All Forum Posts by: James Vermillion

And who is Aurthur?

At first I find these posts to be comical and entertaining, but then I think about how people have and will continue to fall for such incredible scams.

Anthony, why don't you just continue to grow you business and find good deals? You have spent way too much time researching scams.

I think Scott may have hit the nail on the head with
"In addition, you may also be competing with rental investors who may have a long-term strategy. This is very common in my market."

This is also very common in my market and something we have had to deal with on multiple occasions.

I am going through this exact thing right now. I offered 70,500 on a property and the bank said they cannot consider anything under 90,000. I said ok, thanks. Then I received a call asking for my highest and best, which is 74,500. I told them that and they said they will get back with me. I will not budge from that...I put a lot of DD into coming up with a number that works.

I'm not sure how you can call Fannie and Freddie "great" companies at all. They are right up there with USPS as far as I am concerned.

I just received an unsecured loan from a friend for one year @ 15% and no points.

This thread reminded me of a quote which I believe is an excellent one.

J. Paul Getty:

My father said: "You must never try to make all the money that's in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won't have many deals.

On the rehab we are currently working we did a lot of the "dumb" work like demo, but contracted out most of the work. The biggest factor for me is time and quality of work. For most of the work to be done I know for a fact that I can not do the work as well as a professional. Second, I know I do not have the time to put in and if I did it would not be worth it to me.

I would rather hire out the work while I look for my next buy, secure financing and manage the current project.

I agree with pretty much everything everyone has said so far as there are many reasons. One thing I have always thought about is the many people who are not very satisfied with their jobs, their location, or their pay and never do anything about it. Most people would rather sit back and go to work every day than actually take a risk and make a change. I think it is a combination of fear, laziness, and complacency. I am with Josh on this one...I have always been a "doer". I actually did a research paper in college about this very subject and will post it if I can find it (and then you all can make fun of it)!

I just purchased the system and will let you guys know how it works. I just could resist the good "profit making" :)