All Forum Posts by: Mike Flowers

@Jon Holdman 

I am a wholesaler and since August of last year, I have closed 10 deals making upwards of 60K in revenue. 

The people that I buy from are not FOOLISH but yes, some are desperate.

Most of the people I buy from have a house that they simply couldn't sell to the normal retail buyer and my marketing has found them at the right time to relieve them from the stress of their house.

Most people are very happy when I see them at closing, even knowing I made a profit.

And the investors I have sold this to are happy that they got a property to rehab and sell.

Everybody wins as far as I am concerned. 

@Jordan Jones  

I think you are confused in the amount that the seller receives at closing. 

If you contract with the seller for $50,000.00. That is what they receive after closing (minus and closing costs negotiated). 

of that, in your example, $40,000.00 will go to the mortgage holder and the remainder will go to the seller.

The $10,000.00 left over will go to you. A GREAT profit.

Hope this helps.

@Vicki Gleitz nobody on here is saying they want to make people jump through hoops but, the sad reality is, people abuse laws. These laws that were meant to aid disabled people are being completely abused by owners of discriminated breeds. I would love to be able to take everyone at their word and not to make them prove everything but, I can't. Nobody can. So this means that there has to be some sort of way to determine if the person you are speaking to is someone who really needs the assistance or, just wants to be abel to own a pitbull. It is not "mean" to make people live up to qualifications or to require they go through the steps to ensure that they are really needing the assistance.

On top of that, people who have REAL service dogs will already have all of the required paperwork because they will have had to do all of this before. so the only real inconvenience is to the fakers that just want to skirt the rules.

Just my thoughts

@Desmond Guy I wholesale a lot of properties in North West FL. The best way for me to get an ARV for a property is to find the comps in the area. I use Zillow, and the MLS in the area through a Realtor to pull these. One thing you need to make sure is that you look at all pictures that are with the previous listings because you want to see the quality of the rehab in the house. This will give you a better ideas of what finishes the houses have and you can better estimate the repairs and updates needed by doing this.

I am new to the game and have been wholesaling to build capitol. I am working on a rehab deal now and once that is complete, I should have enough money to buy a small rental property.

After talking to some people, listening to podcast, and doing my own investigations online, I have gotten mixed response as to how to purchase my buy and hold property. 

On one hand I here only buy in cash.

The reasons for this almost always are vacancy rate, needed repairs, and economic shift.

The other is to finance the properties.

and I have heard the biggest reasons for this to be that you can buy more properties and that will make up for the interest to be paid and with other properties, you can make up for the vacancy rate with the revenue from the second property. 

I wanted to run this by everyone on here since most of you have A LOT more experience than me. 

My First seminar was the Than Merrill one as well. They give you a lot of information but, it is very quick and, unless you took great notes, you will need to go back over everything you went over in that class. I would recommend, besides bigger pockets, the Flip2freedom podcast. Sean terry runs this. It is mainly about wholesaling but, even if you are going just into rehabs, or holdings, he teaches the marketing needed to find those deals. 

I am about 2-3 hours from you in Pensacola, and I go there for Noles games frequently, so if you need any questions answered, just PM me if you would like. 

One thing that I am looking into to do my website is to contact my local college and to have them add my job to their bulletin board. It is cheaper to higher a college student in most cases and the ones that really work do a great job and a lot of them really need the money. It is a win-win IMHO

Just my thoughts.

yes, if there is a pipe burst or even crack, you have to break up the slab to repair it and refill it after. but, this is the least of your worries if that happens. The flood damage will be more expensive to fix than the pipe.

recently there has been a boom of new building in my area and I do not even have to do the demo to get a new builder to buy the property, and at really good ROIs. I would do like @Michaela G. said and see what the developers are paying and you may just be able to buy that for low enough and do a quick flip to a new builder without having to demo it. 

I know here in Florida, All of the houses are on slabs and yes the plumbing almost always runs through the slab. It can be a problem for a remodel simply because you have to keep the plumbing where it is or bust up and replace the concrete (potentially very expensive). 

@JPaul Mills Darn right that was a great call. It is only getting better from here.