GM is selling Hummer to mystery buyer

Random Ramblings
61

You’ve been working on a 800 SQ Ft. SINGLE FAMILY HOME for almost 1 YEAR and it’s STILL NOT FINISHED???"

BTW, we closed on it the last week of September 2008 (guess I could scan that for you too… :rolleyes), and rip-out began a week and a half-later… and I work on it on weekends mostly by myself or with a helper or my son… so it’s been eight months and we are doing just fine… The equivalent of a month or so worth of daily work…

Other than home shows, we’ve never advertised but work on referrals… So I am really not worried about your opinion of the work I/we do…

62

This thread has taken some interesting twists and turns…

63

It usually does get a little twisted when debating with FD because he continually changes the subject when he is being attacked with no valid defense.

:help

64

You haven’t made a DIME on that house…

You did HUNDREDS of projects a YEAR??? Building what…BIRD HOUSES???

With the type of Remodeling operation you just CLAIMED TO HAVE why in gods name would you be ASKING advice about REMODELING a FLIP???

I know TON’s of contractors that would just LOVE to let their MONEY ROT in a 1 YEAR project on an 800 sq. ft. STARTER HOME in THE WORST economy we’ve seen in 30 years!!! And they ALL would have missed that SAGGING FLOOR built on PIERS with WOOD SUPPORTS!!!
GOD ALMIGHTY…Could it have been ANY easier to spot potential TERMITE DAMAGE??? Unless of coarse you have absolutely NO CLUE what your looking for.

The best was your comment about DOING THE WORK ALL YOURSELF!!!

This my friend is where the BS stops…Because THAT is the CLASSIC MISTAKE INEXPERIENCED real estate investors make…They try to do it all THEMSEVES!!!

But WAIT…You’ve framed over a HUNDRED HOUSES??? IF you had that type of operation and that type of experience you would have finished this JOKE of a project in 2 months TOPS. You would NEVER have missed that TERMITE DAMAGE. In one of your first POSTS about this house you mentioned the SAGGING FLOOR…But DIDN’T realize it was from TERMITES till LATER!!! YOU HAVE NO CLUE…ANY seasoned contractor reading this has GOT to be on the floor LAUGHING…It’s an insult to people that actually make a LIVING doing this. HOUSES WITHOUT CONCRETE FOUNDATIONS are PRONE to TERMIT INFESTATION due to the wood structure that supports the home. Moisture is wicked OFF the ground and that’s ALL termites need…MOST, EXPOSED WOOD…A KID with 3 years remodeling experience would have seen enough of that a MILE away. (ESPECIALLY IF HE WAS DOING 75 to 100 PROJECTS a YEAR and OWNED the business)

And NO…Your profit on this TERMITE TURD won’t come anywhere NEAR what I made on my last project. Unless you can pull over $110,000 profit out of an $80,000 home. Notice I said LAST PROJECT…I have 3 going right now…The one I mentioned just closed MONDAY (that means I SOLD IT…I know you aren’t at that point YET on your little GEM) I Don’t want to confuse you.

3 months start to finish on a burned out ranch…complete gut and remodel of the interior and the B side section of the exterior. Bought it for $70,000…Put $30,0000 into it and had it SOLD before the carpets were in for $233,000!!! CLOSED>>>SOLD>>>>DONE.

But the REALLY tell tale sign that you are completely full of it…THE AMOUNT OF TIME YOU SPEND HERE!!!

NO ONE…Buys their first investment property and lets it ROT for almost a YEAR while they sit in front of a computer and RANT about politics…THAT ISN’T HOW this works…This STINKS…I’ve spent my LIFE doing this work…

Let us know when you finish NUMBER ONE.

NO FLIP…NO MONEY…NO PROFIT…But KNOWS IT ALL!!!

65

Hey we all had to start somewhere.I done the majority of the work on my first 5 or six houses since I’ve framed,wired,tiled,etc on alot of other projects.But I do delegate alot of it out now to save time,find other properties.It did help me gain respect of all the guys I use now cause they know I can just as easily do what I’m paying them for,But if they have a brain they don’t cross me,not in this economy.I do think we are in the middle of a massive mistake in our country’s history with this experiment for a president when we really needed a miracle worker to fix the mess,not a miracle reader.So its easy to get discouraged and rant alot,I tell people don’t even get me started unless u brought a snack and a chair,it’ll be a while of me ranting if u ask.Freedom is slipping away at a rapid rate,so I say brief the ones you can on what the liberal media is hiding and forget the ones with their head in sand.I think we can atleast all agree on that,right??

