All Forum Posts by: Stinson Bland

Plus 1 for my partner.

For a basic cosmetic rehab I pay about $10.00 to $15.00 a square foot. I'll pay closer to $10.00 a sq. on homes under a $100K and $15.00 a sq. on $180K+ homes. This includes: kitcheh, bathrooms, painting, flooring, etc. This does not include foundation, fences, roof, HVAC, etc.

That's right... I remember you talking to me about roofs.

Thanks for asking. It looks like many of us are seeing positive results so far this year. For me, 2012 started really slow but I am quickly gaining traction. So far I've completed the following:

3 Wholesale deals assigned and closed

1 low-end rehab completed and sold to a cash buyer

Revamped the Dallas HomeVestors direct mail campaign (I am very excited about this)

Experimented with Yellow Letters (over 5,000 sent with very poor results thus far: no appointments)

Acquired 20+ Cash Buyers for my wholesale deals

Opened a line of credit for rehabs (70% LTV: 20% down, 1 pt., and 6%)

Cleaned up my books and got more organized

Over the past couple of weeks I've put 3 houses under contract and I have 2 more that I believe I will get a contract on by Friday. Of the 3 homes contracted, I plan to rehab one of them (high-end home near country club), wholesale another (deeply bought Plano home), and list one as-is (great condition).

Spring is here and I am expecting to buy 10+ homes over the next couple of months. Wish me luck!

Cheers to a very profitable 2012 to you all!

Jerry Puckett and Carlos F. Good luck with your marketing! We have already recieved sevaral calls from sellers in Lancaster and Arlington. Sadly, the storm made many homes "ugly" yesterday and some home owners do not like the idea of rebuilding.

I've looked at a couple houses in the past that were fire damaged but I've yet to buy one. I know one frnachise owner that swears by these homes and loves working with the Insurance Company to get his rehab funded. He's told me numerous times that burn outs are his best buys.

It will be interesting to see how the leads pan out as I've only worked with Ins. Comp. in regards to roofs.

Glad everyone here is ok. The weather was pretty intense yesterday. I have a close relative that works in the nursing home that was torn up in Arlington. I'm shocked and thankful no one was killed.

Carlos F. sorry to hear of your damages. Call me if your roof was damaged. I have a great roofer that has worked out great deals with the Ins. company on a couple of my houses.

This is great... Count me in! Thanks Greg B.

Great advice from Bill Gulley. Early in your career, I recommend spending as much time a possible at your title office. This is a great place to learn the business and network with other investors!

I’ve found that networking has netted me the best results when searching for buyers. Ask other rehabbers, wholesales, realtors, contractors, etc. about buyers. Offer some kind of incentive if they help you close with one of their cash buyers.

I also agree with Danny Day about marketing deals. Every cash buyer I know is in search of the next great deal.

I've considered moving for a couple of reasons.

Jon, as you know, we are operating a business in a very competitive market. It is normal for me to be competing against 2 or 3 other investors when working with sellers. I'm having to spend thousands of dollars in marketing to get 1 or 2 homes a month. I am being forced to spend more and more in marketing to get ahead of my competition. These marketing cost are eating my profits.

Secondly, I'd like to live close to the ocean and I believe there will be some good opportunities in South Florida.

My contracts are written as my company and/or assignees as the buyer:

Lifeline Properties and/or assigness (Buyer)

I also have a Disclosure Addendum that clearly states:

1. Buyer is a professional homebuyer and purchases properties below market value. Purchase price does not reflect retail market value.

2. Buyer and Seller agree that Buyer reserves the right to finance the property through one of several lines of credit established to purchase real estate with no change in Seller’s net.

3. Buyer to pay all normal closing costs for Buyer and Seller (not to exceed $1,500.00). Normal closing costs exclude accrued property taxes.

4. Any personal property left on premises after closing and possession become the property of the Buyer.

6. Other Provisions: (check all that apply)

(X) Seller to leave property free of debris and broom swept clean at closing.

( ) Seller agrees to provide Buyer access to the property prior to closing.

( ) Seller agrees to allow Buyer to market property prior to closing and assign the contract if a buyer is found.

( ) Seller to provide key and allow Buyer to place lockbox and HomeVestors sign on property.

( ) Seller agrees not to disclose selling price of property on MLS or anywhere else accessible by the general public.