All Forum Posts by: Account Closed

Where ever you invest .. If it is not near you then my biggest suggestion is finding someone who you can trust to have your best interests in mind .. make it so they enjoy getting a percentage of the profits .. that way you win ,. they win .. but I woukd hold them responsible for the same percentage in case of a losses .. I admit that I really only do flips so buy and holds are not that familiar to me .. what about looking at markets where you might have family members who can look out for your best interests .. Deals can be found in any city and in any town .. it all depends on what kind of property you want to be the owner of .. but getting someone that can be boots on the ground guy is key .. how do you find that guyor gal ? Right here on Bp is a great place to start .. you can ask them for references from other investors they worked with or names and numbers to contractors and anyone in the construction / real estate field that can vouch for them .. make sure you have a jv or a partnership contract with them before purchasing a property .. when i do flips , I make sure the any investor/ partner that im involved with put the property in their name or company's name and that most all rehab monies / checks are dispersed by then to the vendor ( that way it keeps the money out of my reach giving that partner a bigger piece of mind ) . i only get around $1000k petty cash when the rehabs start .. and most if the time i have money left over from that when the house is done .. Almost eveything bill wise can be anticipated and payed for from the investor .. 

It just protects the investor .. All the accounting can be done and that way they can tell where their money has been spent .. There are other ways though .. most title companies offer to be a escrow agent for investors and the contractors or subs they use .. you as a investor puts the money that the contractor is charging into the escrow account and when the job is complete and you sign off on it , the contractor get paid .. that way .. he knows that he is going to get paid as long as he does his job ..

Anyway.. 

I wish you the best .. its a tough decision ,, to invest in a area your not familiar with and with someone you dont know well .. I dont envy you .. that being said .. I work with investors that donjust that .. with me ..

God Speed, 

Michael Short   

@Account Closed Thank you for your kind words .. I appreciate and evaluate everyones opinions ..

So I did just that ..I looked through your previous posts ..I  lost count on how many times you explained to someone what it is you do ... self promoting ? Looking for partners ? .. 

I guess my point is .. its a kettle calling the pot black situation ... 

So thank you again, for your suggestion but, I will continue to post and talk about my life when and where ever I choose to until, I am told by somebody of authority to cease .. 

Of course , I wish you the best ..

God Speed, 

Michael Short  

@Luis Almonte just a quick note to let you know that the Admin will probably pull this post .. It belongs in the marketplace section .. I understand it can be confusing .. any i am not the internet police .. just giving you a heads up .. 

Wishing you well..

God Speed, 

Michael Short  

After reading my post it does seem a bit self promoting but I am proud of what i have accoplished .. is there anything wrong with that ? .. 

I had spent some time talking, emailing and even video conferencing with Billy already, so I guess I should have sent him an email instead if responding to his post on here ..

For that I apologize to him, and to whoever might have taken it wrong . 

That being said, let me address the other accusations that have been directed toward me .. 

I am not seeking other investors or private money ..that certainly is not my problem .. 

So please, any nay sayers, keep your money!  Im not seeking it , I don't want it, or need it. 

When you actually do the numbers that I have claimed to do, then money follows and people beg to be able to invest their money and get 20-50% returns ( after the split ) on their money. 

Of course with any investment there are risks .. 

I never claimed to make 100% in three weeks .. What i said is, it looks like the projected profit will be around 100% on that certain deal and that the property ( not needing much work ) will be ready to put up on the market in as little as 3 weeks . 

Also, I stated that the inventory being what it is in that area , the average property is only on market for around 30-45 days .. but .. like any property ..it could sit on market for way longer than that .. I don't have super powers and I certainly cannot tell the future .. What  i can do, is take as much information on a property along with the area and figure out if that property is investable and project the returns on investment ... Isn't that what we all try to do ? .. some better than others .. 

If a investor has never seen a property or found a property that they can make 100% return on then in my opinion they should try harder and learn more .. especially in the last few years .. 

My current residence was bought at 25% of value .. that would be 150% roi if i sold .. 

I have not and will never say that I can find properties everytime like that but  My numbers are not made up .. not my completed flips or my projected numbers .. And i plan to do everything possible to hit those numbers ..

The property goes into the investors / partners name and almost all the money for the rehab is controlled by them as well, I let them know who needs to get paid and they send a check directly to them ( Gc's , sub's , laborers..ect ) even purchases at places like home depot and Lowe's can be scheduled .. 

If i need to pay for anything right away then I just cover it and send a receipt on every purchase via enail right away .. 

I hope this clears up any implications that I might be scamming people ..

I take on Risk as well .. if a loss happens then I am responsible ( per my partnership agreements ) for 1/2 the losses also ..

Thats why i dont even look at a property that doesn't show at least 30-40% roi potential .. 

I hope this clears up any other misunderstandings .. 

I only wish the very best for all of you ... 

God Speed, 

Michael Short 

Hello 

@Kelly Bowen and welcome to BP .. congrats on deciding to start investing .. Its a big deal and a big leap .. I wish you the very best.. Im about 35-40 mins south of Ocala .. in Bushnell .. I moved here about 10 years ago from south Florida and lived in Reddick for a small time when my wife was transfered there as a pastor but then the economy went kla put .. and we moved back to Bushnell .. anyway ,.. I love to give advice if you ever need to bounce ideas off someone just reach out .. 

ok... thats about all i got for now .. it 2:30 am and i dont know why i am still up .. lol.. 

God Speed, 

Michael Short ..

Oh ya .. be sure to cyeck out everything BP has to offer .. podcasts .. and such .. It is such a great site and so much info to absorb..   