66

“You haven’t made a DIME on that house you LIAR!!!”

As I said, I followed the concept of making money before you go in that I got from this site and others… I have never said I had the cash, nor did I ever say I was finished yet, and nor did I ever say I sold it yet… I never even insinuated any those things… ALL ASSumptions by you…

You still haven’t provided PROOF of your assertion of me being a “liar”, but we DO have the proof of you not only lying, but then fabricating when you were called on it… I still think you would do your soul well to just admit it… the more you try to assert that I “lied” with NO PROOF of your assertion the more desparate you look…

“Notice I said LAST PROJECT…I have 3 going right now…”

It’s classic FDjake, don’t refer to what I was talking about, focus on my NEW straw man… I wasn’t referring to the flips YOU JUST POSTED, but the last one that is mentioned by you in Nationalized Healthcare… which I haven’t seen any details of other posts regarding these flips by you…

The flip I was referring to (which was obvioous based on the numbers) was the one where you said that you paid $9K for a referral fee to make a $40K profit… Go back to the Nationalized Healthcare and READ YOUR OWN WORDS…

My point was I paid less then $9K for my flip and will make the same with my little 900sf house that you will with yours… You had to pay for the house, PLUS $9K in referral fee, PLUS “tens of thousands of” your money on it, only to get a “fraction of the selling price”…

Here, your OWN WORDS copied and pasted - “So he calls me…I buy the property…spend tens of thousands of MY MONEY on it…Pay the INSURANCE, UTILITIES, Labor costs for repairs, material costs, and market the property. But…he gets his $9000 THE DAY I BOUGHT IT!!! I had to WAIT for my profit…and that profit was a fraction of the selling price…”

So again I ask you, who made the better deal? Based on the information provided, let’s let other experienced flippers chime in… but base on THE NUMBERS, the rookie did…

“IF you had that type of operation and that type of experience you would have finished this JOKE of a project in 2 months TOPS.”

If I were using a crew… one month actually, assuming I could get the inspectors schedule to jive… I wish I could meet you face to face, WITHOUT you having the the benefit of Google to challenge your knowledge on construction after “20+ years of framing houses”… :rolleyes

That being said, you obviously missed the previous posts… I have other jobs for Monday-Friday, and this is an investment property and our first one… we made a decision to NOT sell before a year, so we could KEEP the money we make and pay only 15% capital gains tax as an investment if we can’t do a 1031 as opposed to a higher tax rate… This will allow us to purchase more than one property when the next one sells… I am in no hurry, am using it as a learning opportunity for me an my family… I sub out what I need and am doing the rest…

There has been a substantial amount of work done…

Our plan is to flip two-three, buy one cash to rent… and continue along those lines…

“NO FLIP…NO MONEY…NO PROFIT…But KNOWS IT ALL!!!”

Another ASSumption on your part… I have NEVER said that I “know it all” when it comes to flipping properties, in fact I have said the opposite… but when it comes to construction, although I would never assert I “know it all” in my profession, as there are ALWAYS new things to learn, based on your “20+ years of framing”, I have no doubt I would run circles around you…

“You would NEVER have missed that TERMITE DAMAGE”

I didn’t miss the termite damage, the INSPECTOR did… and I believe I already explained why in the Nationalized Healthcare thread - " It was a crawl space, and where the termite damage was, the ground came up to the foundation to within 12", and blocked by crap under there and a column and make-shift repair… probably why the INSPECTOR missed it… WE found it AFTER we started workng on the foundation repair…" - sound familiar?

Cardinal rule in construction that you apparently never learned with your “20+ years of framing” - When you start opening walls and floors, you never know what you are going to find…

“SAGGING FLOOR…But DIDN’T realize it was from TERMITES till LATER!!! YOU HAVE NO CLUE…ANY seasoned contractor reading this has GOT to be on the floor LAUGHING…It’s an insult to people that actually make a LIVING doing this. HOUSES WITHOUT CONCRETE FOUNDATIONS are PRONE to TERMIT INFESTATION due to the wood structure that supports the home.”

