Oh, Lord, he’s posting AGAIN… :rolleyes
Thanks POSITIVE…for the SHINING EXAMPLE of LOOSE SCREWS!!!
Fdjake,
So, I take it, you are NOT taking me up on the no 2 for 1… surprise, surprise… :bs
Thanks for proving my point… yet AGAIN… :banana :biglaugh :lol
Fdjake,
To show FURTHER how full of it you are, let’s ammend the 2 for 1 offer… Provide an EXPLANATION for the MULTIPLE discrepancies for YOUR NUMBERS on the house you supposedly sold THAT YOU LEAD US TO… and I will STILL give you the numbers and pic…
Now, mind you, that house that you SUPPOSEDLY sold, is in YOUR area of the country and TOTALLY under your control… so you have NO EXCUSE not to do it IF YOU REALLY WANT the info… :bs
Well, as of right now, Fdjakes, been reviewing his post - The $3675 Total Kitchen Remodel with before and after pictures!!!. for the past 15 minutes…
COULD IT BE!!! :shocked
Will he FINALLY ANSWER THE QUESTION about his OWN NUMBERS??? :biggrin
DID the 2 for 1 offer finally entice him out??? :beer
Stay tuned…
Sorry, I was eating dinner with my Wife and Son…
When your MOM calls YOU up from the basement for supper I’ll be sure and give you plenty of time for a response :biggrin
I just want to make sure we are all following this little SHOW you’re ATTEMPTING so lamely to put on…
You’re asking me about a post where stated I spent $8000 on a house I had purchased for $110,000 and was INTO it for $123,000??? ALL 3 NUMBERS written for everyone to see…
Is THAT the money you’re looking for???..The DIFFERENCE between what the REHAB cost was and what I was into the house for???
Think about all the time you both waste arguing on an internet forum. I didn’t read anything really, just skimmed to see where this thread was going…not gonna do that again, so don’t even bother replying to me.
Fdjake,
“Will he FINALLY ANSWER THE QUESTION about his OWN NUMBERS???”
Nope, just another straw man… :bs :bs :bs
You got our hopes up…
“When your MOM calls YOU up from the basement for supper I’ll be sure and give you plenty of time for a response.”
Junior, to set you straight… both of my parents are no longer with us… I know it’s tough for a person like you, but show some couth and leave family out of the discussions…
“You’re asking me about a post where stated I spent $8000 on a house I had purchased for $110,000 and was INTO it for $123,000??? ALL 3 NUMBERS written for everyone to see…”
Just read Post #94 & #96 of THIS thread… It’s ALL laid out for you… Now, don’t forget in #97 where YOU said it was realtor commission… good luck :beer
I went through my file on this property to get this info. It was ONE YEAR AGO so sorry if I couldn’t recall every exact DETAIL of the entire transaction…They start to blend together when you do over a DOZEN in 2 years!!
We all know what this is about anyway…So far mental case here has asked me…
**Why I don’t fly to TEXAS to finance properties purchased in New England :shocked
**Wanted me to price a KITCHEN at NEW ENGLAND Pricing for a project he’s doing in a “NOT SO NICE AREA” in an UNDISCLOSED LOCATION, where plumbers can complete an entire new system install in a 900 sq ft house for $2000 INCLUDING finish installation of fixtures!!! :shocked
**I’ve been asked to explain the MINUTE BY MINUTE painting of a brick back splash :shocked
**He’s questioned my choice in HINGES on a flip home and my decision to leave veneer brick in a kitchen, in a house, that sold for a $70,000++ PROFIT in DAYS!!! :shocked
**He was SHOCKED and APPALLED at the mere SIGHT of a WOOD VALANCE in this kitchen :shocked
**He was outraged at the “COMPETING DESIGN ELEMENTS” in this project. :shocked
Personally…My favorite part of this project was…
THE $70+K that went into my bank account a few weeks after BUYING this place!!! :banana :bouncemulti :dance
The original post was about an inexpensive kitchen rehab. I also mentioned other things that were done in the home like re-finishing hardwoods, painting the entire home, new interior doors, ect…Those costs (the rehab costs) totaled $8000… The price the owner agreed to sell the home for was $110,000.