If your looking to turn it into a rental then be sure to check into if they allow it to be a rental .. I dont kniw that complex but i do know that some bylaws in the associations limit the amount of time you can rent your house or condo .. some require you to own it fir a year before you can rent it our at all , some dont allow rentals , some dont allow short term rentals .. point is to make sure you check with the associations or hoa before you purchase if you are looking for a investment as a rental .. Not all have thise rules but some do .. thats the only and best advice I have for you ..except .. if your looking to invest out if state .. try to find someone like myself that can go check out a potential property for you and putting your best interest first .. some realtors ( not all , there are some really great ones ) only care about the sales commission so they might not have your best in mind .. get a boots on the ground type of person who gets paid a small amount to go inspect a property and give his true opinion on the property , the neighborhood, the rehab if any is needed and even a rehab estimate .. ..one who can take pictures and video's for you .. even check out to make sure that you can use it fir what ever your intending to  .. send me a request if you would like to discuss more about it ..

I Wish you the very best ..

God Speed, 

Michael Short 

What are you looking to get insurace on ? It helps to know because tgere are some companies that are better at certain one .. buy and holds ..personal property .. ect .. not to many know how to properly provide a decent and affirdable policy for  flips properties .. I have heard of one or two but I have not yet had the pleasure of trying them out .. That might change very soon though .. as my investing partner is leaving the insurance getting up to me on this next flip that we just signed contracts on .. 

I ll look fir the ine tgat was highly recommended and try to get back to you ..  soon i hope ..

Wishing you the best ..

God Speed, 

Michael Short 

@Jay Hinrichs Although  agree with most if what you said.. I myself have found deals that have made 60-70% Roi and very recently found one that had the potential to make close to 100% return ..purchase price $70k rehab = very light clean up inside and yard / plant / landscape clean up .. really nice landscape but just has been overgrown for the last couple months .. Realtor suggested today that we do that and things like wash the windows and the wood floors but thats about it .. no real rehab .. She ( the realtor ) is very confident that it will bring $145k which is about what i thought when i first saw it .. typical days on market in that area is 30-45 So this is not in the getto .. I dont look at properties in the getto .. It goes back to what I was saying ..If you invest out of the area then you really need to either have family or someone who will look out fir your best interests .. Someone,  who only make money if you do .. Someone who will always treat your money better than they do their own .. Someone who makes a percentage on the profits you make but is also held accountable for that same percent toward any loses that might also occur .. If you can find someone like that then your chances of buying in the getto go down considerably.. by the way, It oooks like i might have another property avalible soon .. This one i tried to get under contract and offered the husband exactly what he was looking for but then his wife blocked it .. Well she called me today after two mnths .. She tld me her husband was to low and she wants $50k for it but hasnt completely decided to sell .. she said she will get back to me by the 14th .. the property is a 4/2 on 1.25 acres ..its 2697 sqft with easy way to increase that by enclosing the breezeway in that goes from the house to the garage which would add another 235 sqft. The long of the short of it is that it will need about $50k worth of rehab .. ( relocate a bathroom and update everything in the house in couding the kitch ) it should have a arv of $190- 220k depending on finishes .. again , not in the getto .. There are deals to be found .. You either have to get lucky or find that person i spoke about earlier, who knows how to find them .. or learn how to find them yourself .. My realtor asked me today " how do you find these properties " I replied .. I cant give away all my secrets .. 

The truth is a lot of it is just networking , getting lucky sometimes , and hard a** work .. and not all the deals I find are grand slam home runs .. A lot if them are just ok at around 30-40% roi .. I dont even look at anything less .. 

As always, I wish all of you the very best ... 

God Speed, 

Michael Short 

@Ingrid J. thank you .. to answer your question about construction codes .. for the most part you dont have to know every code thats what you hire a contractor for .. construction codes are what the state or county ( that you are doing rehabs in ) deems the minimum requirements in the building or rehab .. ie .. in Florida when we redo a roof we are required to bring it up to and current standards ( code ) like hurricane straps on the trusses to the walls and straps from the walls to the foundation .. if i am rehabbing a house that was built before they required those hurricane straps then when i pull a permit to put a new roof on then the enforcment officer is going to check to make sure i installed them before signing off on my completed permits .. 

So knowing what you might have  to bring up to minimum current building standards while evaluating a property will give you a better understanding what your rehab might cost which in turn allows you to calculate and make your offer that take into account your costs and hopefully for you to make a profit. 

Not every flip or rehab requires you to bring the whole building up to any new codes .. like if you buy a house that just needs paint and carpet to resell it .. then you dont have to pull permits for that scope of work so the inspector will nit be out to the house and start telling you that you have to upgrade this or that .. but lets say you replace the hot water heater and you need to pull a permit so you apply for a permit and when you have the inspector out to check to see if it was installed properly he might see that the wiring is outdated and he will not only nit sign off on the permit but then he will require you to update what he sees that needs to be.. So you can see hiw it will help knowing the codes in general ... 

I hope i explained it well enough ..

Wishing you the very best ...

God Speed , 

Michael 

Remember when you had to go to the courthouse to bid on a foreclosure ? .. not many counties have that anymore .. now its all online .. I dont like it what Zillow is doing but, I better learn to adapt because I doubt it will go away anytime soon and it will only grow bigger .. It makes perfect sense for a homeowner to get competing offers .. they did it to the motgage companies years ago ..and the used and new car dealers ... well world .. the real estate selling and buying is next .. pretty soon you wont even need a title company .. everthing will be done online .. 

Always wishing the best for everyone ( except Zillow) .. 

God Speed, 

Michael