All Forum Posts by: Steve Smith

Looking for fix and flip properties in Northwest Indiana.

@Jay Hinrichs

Very nice gesture.  Hopefully the lucky person sees this as an opportunity to not only donate to a charity but also to pay it forward down the road and help another person get started. 

Thanks Richard

My son-in-law lives in San Antonio.  Works for a Fireworks Company.  They have a stand that needs to be managed at 6220 Binz Engelman.  He wants me to come out there and manage it for him for 5 days (December 28-Jan 1) .  Is this a war zone? or somewhat safe? 

I don't think I am interested but thought someone local might be or if they have a college aged kid who could use some fast money and pretty good pay.  Qualifications are dependable and trustworthy.  The pay is 15% or 20% of the sales for the five days.  This is a new location for them but they are projecting about $30,000 in sales so $4500-$6000.

Said they could hire security for the night time.

Also, anyone who has a good location to place a fireworks stand in a safe area is welcome to reply because they do pay for the location too. 

Thought I would put this out there because he is having a hard time finding dependable and trustworthy people.

Thanks for this Bill

Please send details.  Thank you - Steve

Maybe I should read a little closer, but if you aren't physically doing the work, why wouldn't you just let their construction company do the work if they are still going to split 50/50, (unless of course they charge too much, compare their price to your GC's estimate). This sweetens the deal for them. They probably get volume discounts and the speed and efficiency would probably far exceed what you can do acting as the general contractor or using yours.  On your first flip, mistakes will probably cost you a few thousand anyway. If you are going to make this a learning experience, show up everyday(don't get in the way) ask a few quick pertinent questions if needed as to why and how but mainly watch and see how an experienced company turns a flip.  It would be a live flip podcast that you are getting paid to watch.  You will learn so much in a short amount of time. This fast track to knowledge will pay off for the rest of your life. All this is assuming that DLP is legit.

Honesty. Humility. Be able to back up what you are saying by past performance. I know the "Greedy Bastard" comment was a joke, but most people can smell greed a mile a way and tend to steer clear of that. Like you said 100% of nothing is nothing.  Approach the investors and be willing to split 50/50 or something equitable for both parties. You will be able to build up your cash reserves faster and eventually you shouldn't need the private investor. Just don't deceive them.......ruining a relationship over money is the last thing you want to do so put everything in writing so there are no misunderstandings.

I would also want to see some of the other flips that this wholesaler has done.  Some do excellent work while others, well you know.  You want someone who has a good reputation, especially if you are looking for a mentor.  The deal seems fishy to me.  He very well may rehab it himself, only because I am sure he paid considerably less than the 97K offer price to you and has a whole lot more potential profit then you would have.  

Recently I was watching a house on one of the auction sites.  I think you could have bought it for around $60k or less.  A local wholesaler bought it and listed on C-list for $90k.  After a week lowered it to $80k.  

Excellent Job.