LOL… again, not knowing what you are talking about… the termites in this case HAD NOTHING TO DO WITH THE SAGGING… the sagging was on the opposite side of the house and ran from the front of the house into the kitchen and in the center wall connecting the kitchen and adjoining BACK master bedroom… the termites were under the FRONT bedroom and adjoining bathroom… keep talking genius… the slope ON THE OTHER SIDE OF THE house went from 1" to 4 3/4" within a 22’ foot span and was caused by the failure of the gerry-rigged blocking over the years and EROSION under the crawlspace due to no french drain and no gutters on the house… that wording in the quote doesn’t even sound like your writing… where did you copy and paste that from?

You may know alot about “framing” FDjake… :rolleyes but you are completely deficient when it comes to foundations, other than what you can find on Google…

67

".Freedom is slipping away at a rapid rate,so I say brief the ones you can on what the liberal media is hiding and forget the ones with their head in sand.I think we can atleast all agree on that,right?? "

Absolutely… :beer

68

they should make a movie out of this thread --Fight Club 2? :banghead :help

69

You’re a complete JOKE…

Here’s the bottom line…It’s UNDISPUTABLE…

YOU told EVERYONE here you made MONEY on this project.

“I made money going into it.” To anyone doing this FOR REAL…That would imply a project that was PRE SOLD…Already had a BUYER for a PRESET PRICE, Signed sales agreement, completion dates agreed to, closing date set. YOU HAVE NONE OF THE ABOVE…If FACT you haven’t even COMPLETED this project after EIGHT MONTHS and STILL don;t know IF you can even SELL it!!! “it might be a rental”

You said the “The INSPECTOR missed the TERMITE DAMAGE”

NO…YOU’RE RESPONSIBLE for MISSING that termite damage…NOT the inspector…I don’t know a SINGLE SEASONED contractor that would ever THINK of letting an INSPECTOR find problems in a potential investment they were about to make. They get in there THEMSELVES and see with their own EYES what their BUYING. That’s what these guys DO for a living. Their PROFITS on a REMODEL rely on them FINDING potential problems BEFORE they price the job. This is starting to set off BULLSH*T meters on this site.

You call yourself a REMODELING CONTRACTOR?? A REAL remodeling contractor would have dealt with termite damage on COUNTLESS projects…THEY COULD SPOT IT A MILE AWAY…ESPECIALLY IN A HOUSE without a CONCRETE FOUNDATION…It’s so common in these structures it’s never a matter of IF you have TERMITES, it’s just a question of HOW BAD IT IS. But you’d only know this if you KNEW WHAT YOU WERE DOING!!!

As far as MY profits compared to YOURS go…First YOU have NONE!!! Take YOUR ZERO and Add the $40,000 I made on the BIRD DOG flip (WHICH IS FINISHED) to the $110,000 on the burned out home project…Then take that $150,000 and add in $60,000 made on a LOT I bought and sold in 7 days. Then take that number and stand by… I’ll add in the 3 more projects currently underway when they SELL.
That’s $210,000 and I don’t JERK PEOPLE OFF telling them about PROFITS I made when I haven’t even FINISHED the PROJECT and have NO IDEA if I can even SELL IT.

I’ll let you know EXACTLY what I make on the 3 properties I currently have underway. Either way…The profits from MY INVESTING will CRUSH anything you could even HOPE to make with a remolding company that does approx. 2 jobs a week (75 to 100/year) As of right now SPORT…Your little investment is actually a LOSER…You’ve got CASH LAID out…Holding costs like Property taxes, Utilities, Insurance, and a market that is FALLING by the month!!!

As far as FOUNDATION experience…Your CLUELESS…I not only FORGOT more than you’ll ever KNOW about foundations, but my brother and I actually OWNED a concrete form business in the 1980’s.
WE cut our TEETH literally BUILDING foundations. CONCRETE FOUNDATIONS…Not the half assed broken down, termite infested JUNK you call a foundation!!! In the NORTHEAST…That is NOT called a foundation… When you say FOUNDATION around here…You’re taking about CONCRETE or BLOCK…END OF STORY!!!