I found the “HIDDEN” money (that I accounted for in the original post :rolleyes) That dopey was questioning…You know the difference between the $118,000 and the $123,000 I MENTIONED IN THE POST!!! That EXTRA was in the SALES AGREEMENT…The owner had unpaid sewer, water and property taxes on this home…As part of our agreement I paid those outstanding balances. (not uncommon) Those costs had NOTHING to do with the REHAB so I didn’t include them in the $8000 but DID INCLUDE them in the TOTAL COSTS!!! (what a LIAR I am)
Just to provide a bit more detail here…When you agree on a sale price with a seller… USUALLY THEY are responsible for paying any outstanding balances from the sale PROCEEDS…My attorney found the outstanding balances (there’s always some) when he was preparing the title…The owner and I agreed to this arrangement…I didn’t want to split hairs with him on a property with so much profit in it.
So…I agreed to pay those costs…As you actually do this type of investing… You learn NOT to be a PIG, just get the deal DONE, and make your money.
MYSTERY SOLVED!!!
Oh and the REALTOR took a 2.5 % commission because the eventual buyer came from an AD I had placed in a local paper as the house was nearing completion…and that buyer did NOT have a realtor so mine handled it for them.
What is so PATHETIC about this LOSER is he accuses me of lying about the numbers when in one of the very first posts on this project I LET EVERYONE KNOW I WAS INTO THE HOME FOR A TOTAL $123,000…I PAID $110,000 and spent $8000 on the rehab!!! The NUMBERS are RIGHT THERE in WRITING!!! I just didn’t go into DETAIL about it because the post was about the KICTHEN!!!
This would only look strange to (a mental case) or someone that has NEVER purchased and SOLD an investment property!!! We ALL know sales agreements can and DO include ANYTHING the parties agree to…I’ve had PIANOS written into sales agreement to get a deal done…One old lady had a 80 year old piano and would NOT sell me the home unless the COST to move that piano was paid by me!!! It was MY idea to put it in the sales agreement in order to move the deal along and assure her it would be done professionally. I was HAPPY to do it, she was happy when it arrived at her new apartment, and the DEAL GOT DONE!!!..But I wouldn’t include that number in my REHAB costs! But I WOULD have included in my TOTAL COST!!!
AS Far as the REALTOR FEE’S…Off the top of my head, that’s what I tougth he was asking about…That was my mistake…But I didn’t think I subjected to a forensic audit when I posted those kitchen rehab pics a year ago!!!
SO…There it is…The BIG NUMBERS MYSTERY SOLVED!!! I paid $110,000 for this house…The REHAB cost me $8000…I was INTO the house for $123,000
NOW let’s see YOUR NUMBERS for the following…
Prices to SHEETROCK, MUD, TAPE and FINISH a 900+ sq ft home including material costs and LABOR!!!
Prices to BUY/install, and trim 15 NEW WINDOWS
Prices for EVERY INTERIOR DOOR in a 3 bed 2 bath 900+ sq ft home with a master bedroom PLUS hardware (KNOBS)
Prices for KITCHEN CABS, HARDWARE, COUNTER TOP, SINK and FAUCET, Plus a DISH WASHER, STOVE and FRIG
PRICES for every sq ft of flooring in this home
Prices for interior TRIM
Prices for interior PRIMING and PAINTING including cost for the MATERIALS
PRICES FOR a RE-ROOF that included tearing out not ONE but TWO chimneys and any related repairs needed to the roof.
PRICES for SIDING THE ENTIRE HOME, including J channel, starter strip, inside and outside corners, soffit, and ALUMINUM TRIM. ect.
PRICES FOR EVERY electric FIXTURE in this home (and ITEMIZE THEM)
PRICES FOR EVERY PLUMBING FIXTURE (2 toilets, 2 sinks, 2 faucets, new VANITIES in BOTH baths, 2 new TUBS, 2 NEW mixing values for showers with HEADS)
Prices for 2 EXTERIOR doors
And bring it ALL IN for $11,600
YOU CAN NOT DO IT…YOU KNOW IT…and WE certainly know it!!
