All Forum Posts by: Mark Sewell

Look into MLS deal finder - Texas based outfit.

Research recent changes to building codes that require homes to be raised/elevated.  Might be just noise, might be serious.  I've heard that city inspectors are all over down there.  Hopefully some other H-town flippers will confirm/deny this.

Talk to Fast Track Remodeling.  Far from the cheapest option but they are pros.  Also give the folks at Team 6 Renovations a call.  

I'm not the guy to give advice on contractors.  I have had good experiences and bad experiences, sometimes with the same guy.  Seems to me it is a function of getting them to do the things they are good at, and not more than that.  Hard to know what that is sometimes, because they all tell you they can do it all.

I think in that area, in particular, you want to get a real GC and not just a collection of specialty tradesmen and contractors.  You'll need real permits and the whole bit. 

Nothing but respect for doing your own list, man.  I just came across data from a source I never knew I had, or rather I wasn't using because I thought it didn't work.  Everything we get is a combination of applying time or money.  You don't pay for data, I like to handwrite letters/postcards.  Whose making better use of time and money?  Fortunately we get to decide that for ourselves.  

I learn a ton from podcasts, videos and BP tips.  Nothing wrong with comparing notes.

I have been.  Well worth it.

Nice!  Thanks for sharing the photos and the numbers with us!

Here is to a quick sale with multiple offers.

@ Jorge De Jesus are you telling me that you are wholesaling deals at 80%-90% of ARV?

I have heard that buy & hold deals are getting 80%, provided that includes the 'make ready' or the cost of the make ready is minimal (eg., just some paint and it is rent ready), but I have never confirmed that.

Yes, an asteroid would be a major disruption.  : )

We measure quantity of employment, but I'm not sure how well we measure quality of employment.  I suppose there are metrics for 'underemployment' and I think that is a big part of the problem.  Grad students working at coffee shops, etc., and this discussion fits right in with the student loans discussions.  Too many crappy jobs, not enough really good jobs. Something there has to give - people cannot continue to pay $80k-90K for an undergrad education that doesn't really get them a job that pays anything (yet, trade schools cannot find enough people to fill the demand for those jobs).  So yeah, I agree with the general theme that wages aren't keeping past with the cost of education, car loans, healthcare and in some areas, housing.

Personally I believe our society is going to start to return to a more entrepreneurial place, like it was maybe 100 years ago. There was a time when more people were still farmers, shopkeepers and tradesman, working for themselves to earn a living, and only a few worked in large factories or in big corporate settings.  I honestly think the pendulum is going to swing back to that again, at least it will move in that direction.

Normally these things are cyclical.  Caterpillar plans on a recession every 7-8 years.  As @Dan Wallace points out, we're close to 9 or 10 now, but then again, it depends on how we measure it.  That last one was not really a cyclical downturn, but a total breakdown of the banking system, and so it surely took more than a year for the economy to get back on its feet.  We might only be 5-6 years into that normal 7 year cycle.

But will the next one be cyclical in nature?  Folks bring up Amazon and the demise of retail space - that is a real situation playing itself out right now.  Interesting discussion for sure.

JJ I think you are on the right track.  You want to find somebody that is ahead you on the journey.  It is easy to see the ways they can benefit you, but the trick is finding ways that you can help them (other than just a straight cash payment).  I have a couple guys that have taken me under their wings and I am going to bring them deals to split to help pay my way.  Just looking for ways to serve while I learn.

I think for a wholesaler, there is a lot you can learn from your end buyers -- right down to where to close, what contracts to use, how to estimate rehab costs (that are credible), and plenty of things I've not even thought of yet, I am sure.

I just did a flip, and I was considering going through REDFIN when it came time to sell it.  The lady next door is an agent and she made no secret she was interested in the listing when the project was ready.  She asked me why and asked if she would make her pitch.  Of course, I agreed to hear her out and consider, where could she add value.  REDFIN was cheaper on the fees, but she was willing to pay for unlimited professional photos (vs. a limited number) and she paid for all the staging (REDFIN strongly recommends you do the staging, but you gotta pay for it).  So once I determined that the actual dollar savings were minimal, or even a wash, I just decided to go with the realtor lady.

She sold it $15K over our ARV. The staging worked well.

Now, on the buyer side, it is unlikely I'll ever work with an agent because those deals just generally don't close on the MLS, but it is possible.