All Forum Posts by: Michael Spindler

This may need to go under the dumb question category.

I understand Duplexes are not the ideal long term investment, unless you control the street or are in relative isolation amongst houses, etc..

I submit to needing to save a large amount of cash to really establish myself in MFRs (4) and eventually commercial. But I am wondering if "flipping" a few duplexes (side by side), selling half for my purchase price + repairs and renting the other half might be a good way to accelerate the savings process.

I have seen this done and my Credit Union would require 2 loans to buy one duplex anyways, so why not?

Can anyone give me a practical reason as to why this would be a bad idea (just to get started in the business)? I will accept Zero replies as a positive response. : )

Thank you and best wishes to you all.

To clarify, I am aiming to Buy/Hold for long term rentals (SFR/MFR). Cash buy REOs.

As I read through various rehab topics and books. I am left with a question.

For a flip, the pics I have seen can be very nice looking, even charming. For the Buy/Hold crowd rehabbing your own property... Is there a difference in the quality of materials, extent of remodel, etc?

I want to provide a safe, quality home, that a tenant can be proud to live in. But adversely, I don't want to spend $20+k on a full blown remodel/modernization. At most, kitchen, bath, flooring, paint. Possibly roof, HVAC and a new driveway, if "required".

I would like to know what balance other investors have found "workable". When is a project too much to take on for you?

For my target neighborhoods, I can only expect $600/month rents.

Thank you for sharing.

Kendull Isaac

Hi,

I have found J. Scott's book "The Book on Estimating Rehab Costs" and "The Book on Flipping Houses" to be very informative. Gets you thinking about the process in great detail. You can get them here on BP.

Though my approach will be Buy/Hold, looking to save a few dollars by fixing up the first few rentals myself.

Best wishes.

Aaron Mazzrillo Thank you for the reply and your answers. I really appreciate it.

Best wishes.

Hi BP,

Can someone explain to me the relationship between the Wholesaler and the Investor?

1. Do they (wholesaler) negotiate on your behalf with the seller for the terms? Or does the wholesaler and seller already have their terms agreed upon prior to marketing to an investor?

2. Do they provide Warranty Deed or do I need to figure that side out (seller finance)?

3. What is a fair “finder’s fee” to pay (%)? For ex. The total selling price was $17k of which $1k “fee” was built in.

4. Or do they simply present an opportunity and I figure the rest out?

I feel as though my ignorance has cost me an opportunity today.

Thank you.

Hello BP,

Tonight I am going to my first REIG meeting. I have decided that I will not come off as a newb wanting everything yesterday. Instead, I will be looking for "volunteer" opportunities.

Being a newb, I am not sure what my response would be when asked "what would I be willing to do, in RE lingo.

2. Am I looking to volunteer for the group or other investors? Or both?
3. Are there even any volunteer opportunities out there and how could I expect to be utilized if I get anyone interested?
4. How do I ask or make it known that this is what I am looking for?

Does anyone have any suggestions or experience in looking for volunteer opportunities in this business. I truly do not want a dime. Just any experience I can get my hands on.

Thank you.

Thank you James. And I could not agree more.

Jon Klaus Thank you Jon.

James Vermillion Hello,

I too can't read those anymore. Got the message and moving on... : )

Specifically... My sister "intended" that she was going to live in a condo off LakeShore Dr in Chicago and drive a BMW X3. My other sister decided she was going to do equally as well.

No matter how much I "chose" or "intend" something. I am still driving an 06 Saturn Vue. lol. Mostly just giving myself headaches thinking on stuff.

Granted, both required funding from the opposite gender. But that which could have easily gone wrong as relations do, both are equally happy as they had some sort of mental checklist. Though it did take time.

I may be the mutt of the litter, but we all came up the same and our thinking was "trained" for the most part the same.

Or is it more likely that I am still living out the consequences of my past decisions. i.e. that of an employee, and that it simply takes time to turn this boat around? : )

Just curious about the "rah-rah" aspect of success.

As corny as the question sounds... Does any successful investor put any weight into the idea of the power of intention?

Read plenty of "rah-rah" books... but is there an "art" to it, for practical application?

Have a great day everyone.

Thank you.

Hi Bill,

This strategy would be safer and reasonable to ask for? Where can I find more information about how investors use this, in detail? Or is it better to get with a "mentor" to walk through a deal like this?

I love alternatives, thank you for bringing this up. : )

Michael