All Forum Posts by: Matt Kearney

Welcome Travis,

As a GC you should have no problem handling any repairs when it comes to a rehab or rental.

Focus on learning your market, finding deals, and getting your funding together.

I like the idea of saving thousands on my construction costs... too bad your not in MA.

Best of Luck

Thanks Josh,

Nice article J Scott. Many people overlook these costs or don't really understand what they truly are.

I love it when I meet with sellers and realtors and they start using TV math on me..... "Well if you buy this $150,000 house for $100,000, and put $25,000 into the renovations you will make $25,000." Uhhh not really, I'd be lucky to make $2,000 with those numbers!! :D

Most don't realize the extra costs associated with the buy,sell and hold.

Hi Scott,

Thanks for the reply.

You are right, it is a HELOC and they want to pursue a deficiency.

I am working on a short sale right now that is getting very frustrating. The first lien holder has agreed to a price of $32,000, on a balance due of $90,000.

TD Banknorth holds a $13,000 2nd and will not take anything less than full payoff?? There arguement is that the tax assessed value of the house is $125,000 and they think the first is selling for too little.

We sent over the appraisal the first did on the property that came in at $35,000.... and they still won't budge.

My negotiator said they have worked on many 2nd's with TD Banknorth and they usually settle for $1,000. I don't understand what is up with these guys??

Now the first is pushing is to close over the next week and we can't get anywhere with these fools at TD Bank, don't they realize if the house goes to auction they will get nothing!!!

Any advice or similiar experiences?

Hi Anthea,

The course manual is good but I got the most out of attending the bootcamp.

I don't know the costs anymore, but if the manual is $1,200 I would spend the extra money and attend the bootcamp. When I went in 2008 I think it was $1,995 plus you get the manual.

After attending the bootcamps back in 2008 I've now done close to 40 rehabs; many fire damaged and full gut jobs, that I would have never done without the knowledge gained from the bootcamp.

-Matt

Hi,

I would recommend focusing on an area that is middle to lower income, filled with alot of starter/first time buyer type properties.

Larger towns and cities are the best place. More people and more houses equals more oppurtunity.

I focus on a city of about 150,000 and will invest in a twenty minute radius of the city.

Best of Luck

We have made some pretty good deals on short sale properties, however they do take some time and are a bit unpredictable. What I like about short sales is that I am usually buying below the really low REO pricing without any competition.

I haven't bought a preforeclosure property with significant equity in quite some time.

I have been buying REO's, but they are usually the least profitable because of the competition once it hits the market.

Hi Hal,

Just work with a good closing agent or attorney and you should be all set. They will pull title, make sure all taxes are paid, get you tile insurance/survey etc.....

We use to shoot for $30k+ on a rehab deal, but as we have increased our volume we will do deals in the $20k-$25k profit range.

These are on houses that retail for between $130k and $200k.

I've been using Inetusa for many years. It is a template type website that is very easy to build and change.

They do the free trail too.

You can see more here: http://www.myhousesoldnow.com/freetrial/index.cfm