All Forum Posts by: Jeff Coga

I get that. I wasn't trying to sell. I wanted to show people but then realized that regular consumer will have access to this, so I have to make sure its taken down. I sometimes go on this site late at night when having a few brewskies and that day I responded, was one of those days lol Thank you for taking it down!

Seems like you do the bigger projects then most mom and pops folks. You probably shop very well. :-) We do takeout lists for developers as well and give bigger discounts on that. Either way, please do me a huge favor, can you kill that link (you're the moderator right?). I don't want the catalog floating around.

This question was what to charge. You said you need to know ARV.

I'm suggesting to just charge the same amount as if he was doing the dinky deals so he learn the market and how to price stuff.

If you're flippng 10 to 15 then you know you didn't just wake up and figure out cost of construction over night and or how to analyze a property. If you agree with me on that... I'm just simply telling this man to just make a small fee instead of trying to figure out "what to charge" or "am I leaving too much on the table".

I agreed on your ARV first statement, I said to charge a small fee, document YOUR ARV and see how far off you where on the amount.

Am I missing something??!?! But if you want... sure we can agree to disagree. LOL

Every business you'll deal with B.S. (I run 3 different businesses and they all have its own fecal matter! HA!!!)

If you want to learn persuasion... learn NLP. For marketing start with Dan Kennedy. If you want to learn from more of a new school guy... Look up Jordan Belfort (Mr. Wolf of Wall-streets) course... it's called straight line persuasion. I did this class several years ago and it was the baddest thing... not to mention he has a movie out now.

If utilities is turned off you probably have a "bum squatter"... not the pros. Take some bad *** looking dudes and scope the house. If the people aren't home during the day lock it, board it up. Bam you're done. Always knock on the door... i just don't udnerstand how you spoke to the neighbors without knocking on the subject (unless you just called). Good luck.

- Jeff

P.S. CA law for tenants is jacked. If you get a pro - they will work you and can cost you time and money. You can get it done as cheap as $1k and hope for a "default judgement" and or the tenants flying when you post the notice to pay.

P.S.S. Other option is to... think out side of the box and look for other exit strategies - like build out etc... so if you have to evict them, it doesn't hurt you since you're just waiting for the permits with the city.

Here's the thing with rehabs in socal that we flippers have an advantage then most states. Our median home prices are well over $400K - that gives us a competitive advantage that most flippers can't do...

What do I mean? It's called the addition play...

You said this "home" is 1,300 sq/ft that's $384 per sq/ft. If consturction to "add" an additon cost from $100 to 120 per sq/ft... you'll be getting over 3:1 on your money. This addition play are where you make killer spreads.

So let's say the comps are actually well over $600K+ if you build a 2K+ sq/ft home. I'm doing 3 projects where I bought the homes between $500K to $900K and flipping them over $1.5MM. ALL of these home we bought slightly under fair market (with an exception of 1). This could turn into a monster flip but... without the whole information is tough.

Final thought... become a master to evaluate deals. I tell people to just tie it up if you don't know and start from there. The reason is, you may have already lost this deal.

- Jeff

P.S. Oh Btw... The idiot on here who said this question screams newbie should be ashamed of themselves. You got a man who paid good money for leads begging for help and you say it screams newbie. Thank you Mr. Obvious LOL I'm sure you were a newbie at one point. Spread the good karma.

Yup. Check with your city inspector. They'll tell you. You can get a variaince change but that's a biiiiiitch and takes time.

I'm guessing the deals on the MLS are ****** right? Don't worry you're not the only person who's feeling this. You either learn to market directly to sellers or you get priced out like yourself. With that... here's a company I use for my development projects. They create a feasibility report for my deals... maybe that helps?

http://www.buildzig.com/

The Four Hour Workweek will f' your mind up in real estate. Ask me how I know that! Get your hands dirty... Read E-Myth and Mike says... never do management by abdication aka don't outsource the important part in your business that you don't understand or never done. Just take the calls, record the convos, and then train an acquistion manager. I personaly don't like Patlive.

In three months you spoke to 150 sellers and only went on 9 appointment and got two contracts. I need 10 contracts and close on about 2 of those. So I would suggest that you should keep on calling sellers back and or make a bigger data base of distress sellers. For you to get a discount you need financial distress and distress on the condition of the property.

Now... for the other "really beat up house"... you should be able to turn that into money if you get a developer buyer. If the developer buyer doesn't want to buy it, it still means that the property is tied up too high.

Don't give up... scale more, in 3 months - 150 sellers equals 50 sellers a month. That's 1.66 sellers you're talking to every day. Get that number up to like 5. Most people quite, when they're so close to making it.