And I LOVE how you blame the INSPECTOR for MISSING the termites!!!
That’s PRICELESS…What PROFESSIONAL REMODELING CONTRACTOR relies on an INSPECTOR to do his JOB when he’s putting HIS OWN MONEY on the line???

Unless of coarse you’re a KNOW NOTHING joke of a remodeling contractor that buys termite infested 800 sq ft properties and can’t finish the project in anything less than ONE YEAR!!!

Keep telling me how much I DON’T KNOW…Because with every SENTENCE YOU TYPE it becomes MORE and MORE clear you are completely full of sh*t!!!

Your post about this 800 sq ft project that is 10 months in and STILL not complete is setting off the BULLSH*T meters for a LOT of professional contractors here.
I’m getting PM’s from REAL contractors that are LAUGHING their @sses off at you!!!

You might be able to KID YOURSELF…But kidding experienced people making a LIVING in these trades is an entirely different story. And buddy…YOU’RE FOOLING NO ONE!!!

Here’s why this story STINKS to high heaven…

First and foremost…A SUPPOSED Pro REMODELING contractor buys a home in Sept of 08…In a DECLINING REAL ESTATE MARKET…where every MONTH for the last 3 years HOMES PRICES have fallen…

And what does this “PRO do”…the same PRO that does 100 remodel projects PER MONTH!!! He decides to do this one ALL HIMSELF…So he can LEARN. Oh…YOU LEARNED BUDDY…YOU DEFINITELY LEARNED…You learned how NOT to do this…But it gets better…

This same PRO contractor needs an INSPECTOR to look at an 800 Sq ft single family home that doesn’t even have a FOUNDATION…It’s built on PIERS…It’s got a SAG in it…But that never sets off any WARNING LIGHTS to our PRO…He LATER founds out the SAGGING was caused by JERRY RIGGED repairs and termite damage…That he NEVER LOOKED AT!!

At this point what does he do??? Besides blaming the INSPECTOR…

Apparently he breaks out the old computer and spends HUNDREDS OF HOURS debating NATIONAL HEALTH CARE, ABORTION, POLITICS, OBAMA, BUDGET SHORTFALLS, and The DECLINE of the USA. His post are VERY NEGATIVE…He seems pissed at the WORLD…Well, now we know WHY!!!

I now TON’S of CONTRACTORS who would do the same thing if faced with a similar situation…They forget the money they had invested and just break out there lap tops…IF THEY WEREN’T CONTRACTORS!!!

Oh and PLEASE hurry up an finish that SPREAD SHEET your working on for this FLIP!!! The REAL COntractors here LOVED that one!!!I know if I had a house UNFININSHED and SITTING in a DECLINING MARKET…I’d get right to work on THAT!!!

This is what people who ARE NOT contractors do…IT’S CLASSIC…Work on a spread sheet for a project that in OVER BUDGET and UNCOMPLETED!!

The BULLSH*T METER IS PEGGED!!

70

“I’m getting PM’s from REAL contractors here that are LAUGHING their @sses of at you!!! (I love it)”

Fine, let’s let THEM chime in or you provide us with their screennames… otherwise, based on your TRACK RECORD… most likely another lie… So I invite all those who “PM’d” Fdjake to chime in on your criticisms… Calling all PM’ers to FDjake who are “real contractors”… you are INVITED to criticize me publicly…

“WE cut our TEETH literally BUILDING foundations. CONCRETE FOUNDATIONS…”

Now we’ve gone from “20+ years framing” to “my brother and I actually OWNED a concrete form business in the 1980’s”…"

It’s interesting that you say this NOW, after you had to be provided a drawing on foundations to show you that there are other foundations besides concrete… someone EXPERIENCED in foundation would not have even MADE the statement you made…

“It’s UNDISPUTABLE… YOU told EVERYONE here you made MONEY on this project. “I made money going into it.””