At this point it’s OBVIOUS that just SHEETROCK. SIDING, ROOFING, and the total cost of a COMPLETE KITCHEN is gonna BLOW THIS BUDGET COMPLETELY OUT OF WATER!!! It’s not even CLOSE…
NOW LET’S SEE THOSE NUMBERS!!! and don’t forget the PICTURES…BEFORES and AFTERS of your REMODELING JOBS!!!
Fdjake,
[i][b]"The original post was about an inexpensive kitchen rehab. I also mentioned other things that were done in the home like re-finishing hardwoods, painting the entire home, new interior doors, ect…Those costs (the rehab costs) totaled $8000… The price the owner agreed to sell the home for was $110,000.
I found the “HIDDEN” money (that I accounted for in the original post ) That dopey was questioning…You know the difference between the $118,000 and the $123,000 I MENTIONED IN THE POST!!! That EXTRA was in the SALES AGREEMENT…The owner had unpaid sewer, water and property taxes on this home…As part of our agreement I paid those outstanding balances. (not uncommon) Those costs had NOTHING to do with the REHAB so I didn’t include them in the $8000 but DID INCLUDE them in the TOTAL COSTS!!! (what a LIAR I am)
Just to provide a bit more detail here…When you agree on a sale price with a seller… USUALLY THEY are responsible for paying any outstanding balances from the sale PROCEEDS…My attorney found the outstanding balances (there’s always some) when he was preparing the title…The owner and I agreed to this arrangement…I didn’t want to split hairs with him on a property with so much profit in it. So…I agreed to pay those costs…As you actually do this type of investing… You learn NOT to be a PIG, just get the deal DONE, and make your money."[/b][/i]
[i][b]"MYSTERY SOLVED!!!
Oh and the REALTOR took a 2.5 % commission because the eventual buyer came from an AD I had placed in a local paper as the house was nearing completion…and that buyer did NOT have a realtor so mine handled it for them."[/b][/i]
LOL… THAT’s your explanation??? CLASSIC Fdjake… Glad you reviewed the post AND your file, so no excuses… you just made it WORSE… I don’t have time to post now, so I’ll explain later tonight… :biglaugh :lol :biglaugh :lol
Stay tuned for the BIG DIVERSION ATTEMPT!! This should be GREAT!!
Either way…[b]I can GUARANTEE ONE THING!!!
We are NOT getting those NUMBERS from POSITIVE…[/b]NO WAY, NO HOW…He’ll go on and on about something that has NOTHING TO DO with HIS PROPERTY…He’ll CRY, WHINE, ARGUE, stomp his feet…But won;t provide a SINGLE NUMBER for ANY of the things YET to be completed on his project…
He’s TOO BUSY right now to respond…
OH that’s right!!!
TODAY’S SATURDAY!!!..The ONE DAY POSITIVE CAN WORK ON HIS OVER BUDGET INVESTMENT PROPERTY!!! HE’S NOW OUT OF MONEY AND CAN’T PAY ANYONE TO HELP HIM FINISH THIS DUMP SO IT’S SATURDAY’S ONLY FROM HERE ON IN…“Hey SON, grab your HAMMER!!!”
My point has be made ABUNDANTLY CLEAR…
He’s BLOWN OUT HIS BUDGET by a MILE!!! He’s ONE YEAR IN and only HALF finished. WINTER is coming…
I’m actually starting to feel sorry for this idiot. Just the TIME he’s spent away from his family is sad…Not to mention he basically has been working OVER 1 YEAR for what amounts to MINIMUM WAGE (if he’s LUCKY) AND…It’s now apparent to EVERYONE…He could not have PICKED a worse house for his FIRST FLIP…COME ON…He could have LITERALLY ripped this house down and put in a modular home for less money and time than he’s spent here…It’s POOR DECISION MAKING…Even his OWN REALTOR told him to just wholesale it…I wouldn’t EVER bash someone who purchased a house like this for their first flip if they had NO EXPERIENCE…But this CLOWN goes out and tells us he’s a PRO REHABBER??? Come on man…Give us SOME CREDIT. This is a REAL ESTATE INVESTMENT SITE…NOT a DIY home improvement site.
