All Forum Posts by: Paul Meyer

@Leo Ray I agree I flip 2-3 a year at most by myself and I am basically the fulltime GC. Solid boots on the ground and getting in at the right price are huge. I think if you pay subcontractors a fair price its not hard keeping them job to job but if cheap everything nobody will work for you again. Im taking a break now and going on cruises screw 25 a year lol.

When I left Honolulu it was still a steal. If you haven't purchased a place yet you might consider Chesapeake and Norfolk ocean view for more properties easier to fix up and get into that are still appraising. Best neighborhoods in Virginia Beach stay closer to southside Kellam, Ocean Lakes, or northside like First Colonial/Great Neck/Tallwood if you've got the $$$ and can put in an offer the same day if interest rates don't scare you off and you can refi later. 

When you get a chance check out Mt. Trashmore. It's the highest point in VB and you pass it on 264. Just don't go into the lake water. lol. Also check out Back Bay state park if you look around Pungo for properties. For the best happy hours check out Harpoon Larrys at the ocean front if you can find parking. 

If you surf. Low tide is your best friend. WRV on 19th st is the best.

mahalo.

I was just going to say I took references off another BP VB tax post for recommendations and used the guy highly recommended. Let's just say I've had my taxes amended twice already for simple errors. So be weary if you are use to doing it yourself and know your business. I am planning on just getting a CPA next year rather than tax person in general I think they have more to lose on errors. Good luck.

@Kyler J Sloan I am going to tell you something quite opposite of everyone else besides hiring him

Ive dealt with crazy craiglist contractors and their subcobtractors. If hes going to be a big problem in your life hunting you down and threatening you even though you didnt cause this you might just pay it and get him off your back but dont hire him again! The police or sheriff likely wont do a thing. Ive had two similar charactors I just pay them for the day in your case for the wreck then have them sign a note you write saying its paid because they will forget and then part ways.

If you are in a small town theres always handyman around or old timers looking for part time cash. And if I saw my contractor coming in that van Id already be curious about him. I drive a minivan with all my tools but that van comes across as an serial contractor.

If you post a $5 labor ad and be specific about what you want and what you will pay even if you are in a small area contractors and general handy guys will come to you. I suggest day rate $100-250 depending on how skillful job is. Im in a huge pop. I get around 50 replies. Look for best action responses with correct grammar. A good story gives me a more committed worker needing the money.

@Bruce Woodruff I agree if this is the start to your beautiful working relationship step back from this one.

I'm doing a company called real estate express right now (realestateexpress.com) it was like $250 for the online course 60hr + 40 hr post. So far I've realized HOW LONG 60 hours takes if you are doing it on your own time. I'm almost done after around a month on/off doing the 60 hours. It's pretty thorough. I don't know if class or online is a better option but I think online forces you to read more / do more practice exams and I've retained a lot. I'm just getting my license for my own flips. good luck! everyone says how easy it is???? This is way harder than my graduate level classes in college haha

If you are a contractor interested into learning more about flipping/partner on a deal I have two homes under contract closing soon that need full renovations. I would be willing to work something out to have a weekly draw plus a portion of net profits from sale. Or if you are just looking for new jobs negotiate price for work needed to be done.

If you don't have a crew that's great. I'm an owner/investor/contractor that likes working directly on my properties to cut costs. I'm at the property 99% of the time up to closing to manage it and make sure it's being renovated and listed on time.

Both properties are located in Smithfield area. Message me if you are interested. Below is work that has to be done.

1st property: 

Rebuild gird on piers and reframe parts of subfloor falling in (water/termite damage likely)

Build some heads and add second bathroom.

Redo floors, bathrooms, kitchen, drywall repair, paint, rebuild deck, front porch, install new windows, new roof, landscaping, ex. 

2nd property:

Small old home. 500sqft I plan to create an addition of 1000sqft more to full renovate into a 3/2 1500sqft. It will need an environmental survey first, new well, new septic, new foundation crawlspace, build up.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $8,800
Cash invested: $10,000
Sale price: $21,000

Held on the property for just about a month (3 months to close). I was planning on fixing it up and flipping it for around $90k putting $40k into it. However, after I drove 2 days through a snow storm from Virginia Beach to Urbana it only took me 2-3 hours there to make a decision to wholesale it off to the next local investor even though I had a van filled with tools. This was an unseen purchase. I knew I got it at a good price. I was immediately able to flip and sell it in 1 day for double.

What made you interested in investing in this type of deal?

Price. Not many deals in this price range. I only look for stuff between $0-75k to buy in cash so low inventory currently.

How did you find this deal and how did you negotiate it?

Researching auction sites/live auctions. So far I've bought 75% off auctions. Just easier, you win, you pay, you take over it.

How did you finance this deal?

All cash.

How did you add value to the deal?

Got a top notch realtor. Helped co-write a really good MLS ad.

What was the outcome?

Sold in 1 day.

Lessons learned? Challenges?

Junk property. Could have been better. If you can see/inspect something even from outside DO IT if you can't just make sure you don't pay a lot.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used Ryan Dallas Real Estate team in that area. They were top 10 in Zillow.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $8,800
Cash invested: $10,000
Sale price: $21,000

Held on the property for just about a month (took 3 months to close). I was planning on fixing it up and flipping it for around $90k putting $40k into it. However, after I drove 2 days through a snow storm from Virginia Beach to Urbana it only took me 2-3 hours there to make a decision to wholesale it off to the next local investor even though I had a van filled with tools. This was an unseen purchase and most of the time no matter the shape I can do well. However, this was such bad shape I was calling full demolition companies to just sell the lot or build a new house on the lot. When I bought it I knew I got it for a great price regardless. The area is midwest so not really high value homes, but for the size it was doable.

I immediately got a top selling realtor and before we both listed it we already had a buyer the first day it was on the market for $21,000. After commissions, travel, and capital gains taxes I'll net around $5000 just for around 3 days worth of work (2 days driving). Not bad. On to the next two deals.

What made you interested in investing in this type of deal?

Price. Not many deals in this price range. I only look for stuff between $0-75k to buy in cash so low inventory currently.

How did you find this deal and how did you negotiate it?

Researching auction sites/live auctions. So far I've bought 75% off auctions. Just easier, you win, you pay, you take over it.

How did you finance this deal?

All cash.

How did you add value to the deal?

Got a top notch realtor. Helped co-write a really good MLS ad.

What was the outcome?

Sold in 1 day.

Lessons learned? Challenges?

Junk property. Could have been better. If you can see/inspect something even from outside DO IT if you can't just make sure you don't pay a lot.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used Ryan Dallas Real Estate team in that area. They were top 10 in Zillow.

I'm going to let you in on a secret. Puerto Rico bank sales.