It IS INDISPUTABLE what I meant… first YOU say I told everyone I said I made money on the project (your words ASSUMING it was sold and there was cash in hand), then you add MY actuall quote of “made money going into it”, which is quite obvious what it meant, and a supposedly seasoned investor you make yourself out to be doesn’t know this vernacular that is used on THIS and OTHER real estate investor sites??? Yes, it is indisputable… MORE fabrication on your part…

“Add the $40,000 I made on the BIRD DOG flip (WHICH IS FINISHED)”

Again, this was what I was referring to, and comparing the numbers, the ROOKIES numbers are better… must be killing you…

“NO you haven’t made a DIME on this sh*tter you purchased.”

No, I haven’t realized the cash yet… but I will, and it will be along the lines of what the great FDjake made after putting MORE into his flip to realize the same profit margin… must be KILLING YOU the rookie took his time and found a good deal…

“What PROFESSIONAL REMODELING CONTRACTOR relies on an INSPECTOR to do his JOB when he’s putting HIS OWN MONEY on the line???”

Professional Remodelers rely on inspections ALL THE TIME… Aside from this, the house that I bought also had an inspection report from the town inspector on the work they expected (which did NOT include the termites FYI), and THEY wanted a certified inspection AFTER we did a walk-through with them… BTW, I can provide THAT for you too if you like… Not words like you, but proof…

I can provide the drawings to the city, the reports, the purchase agreement, the lease from my company, etc…

You see, FDjake, unlike you, I just don’t spout off words… I am willing to provide PROOF of what I say…

YOU???.. :rolleyes

71

I just wasted 15 minutes trying to clean up some of the personal attacks in this thread. I’ll be DELETING any future posts that contain personal insults - SO STOP IT!!!

What does any of this crap have to do with Hummers?

Mike

72

Positive…I’ll leave you with this…It’s given for free and it’s intentions are GOOD.

Buddy…You’re blowing it…

These bargain basement housing prices ARE NOT going to be here forever.

Get that project FINISHED…Take what you learned from it and DO IT AGAIN. You could have been on your 4th or 5th flip by now.

GET GOING…I have been in just about every phase of construction since I was 17 years old…I am now 44. I’ve done what you do for a living.

Believe me…and I am NOT trying to break your b@lls here…

The MONEY you can make FLIPPING homes is OUTRAGOUS!!!
It can give you financial freedom that you could only dream of.
It can give you TON’S OF TIME to spend with your family.
Opportunities will come your way that you never thought possible because you’ll have a MACHINE that prints MONEY.

Get on that project…You made some minor mistakes…But the BIG one is the TIME you’ve spent…You’ll learn…TIME IS SOMETHING you can not buy.

Finish it up and move on to the next…Apply some MARKETING to your flipping business to bring IN the deals. THE PHONES will start RINGING and the $$$$ will pour in!!!

I’m done…

GOOD LUCK with your project… :beer

73

Thank God your done.

Maybe I will show you one day FD, how to make money on houses with termites. I do it all the time.

74

I’ve bought DOZENS of homes with TERMITES.

Made money on everyone…BUT…I KNEW the termites were there BEFORE I purchased the house and used that knowledge to lower my purchase price.

Termites are the single BEST bargaining chip in this business. They scare the life out of homeowners and if it’s an ACTIVE COLONY that caused structural damage. Banks won’t go NEAR the property. Which means a CASH buyer like ME…Is in a VERY STRONG POSITION.

And…I seriously doubt YOU could show me much.

75

LOL, it’s funny how you give out Guarantees and have no idea how many properties I own and have flipped.

This is a perfect example of your lack of knowledge of what you are talking about and how you just GUESS without actual factual information.

76

Well why keep it a secret???

Let’s hear it…

I’ve been buying and selling since 1987. I also own 4 self storage warehouses and just under a dozen light commercial/industrial buildings with a total of 40 fully leased units. The self storage warehouses have over 400 individual units. Not huge by industry standards but they make HUGE MONEY!

As far as RENTING HOUSES or residential property GOES…FORGET IT!!! Commercial rentals CRUSH residential. I’ve been there, done that, bought the T-shirt. Wouldn’t go back to that residential BULLSH*T for any amount of money.