But…That’s the way THIS PERSON LEARNS…He’s NEVER WRONG…He make EXCUSE after EXCUSE…NONE of which make ANY SENSE???
“My kids can’t come to the house because it’s a GUT” I guess there’s no baby sitters in this state he lives in???..The house doesn’t have a YARD???
“My wife goes to school???”
“I’m too busy during the week??”( But he has all the time in the world to argue HERE!)
He’s got a half finished home here with NO kitchen, NO INTERIOR, No floors, no siding, no BATHROOMS, no DOORS…and he’s gonna finish all of it for $11,600???
Remember…
Until I started POUNDING this guy about how this project was proceeding we never hear a WORD about it…HE NEVER, EVER, mentioned this project in any topic unless ASKED REPEATEDLY and DIRECTLY!!! At first those inquiries were met with…“I did well on it and made money going in.”
ONLY…When he was pressed to the point of looking like a LIAR did BITS and PIECES of the REAL STORY come out…WE STILL DON’T HAVE HIS NUMBERS for the completion of this job!!! AFTER ALMOST ONE YEAR!!! But we DO now know he has ALREADY spent at LEAST $25,400…He has told us that he’ll be into it for $37,000 when done…But with what he STILL needs to do, it’s OBVIOUS that he will be WAY over that number…So now he just REFUSES to provide the numbers for the remaining materials and work.
His mistake was thinking that I would just GIVE UP…I’d go away…
WRONG!!!
I made my point…You CAN NOT bring this property in for ANYWHERE near what you told us you would as of just LAST WEEK!!!
You LIED about your investment and instead of just admitting you blew it…You refuse to ADD UP YOUR NUMBERS…
It’s YOUR HOUSE…The items listed that NEED to be completed are REAL…REAL $$$$$ will have to be spent to complete them…WE ALL KNOW THIS…WE also KNOW that with what you have left to do…$11,600 ain’t cuttin’ it!!!
STOP…You ALREADY look like a JOKE…The diversions are just a SIDE SHOW.
For anyone following this worthless thread…
There are some VERY VALUABLE LESSONS here…
What Positive SHOULD have done with this project is SIMPLE…
He paid $8000 for the home and he did know it had some foundation issues…
He spent (I believe) about $6500 to completely repair the foundation…and from his description I do believe it was a good repair.
So…at that point the home was structurally sound, level and plumb…and his total investment (minus closing costs)
Would have been $14,500
At that point he should have LISTED the property…He could have continued to make minor improvements but if the comps he wa quaoting are TRUE he could have done what his REALTOR advises him to do in the first place and wholesaled it. But…it’s too late now…that ship has SAILED.
He OBVIOUSLY doesn’t have the time for this type of project.
A GREAT lesson for everyone here to LEARN from…
It’s THE ONLY REASON I’ve kept this thing going. A bigger picture emerged from a person who would never KNOWINGLY admit they screwed up.
Remember…There are countless ways to make money in real estate this would have been a BEAUTIFUL WHOLESALE FLIP!! Now who knows???
TWO full-length posts after I made one telling him he made it worse… BECAUSE he CANNOT say he didn’t review his memory, the thread HE POINTED US TO, nor his FILE on this SOLD property… The above is the NEW Fdjake explanation and his numbers DON’T jive… I’ll explain more later…
I wouldn’t be worried on me following up on my 2 for 1… :biggrin
BTW, don’t be surprised if FDjake has ANOTHER couple of lengthy posts saying the SAME thing over and over again like the last two coming before tonight… :bs He is a FIRM believer in the more you tell a lie the more people believe it… which is one of the reasons why I don’t let his posts go answered… The search engine is HIS enemy… that’s speaks VOLUMES in and of itself…
Thanks for an interesting lunch Fdjake… :biggrin :beer :biglaugh :lol
Fdjake,
As I said earlier and pointed you directly to your numbers discrepancies (post’s #94 - tiling/DOM & #96 - sold numbers in THIS THREAD)…
First Post #94 - When ANOTHER investor QUESTIONED how much you paid for it IN THAT THREAD YOU PROVIDED - Liquidity said - "What kind of tile did you put in ceramic or porcelin ?? $1500 seems LIKE ALOT for a kitchen that size from the pic. how many sq ft was it ?? "
So as usual, INSTEAD of answering the question that was asked (i.e. - “how many sf and ceramic or porcelin”) YOUR answer to him was - “As far as tile goes I NEVER SPEND MORE than $2.50/ sq. ft. for tile and my tile guy charges me $3.50/ sq. ft. to install it.”
