[shimshimhada]

Originally Posted by Tiffz MiniS

Thank you! I totally agree

Of course you agree.

[Artz 330]

Originally Posted by findtom

Also, so the bank loans you the $103K based on the construction estimate?
So you were able to pull the work off for $70K in the end?

Don't you have problems with construction going over budget and killing your profit on a deal?

no not at all, on an average house these days new construction costs 120 a square foot to build. Builders like to make 30-40% proffit, so matterials would cost like $70-80 a square foot to build. On an older house when you have things standing its about $60-70 a square foot for labor and matterial, My bank based it on what the costs are for labor and matterial to present day thats how they got the 103K, i did it for about $40 a square foot, because of my suppliers giving me discount on material and my labor costs are almost nothing because I can do the work, my father can, and a few others i pay $100 a day (Laborers) so being in the position that i am I can save on labor and matterials, but also if i decieded i wanted to hire someone and they charged me 70$ a sq foot to build i wouldnt have picked up a hammer and still would have made money just for managing the project. And not 100% financing is risky for the back not u, when you putt your own money into it its risky, Alwayz understand when a bank tells u u have to put 20% down on a house is to cover their asses if you ever were to be in defualt. infact u can buy a house with no money down and get a construction loan 100% and may mortage insurance. Slighly higher mortage 100-200$ extra a month but guess what, you didnt have to put 20% down. on a 100,000 $ house 20K is alot to put money into . OPM other peoples money, never yours. So no its not risky for me, because i calculate everything before i go into a deal, i have to know its a good deal, and make 30-40% or more proffit for me never less 25% i get scared.

[findtom]

Originally Posted by Artz 330

Yea i did, 314K actually with a 4K kick back to buyer for closing costs. He sold it for 100,000 because the house was on the market for 7 months, and no one was interested in it because the guy wouldnt move on price. Hes a single older guy who got relacted because of his job. So i watched it and watched it for months and months till finally i put in the offer. Plus it was a Single story 2 bed 1 bath, i turned it into double that thats why it was worth 310K.

Remember the longer a house sits on the market the more likely the seller is willing to move on the price. and depends on their situation. Either job relocation, or they are in need of money, or cant afford it.

Forclosures is another thing. You want to buy out the people with 500K 700K 1.0M $ homes for 1/4 the price and sell it as iss for 3/4 the value if not 100% of the value. Thats a whole nother thing, complicated and hard but if you know the tricks your game.

Wow... he must have been pissed to have held on price, only to sell for 40% less than his asking.

I think what you're doing sounds more interesting than forclosures.

My real estate experience is limited to buying the place I live in. I low balled big time and got a nice place that I should make a very good return on in a couple of years when I sell it.

[Artz 330]

Originally Posted by shimshimhada

Also, do I need a license for this?

no you dont need one.

[Artz 330]

Originally Posted by findtom

Wow... he must have been pissed to have held on price, only to sell for 40% less than his asking.

I think what you're doing sounds more interesting than forclosures.

My real estate experience is limited to buying the place I live in. I low balled big time and got a nice place that I should make a very good return on in a couple of years when I sell it.

good stuff, thats the way to do it. I had my own place when i was 18. for 4 months i lived there. Worked on it day in day out. Alone with a few helpers, sold it and scored. Working on something you live in is good deal because your not spending on 2 places at once or more.

[Artz 330]

Originally Posted by BellasBmw

Artz- That is awesome you are so successful at your age. . It seems like your doing a great job.. keep it up! You should be very proud of yourself!

Thanks!

[shimshimhada]

I think I'll do this, how do I get started?

[Tiffz MiniS]

Originally Posted by shimshimhada

Of course you agree.

Yes I do agree but not becuase he is my boyfriend, but because he has a very good head on his shoulders. He works very hard and kows what he is doing. He deserves a lot of credit and if any is going to put what he says or what he wants to do down they are jealous BMWLV was very true in his post....

[shimshimhada]

Originally Posted by Tiffz MiniS

Yes I do agree but not becuase he is my boyfriend, but because he has a very good head on his shoulders. He works very hard and kows what he is doing. He deserves a lot of credit and if any is going to put what he says or what he wants to do down they are jealous BMWLV was very true in his post....

lol don't take me seriously, teh intraweb is serious business.

