All Forum Posts by: Wes S.

Scott: Great ideas and in our last meeting, I've told them I was thinking about doing senior condo's or duplexes/tris, to see if I could get them to 'wake up' a bit. They later told me in the conversation that was a similar thought they had, providing a somewhat life/care timeline - apt to independent living to assisted living to skilled nursing to end of life. Somewhat of an assembly line for seniors, (bad way to look at it). All in all, I'm thinkin to myself, do I take the risk in developing it and have potential $ machine or sell the property and walk away with 4x investment with no risk/stress.

Rich: I've researched a little after your comment, wow, what a business model the BeeHive's have. The cottages is very interesting to me b/c I'd like to ease into it, maybe 4 units at a time or something. How does your BIL do it...He owns the facilities and he outsources the management/care/oversight? How did he start out in this niche?

Another thought is combining the two; cottages and maybe a 15-20 bed care facility (w/large common center for cottage people as well) on same property. There is 20 acres and it could be a 1 stop shop.

My wheels in my head are turnin now...

JT - How is this project coming along? Any updates?

I have a very similar situation with 20 acres right next to an existing ALF that is outdated but looking to remodel/expand. They've talked with me about buying this property but their lowballing...

I know their facility turns away 6+ people/Month and I was thinking of doing something myself (Senior Apts/Ind to Assisted type campus) but feel its a huge risk...

Anyone have any thoughts on this?

Missed an Insured HUD 4/2 recently. Orig priced at $62k, sat for 30 days during OO exclusive period, day 30-60 (extended) same $62k asking price but their counter/acceptance price according to realtor was $52,800 for everyone OO & Inv. On Day 60, they lowered it the 'accepting price or counter' to $46,500 and I got beat to the punch, I thought they may actually lower the price on that day but lessoned learned.

Anyone have Bank of America & HUD REO #'s? I'm working on a couple right now and curious...

Congrats Chris! Cute kid and glad to hear they're both doing well. Were expecting our 1st child in November and cannot wait! My wife and I have been in our own businesses for quite some time and calling your own shots/having the freedom to succeed as much as you want is the best! This is definitely an opportunity for you to get creative, disciplined and motivated to run with your talents.

I wish you luck...God is good and he will provide. God gives every bird a worm, but he does not throw it into the nest.

Love fast cars, hate buying practical vehicles though. Used to drive a '95 Ford F150, Purple beast, answered to 'Barney' but had to trade him in...GodSpeed. I now drive an '04 F150 FX4 Crew and love it...has 60k on it and I'm going to run till it drops.

Wifey drives an '03 Ford Taurus (sucks) but were thinking about bumping up to a '07-'08 BMW X3 because of growing family.

Tim, I bought a forclosure 1.5 yrs ago that had the old boiler system with baseboard radiators. Its a 3/1 Cookie Cutter ranch, full basement, 1100 SF and I'm here in Iowa. I ripped out all the old radiators, sold the boiler on craigslist, and then installed all new ductwork + brand new Goodman 70k BTU 96% furnace for $3750. I also just installed a new AC here last week that was $2k. Rebates total $450.

If I were you, shop around but if this is going to be a flip, the investment into a Brand New system is a great selling point and is a no brainer. Hopefully you calculated this into your initial numbers, if not, the best lessons cost the most money.

Thanks Will, no biggie and I value your input! Trust me, I def would like the $40k in my bank acct, I've struggled whether or not to cash in some of my chips, however, I think long term its a quality 'hold' property. Got it rented to retired 60 yr old couple with the Mother In Law as well (crazy.) They rented last place for 8 yrs, auto pmt, so they'll hopefully be 'lifers.'

I've been leveraging some equity on a few previous purchases through a local bank so 'seed money' isn't necessarily needed and I've done every deal I've wanted to do so far. I've been debating getting into 3 bigger markets 45 min away but not sure if I'm ready/balls, then thats where I'd probably try and roll these into bigger/better deals. I'm waiting on a couple properties though here that are more of a 'Flip' profile to pay down some of these 'holds' like you mention and really get the cash flowing.

I guess I may not be hitting home runs all day but I feel like I'm hitting solid base hits everytime...

A friend's REO #'s here in IA:

Fannie Mae:
- 4 Bed/1 Bath + 1 Car 2 Story SFR
- Original list $59,900, lowered multiple times over 6 months down to $34,900
- Purchased for $25k
- Rehab of $2k and rents for $625

* I offered $25k after 45 days on Market, they told me to beat feet.

I would agree with Nate and...Be upfront and maybe ask them about it to find out their situation and tell them your concerns. Biggest thing is setting the expectations up front and letting them know you mean business, no bs.

I just had a couple who forclosed on their home who is now renting my property...I found out he lost his job got behind on house, tried to modify but bank didn't go for it...he now found better job, hasn't been late on rent, is going above and beyond making this property look nice.

Lay the groundwork and expectations up front...