So, ONCE AGAIN… YOUR NUMBERS DO NOT ADD UP, FDjake - EVEN IF you DOUBLE the kitchen size to 10 x 20 (which would INCLUDE an eating area I believe is to the left), using YOUR OWN NUMBERS that would’ve been a TOTAL of $1200 for BOTH tile ($2.50/sf) AND LABOR ($3.50/sf), NOT $1500… And that’s ASSUMING you paid YOUR top price of $2.50/sf MAX for tile that you “NEVER SPEND MORE” than… Where’s the other 20% ($300) Fdjake? lol
Now, that tile you put down in that kitchen is NOT an expensive tile, and should have not cost you anywhere NEAR $2.50/sf… Again, if you paid anymore than $1.25 - $1.50/sf you got HOSED ON THAT TOO! If you did pay, as I suspect, around $1.25 - $1.50/sf for the tile, the numbers are EVEN WORSE!..
Now mind you, this is Mr. 20 years rehabbing experience talking here…
On that SAME post #94, YOU said that On August 7th, it “Just hit the market TODAY for $199,900”, but then on August 13, you said - “House is SOLD…A whopping 8 DAYS on the market”… these are YOUR WORDS and last I checked that would have been 6 days…
Now, Post #96, we’ll do in the next post to keep them seperate…
Fdjake,
Now onto the worse one regarding Post #96, BECAUSE you’ve not only have you checked the posts, but you also said you went back and checked your FILE (Fdjake - “I went through my file on this property to get this info. It was ONE YEAR AGO so sorry if I couldn’t recall every exact DETAIL of the entire transaction…”). so you HAVE NO EXCUSES…
Now when YOUR NUMBERS were extrapulated for everyone to see IN THE ORDER you presented in Post #96, we found irregularitiesand questioned you on this in your Post #97, YOUR FLIPPANT REPLY WAS - “Gee…What would a REALTOR COMMISSION BE on this sale???”
So it was asked that you provide an explanation for the discrepancies… Now that you’ve had ample time to review the post YOU LEAD US TO, AND the actual FILE itself for the house that was SOLD, according to you… the numbers STILL DON’T ADD UP!
In your explanation, YOU SAID - “I found the “HIDDEN” money (that I accounted for in the original post ) That dopey was questioning…You know the difference between the $118,000 and the $123,000 I MENTIONED IN THE POST!!! That EXTRA was in the SALES AGREEMENT…The owner had unpaid sewer, water and property taxes on this home…As part of our agreement I paid those outstanding balances. (not uncommon)”
So, YOU said the EXTRA COST between the $118,000 and the $123,000 was due to “sewer, water and property taxes on this home”
Unfortunately for you, you ALSO provided us with the realtor commission of 2.5% when you posted THIS in your explanation…
[i][b]"MYSTERY SOLVED!!!
Oh and the REALTOR took a 2.5 % commission because the eventual buyer came from an AD I had placed in a local paper as the house was nearing completion…and that buyer did NOT have a realtor so mine handled it for them."[/b][/i]
Now YOU said you made $75,000 on this deal… So USING YOUR WORDS AND NUMBERS, which you reviewed the POSTS AND THE FILES, so NO EXCUSES… Let’s Review
$201,000 Price YOU said it SOLD for (i.e. - $199,000 + $2000 OVER LIST)
- $5,025 2.5% Realtor
- $123,000 TOTAL costs INCLUDING EXTRA costs between $118K & $123K sewer, water and property taxes
= $72,975
Now $72,975 does NOT sound like $75,000, now does it??? Now remember, Mr. 20 Years Rehabbing Experience, who has done a “dozen” of these over the past two years, has reviewed the posts AND the file for something that is SOLD, so NOTHING to add to it…
-
Now this does NOT include the STAMPS TAX ($4 per $1000) that Rhode Islanders pay, which would be ANOTHER - $804.00
-
Nor does it include ATTORNEY FEES, Recording fees, etc. - let’s just say $250 total for that…
-
Nor does it include your marketing to GET the property = Fill-in your number here (most likely not that much, it was just an AD, right?)
