Is it better to have more rooms and no garage or always a plus to keep the garage?

What is the best bet...let me know your thoughts please.

Gerald

Hey man....No, I appreciate your comments. It helps me to make a better decision. I am not from there and only going by what I find on the internet.

Thank you for telling Adamsville is in decline, that helps a lot.

There is a house in Forestdale/Adamsville, Alabama that is 2bed/1bath/1car garage in rather decent condition. I say about $5k in repairs to bring it up to par. Comps in the area are between $22k and $74k for this type of house. This area is currently being developed. There are big banks, wal-mart and lowes currently being built in the area. 5 minutes from the interstate and 15 minutes from Birmingham, AL.

I can get the house for $25k. Would this be beneficial? The seller is motivated. Was listed with an agent for 4 months and could not sell, partially because the pictures on the internet to not do the house any justice. I have better pictures and have seen the property. Not to mention the agent listed the house for about MV.

Now, I cant get a loan for this amount because closing costs excedes 5% of the home loan and apparently because of laws in AL I cant get a home loan unless its for 50k or above.

What are your thoughts on this? I can easily get this thing under contract and assign it to someone if they are interested.

The property is on a dead end road, nice shaded yard and quiet.

Let me know your thoughts.

Thank you..

Gerald

Family is more important than money. Any day of the year! I am not saying you people on here don’t care, but why should he PUSH his sister to buy it from him fast.

He said he is comfortable with taking a loss on this so he can learn the ropes. For family, I take many losses but the gain is their wellbeing which out weights the losses any day.

i would have offered her more. She is a sweet old lady, but she uses the house as a boarding house for battered women and I didnt really want to get involved in that. so I offered her a low ball number. The house wasnt in a great neighborhood and I really am not comfortable yet actually going through with a deal. Just trying to get the feel of talking to people.

Well, I would say because I am low balling the offers.

One of the individuals is actually going to tear down a beautiful home to build a new one there.

The other I found out she owed $25,000 on the house and only offered $200 above what she owed. The house after $12,000 in repairs is worth $84,000. :) I had to ask right! She actually asked me to call her back in a few weeks and let her think about it.

One other investor called me at 10:30pm about a letter I sent her with intentions on purchasing a house of hers. She had 6 properties for sale, a developer swooped in and got the deal. (he is one of her relatives).

:(

At least I am trying and putting offers out there and talking to people. If nothing else it is a learning experience right now.

Sarahheck,

I am lucky because I have a system that I can do my due dilligance with and make a decision on a property in 3 minutes or less. I typically drive around town and take detours on my way home from work, on my way to work, or any other place I go. I write down addresses or just turn on my laptop while in the truck and see what I can find out. Most of the time I have the property owners name, phone number etc before I leave the vacant property. I have made several offers and no one has accepted yet. They have told me to call them back in a few weeks and if things changed we would discuss further. So I am active, but I am just really getting a feel for talking to people right now.

Check out my website that is being developed. Should be done in 2-3 days.

205homebuyers.com/index_new.htm

What do you think?