[Tiffz MiniS]

Originally Posted by shimshimhada

lol don't take me seriously, teh intraweb is serious business.

but yes if you get into this you will like it.. it may get stressful at times.. but it is all worth it in the end!! These days you gotta make money to surive!!

[shimshimhada]

Originally Posted by Tiffz MiniS

but yes if you get into this you will like it.. it may get stressful at times.. but it is all worth it in the end!! These days you gotta make money to surive!!

That's why I sell heroin to rich junior high kids.

[Tiffz MiniS]

Originally Posted by shimshimhada

That's why I sell heroin to rich junior high kids.

you crazy!!

[Matts 330xi]

I see that u used to have a preety new mini, why did u get rid of it so fast??

[Artz 330]

Originally Posted by shimshimhada

I think I'll do this, how do I get started?

Do some research, do it where you live in your area. Find something cheap, something that was on the market for a while. Low ball them an offer see what happens, while signing the buyers/sellers contract, never put more then 1000$ down out of pocket this is to show you are serious about the deal, this money at closing you can get back or put towards closing costs. So you find the proptery find it cheap, see what needs to be done to bring up the house invalue. Buy it and do it

http://buildmax.com/ If you are just starting out, go to that site, they are good with first timers and will work with you till its done

100% financing on everything.. Buildmax deals with IndyMac Bank, they are one of the biggest lenders in the country.

After you complete it, sell it, rent it, see whats worth it to you.

Heres an example for someone starting out..


Theres a house on a market $100,000
Property in the area is going for $100,000 to 130,000
The house for 100,000 needs some cosmetic repairs new roof siding ect. Calculate your repair costs. say your repairs come to $15,000

Now that means you only want to pay $85,000 because of repairs your are back where you started $100,000

You want to make a profit for starting out on something small 25%.
Say the house after completion is now worth $120,000 because of the new cosmetics and things. So now you make an offer I would make an offer $65,000 so we can move on the price we play and play and buy it for $80,000 which is fine on a small project like this. so now 80K + 15K = 95K you appriasial came in at 120K asking price will be 130K so theres room to play, alwayz + more so u can land on ur vaule you wanted in this instances 120K well someone comes we haggle back and forth, hell you sell it for 120K, you just made 25K on the deal - closing costs and realtor fees

Closing = 1.2% of selling price = 1,440
realtor = 6% of selling price 7,200

loss = 8,640 total proffit = 16,360.00

Cosmetic work should take 1-2 weeks put it on the market 2-3 months for something you wanna start out in and have your regular job still, and do this part time an extra 16,360.00 for 1-2 weeks of work is Cake.

[Tiffz MiniS]

Originally Posted by Matts 330xi

I see that u used to have a preety new mini, why did u get rid of it so fast??

ME?? I didnt get rid of my mini.. i still got it!

[Matts 330xi]

I owned a mini about 6 months ago and i thought it was a much funner car to drive i miss it alot,but my dad wrecked it he doesnt even know how to drive stick!!

[Tiffz MiniS]

Originally Posted by Matts 330xi

I owned a mini about 6 months ago and i thought it was a much funner car to drive i miss it alot,but my dad wrecked it he doesnt even know how to drive stick!!

Thats not good!!! What color and year?

[Artz 330]

Originally Posted by Matts 330xi

I see that u used to have a preety new mini, why did u get rid of it so fast??

i saw the E90 when i went into bmw for MINI service, Princeton BMW/MINI are in the same building, fell inlove, 20 minutes later had a brand new e90 lol, and so did my mom the 330Xi. i had lotta shit done to the mini full suspension, motor work thing handled amazing and was fast. lol i regrt getting rid of it. i dont know why i traded. i think cause all the rattles and squeeks were getting to me.

[Matts 330xi]

I had a blacked out cooper s 2004 also had full suspension and full exhaust, and chip

[Matts 330xi]

But i love rollin up with the e90 it really strikes a pose

[Tiffz MiniS]

Originally Posted by Matts 330xi

I had a blacked out cooper s 2004 also had full suspension and full exhaust, and chip

I love my mini hahah its a great car

[Matts 330xi]

My dad is thinking about getting a caymen s i dont think he should unless they come in automatic do they ???