-
Nor does it include TAX… but on this one, although you don’t merit it, I am going to give you the benefit of the doubt and say that you 1031 Exchanged it…
$72,975 What YOUR NUMBERS say you made
- $75,000 What YOU SAID you made
= - $2,025.00
So WITHOUT ADDING the additional things above in Items 1-4, your numbers are STILL OFF by…
- $2,025.00
AFTER you’ve reviewed the posts AND the file… I ADMIT this is MY first time, but how do YOU explain these errors and discrepancies from a person who likes to remind everyone he has “20 years rehabbing experiecence???” AND also use it in a way to DEMEAN people in the process?..
So the “mystery” is INDEED not solved… and the question NOT answered… can’t wait to get your answer for that missing - $2,025.00 (we’ll let you SLIDE on the other $1000+ or so), so I can give you your 2 for 1… you know the one you “guaranteed” everyone that I wouldn’t provide…
And BEFORE you try another straw man saying that I am not providing the 2 for 1, I ABSOLUTELY will, as soon as you keep your end of the bargain, and explain the missing money…
You shoulda’ priced the kitchen, Fdjake (especially since it was LAID OUT for you)… would have been MUCH less embarassing… ouch! :biglaugh :lol
See you sometime tomorrow… :beer
WOW…A $2025 difference…It’s even MORE when you take out TAXES!!! I assumed most people would accept the $75K as a ROUND NUMBER…I’m sorry…If I knew when I posted this that some MENTAL PATIENT would be dissecting every dollar ONE YEAR LATER…I would have been more accurate. I’m SO SORRY I didn’t account for every single DOLLAR. :rolleyes :rolleyes :rolleyes
But that’s ALL Positive has these days…I have TENS OF THOUSANDS OF $$$$$ sitting in a BANK ACCOUNT and he’s OUT OF MONEY!!!
As predicted…POSITIVE IS NEVER GOING TO GIVE US THOSE NUMBERS!! I KNEW THAT…BUT we got the REAL STORY on his flip…It’s a disaster!!
The LESSON here is very simple…and it’s a real LOOK into the DECISION MAKING PROCESS that POSITIVE uses!!
Let’s look at this…There’s some real learning that can come from this…ESPECIALLY FOR NEW INVESTORS!!
First off…
Positive made the CARDINAL INVESTING MISTAKE…He purchased a home that needed MORE WORK than he had TIME and CAPITAL to complete. This one mistake is a KILLER for a new investor.
Why would he do this???
This guy KNEW he had NO TIME to devote to this project he told us what his schedule is like…
He KNEW he had children and that their MOTHER was in SCHOOL.
He KNEW this house was in VERY BAD SHAPE.
He knew he had a business (supposedly) to run that would only allow him to work on WEEKENDS on this investment.
THIS IS A TEXT BOOK EXAMPLE of common mistakes made by a new investor.
He is now the owner of a HALF FINISHED HOME that is literally in PIECES.
So…What we can learn from HIS experience is THIS…
You DO NOT take on a rehab this INVOLVED when you have THIS MUCH going on…
In addition he CONSTANTLY LIED TO US and to HIMSELF about this project, his abilities, the schedule, and the budget…
WHY???
Why not just ASK for some advice???
There are 3 THINGS that I would advice Positive to do RIGHT NOW on this project…He won’t ask for that advice though…In his mind it would make him look like he screwed up…WHICH HE DID…But who cares??? Just admit it…Don’t play BULLSH*T games and refuse to provide numbers. It makes you look like a dope.