77

I’ve been blessed with great friends,one is a lady who used to own over 60 res. rentals that was selling them off and buying commercial.She told me to stay away from res. rentals,she also has two of those storage buildings and swears buy them.I don’t think I’ll ever do rentals just lease/purchase,it looks pretty promising in these trying credit times.I do have another friend that has been doing only rentals for 30yrs and they’re all paid for and he never plans on selling.To each is own,whatever is getting you to where you wanna be.

78

SELF STORAGE is BEAUTIFUL…WHY???

Imagine your next dead beat residential tenant…

They don’t pay the rent…It’s Sheriffs and court dates…

Now imagine the SELF STORAGE WAY…

You not only CHANGE THE LOCKS on the doors…YOU GET TO SELL THE ENTIRE CONTENTS OF THEIR RENTAL!!! All that’s needed is a small ad in the local newspaper to announce the AUCTION!!! BYE BYE dead beat…Your stuff sold for $25!!! You can probably buy it back next week at the local FLEA MARKET!!! Have a NICE day!!! My auctions amount to ONE per year and that consists of maybe 3 to 5 units worth of JUNK. I actuallt purchased my own dumpsters for $1500 each. A buddy of mine hooks them for me for $150 and I don;t pay a monthly dumpster fee. BEAUTIFUL BUSINESS!!!

And it’s all L E G A L !!!

Best business I have EVER found. I am 95% rented in all 4 of my buildings…and actually have a WAITING list for the larger units. Small businesses LOVE those…They can run a small distributiion company right out of a larger unit.

I love it because my units have NO HEAT, NO ELECTRIC, NO WATER. The only lighting I have is OUTSIDE parking area lighting. Each unit has a semi transparent strip above the storage box that let’s natural light in.
I asked when I built my first one WHY DON’T I PUT a LIGHT BULB in each unit???

The building supplier told me…“Those light bulbs will be broken EVERYTIME a renter opens the door.” They recommended the semi transparent panels…NO MAINTAINANCE…THE ONLY WAY TO GO. I build these warehouses on monolithic concrete slabs. (but what do I know about concrete, foundations, or construction??) A metal building goes up next…doors get installed, grade and pave the driveways, exterior electrical and DONE!!!

But what do I know???

79

Imagine your next dead beat residential tenant…
They don’t pay the rent…It’s Sheriffs and court dates…
Now imagine the SELF STORAGE WAY…
You not only CHANGE THE LOCKS on the doors…YOU GET TO SELL THE ENTIRE CONTENTS OF THEIR RENTAL!!!

I think you are glamorizing this a little based on what my friends have told me about storage units. I agree with you that these are fantastic investments but locally have found that they are becoming slightly over saturated as everyone has heard the same thing, how fantastic they are. Too much of that and the next thing you know they will be sucking wind.

Correct me if I’m wrong but from what I have heard, most often with the storage unit deadbeats you are lucky if you break even considering your loss of rent and legal ad fees you have to place vs. the profits from the sale of their garbage. I agree that landlords get screwed royally from a deadbeat and to much larger of a degree than your storage units though.

I love it because my units have NO HEAT, NO ELECTRIC, NO WATER. The only lighting I have is OUTSIDE parking area lighting. Each unit has a semi transparent strip above the storage box that let’s natural light in.

This is smart. Are you also using that machine that takes money or cards and spits out keys and gate entry code while uploading the info to the web so you can see it while on your cruise? And the telephone answering service that specializes in storage units to have a phone to call and someone to send notices to those who have not paid the machine on time? I listened to a webinar on this stuff and thought it was amazing.

I build these warehouses on monolithic concrete slabs. (but what do I know about concrete)

Good God you are a smart a**. Now why do you build them on monolithic slabs and what is the benefit?

A metal building goes on that…doors get installed, grade and pave the driveways and DONE!!!

What is the cost per unit to build these including everything you need, slabs, metal buildings, perimeter fence, etc?

80

I sit in envy when a friend tells me she bought her building for $200k and has over 200 storage units in it and rented the other half of build. to a national chain co. for $2000mnt paying her note in full so the storage units are all profit.And then she tells me that at my age and rate I’m doin things I’ll be way past her when I’m her age.I love hanging with successful people,they really pump you up.I hope she’s right.