Fdjake,
"WOW…A $2025 difference…It’s even MORE when you take out TAXES!!! "
If you didn’t 1031 Exchange it, then regular taxes apply, and that does INDEED affect what you MADE, but it was MORE with items 1-4…
A 4% dsicrepancy AFTER Mr. 20 Years Rehabbing Experience reviewed the post AND file is ROUNDING??? :biglaugh :lol
You didn’t say I made “AROUND” $75,000, you said I MADE $75,000… :bs Only problem IS, if it was a ROUNDED NUMBER, you would have made that point IN YOUR EXPLANATION… THAT would have been the time to remove all doubt about ANY discrepancy, ESPECIALLY after YOU reviewed the posts, and YOU made the point about referring to the “file”… So you are full of it, FDjake…
Who do you honestly think you are kidding???
“There are 3 THINGS that I would advice Positive to do RIGHT NOW on this project…”
Fdjake, why would you think I would be interested AT ALL in what you have to say with real estate??? This is NOT the only thread you have had NUMBERS challenges on…
“He purchased a home that needed MORE WORK than he had TIME and CAPITAL to complete.”
The time AND capital issue… Let’s put THAT to bed right now… We know the time thing at this point is Fdjake’s favorite straw man, and has been addressed AD NAUSEUM, but let’s address Fdjake’s NEWEST one, the capital issue… The below post is from when we first bought the property…
LOC for repairs
« on: September 14, 2008, 08:56:40 AM »
[i][b]"Just bought a property for $8K cash, ARV = $65-$75K; Tax value = $55K, property is in poor shape and will need $25K in repairs (foundation support for sagging floor, siding, roof, kitchen cabinets and tops, flooring thoughout - carpet and linoleum, minimal landscaping, 15 windows, new front and back door, interior trim and paint). I own a remodeling company and with the exception of the foundation work, we will be doing the repairs ourselves.
ALTHOUGH WE HAVE THE MONEY FOR REPAIRS, being that there is no mortgage, I was wondering if we should get a $35K HELOC on this property to cover the repairs. Anyone done this before? Are banks willing to give a HELOC on something like this (i.e. - property in poor shape, decent neighborhood, no mortgage, etc.)?
Thanks in advance for your thoughts…"[/b][/i]
“In addition he CONSTANTLY LIED TO US and to HIMSELF about this project, his abilities, the schedule, and the budget. Why not just ASK for some advice???”
This is NOT true… I present answers to the questions asked, point by point… I am NOT afraid to ask for advice nor am I afraid of the search bar… I ask when I need it… I am fully aware of the schedule issue, I’ve explained my position on that and while that may be a legitimate critique in the long run, right now, I don’t need advice on the work being done…
I WILL however, when all is said and done, post all the numbers, and aside from the schedule, which will be a given at that point, I will be OPEN to the critique…
The thing that rubs me the wrong way on you saying this, Fdjake, is we ALL KNOW you have no real interest in helping me, so please stop pretending like you do…
P.S. - you never addressed the tile and DOM discrepancies…
Like I said…
We will NEVER see the NUMBERS for the things his project STILL NEEDS!!
Those numbers when plugged into what has ALREADY been spent… BLOW OUT THIS BUDGET!!! EVERYONE see’s it…Why argue it???
This is a “case study” for POOR DECISION MAKING!!!
Even his OWN REALTOR advised him to WHOLSALE this property. He has told us WHY he can only devote one or two days a week to this project…
WHY…would you EVER buy an investment property that needed a COMPLETE GUT/REBUILD when you KNEW going IN…You could only devote WEEKENDS to this project???
This is someone who tells us he is a PRO REHABBER???
A REAL Pro…wouldn’t have gone any where near this property with those time constraints…and would have IMMEDIATELY IDENTIFIED this as a WHOLESALE property…If he had STOPPED after spending $6500 for the foundation repairs he could have SOLD the place and moved on to maybe 2 or 3 BETTER properties!!
This is a TEXT BOOK example of what NOT to do on your first property…
KNOW what you are CAPABLE OF…KNOW how much TIME you can devote to the project…KNOW what you DON’T WANT TO GET INVOLED IN and stay AWAY from those properties…
Positive could have EASILY flipped 2, maybe even 3 homes in the time it is taking hime to finish ONE…This project…IF/WHEN SOLD…will have taken him WELL OVER ONE YEAR!!! Again HORRIBLE DECISION MAKING from a self proclaimed PRO REHABBER??? These are mistakes made by people who never rehabbed ANYTHING…FIRST TIMERS…Not guy’s who make their LIVING by being able to ESTIMATE time and materials for OTHER peoples projects!!!
If instead of buying THIS property he purchased a home that needed just a cosmetic rehab he could have really learned about the SELLING PROCESS…This is THE MOST IMPORTANT part of any investment…He’s not even CLOSE to that stage…and there are LOT’S of pitfalls there.
WHY…WHY…WHY would an “experienced pro rehabber” BUY a home that needed to be COMPLETELY GUTTED if he KNEW he had no where near the TIME in his schedule to accomplish the rebuilding???
WHY…would a “experienced pro rehabber” be so OBVIOUSLY and SO BADLY OVER BUDGET on a small home like this???
Why…would an “experienced pro rehabber” be over 6 MONTHS behind schedule on a house this small??? Remember…this is a guy who CLAIMS to have a rehab business that has done HUNDREDS and HUNDREDS of jobs.
The reality is this…He’s NOT a pro…In any sense of that word…
Not a single NUMBER provided on the HUGE LIST of outstanding items left to do on this job???
Not a single PICTURE of ANY project he’s done???
Terrible decision making…The worst I’ve seen, even among first time investors…and to claim you REHAB FOR A LIVING???
Come on…This is REALLY getting ridiculus!!
In about two weeks I will be closing on a home that needs a LOT of work…It’s an entire interior GUT…I’l post pictures and use this property as an example of what Positive SHOULD have done on THIS project…We’ll compare everything…I’ll show you how to make $$$$$ on these projects with very little time and effort. I’ll lay out the entire thing for you guy’s from HOW I found this property to the strategy that gets it SOLD and WHY DECISIONS were made!!
Stay tuned!!! I have to turn this TURD of a thread into SOMETHING benefical for you folks!!!
Fdjake,
LOL…
THAT’s your answer???
So, let’s get this right, YOU want the 2 for 1 that I HAD TO OFFER to get you EVEN to address YOUR OWN FAULTY NUMBERS, which, BTW, were FRESH in your memory when you POSTED it last year… and NOW, your explanation for a 4% dsicrepancy AFTER you’ve reviewed the posts AND YOUR FILE on a SOLD propertt is ROUNDING…
round-ing [roun-ding]
–noun
- Mathematics. a. the process of replacing a number by another number of approximately the same value but having fewer digits: To the nearest dollar, the rounding of $27.68 yields $28.
So you want the 2 or 1 I offered EVEN THOUGH, you haven’t ASNWERED the “mystery” of the missing money, just ADDED TO IT, AFTER reviewing the posts AND your file… nor have you EXPLAINED OVERSPENDING on your tile and DOM dsicrepancies… An insight into your persona… Fdjakey expects YOU to keep your end of a bargain even when HE FAILS to do so…
So now, ADDING the ADDITIONAL EXTRA COSTS, you know the ones that would’ve BEEN IN YOUR FILE (i.e. - Stamps Tax, Attorney Fees, Marketing Costs???, and since you DID NOT say you 1031 Exchanged it… TAXES) WITHOUT adding the marketing costs (we don’t know what they are) OR the taxes, YOU ARE OFF by ANOTHER 4% AFTER your explanation AFTER looking at the posts AND file on a SOLD property…
:redface :redface HOW FREAKING EMBARASSING!!!.. :redface :redface
So I guess TAXES are NOT an expense for a guy with 20 years rehabbing experience… You can just PRETEND that you MADE IT ANYWAY… If that’s the case, HEY, you MADE $201,000 on this deal!
In business junior your INCOME (i.e. - what you MADE, the only thing MADE here is what you MADE up) is what you have left AFTER all your expenses, and this INCLUDES all of the above…
And this is from Mr. 20 Years rehabbing Experience himself… :bs :biglaugh :lol