Time to thank some folks around here… - Posted by HR
Posted by HR on November 22, 2000 at 13:02:57:
This is the first time I’ve logged on in over a month. I’ve been real busy workin’ my deals, and while they are going well, they are eating up some time.
In the meantime, though, I wanted to thank many of the seasoned pros here who have helped me and countless others. You know the names: Jim Piper, Phil Fernandez, Ed Garcia, JP and Terry Vaughn, Lonnie Scruggs, Bill Bronchick, Joe Kaiser, Steve Cook, Dirk, Ray Alcorn, David Segars, David Alexander, John Behle, Carol and Dennis, Bud, Johnboy, Rob FL, Ben, Jim Kennedy, Bill Gatten, Laure, etc etc etc. I’m gonna miss some names – and I apologize ahead of time – but I just wanted to let you know, as I eat some turkey in Alexandria, Louisiana this weekend, I will toast to your good health and continued success.
Ya’ll have certainly helped me be successful, and I appreciate it. Thank you!
In a nutshell, I’ve been selling some of my rehabs. I’m finally feeling, after about 7-8 rehabs, like I’m getting a handle on doing it well: which means fast, low hastle (relatively), and for a good profit. My best rehab is probably going on now. It’s a 10k duplex I picked up out of an estate that I’ll put 25k into and sell for around 65k. I should net around 15-20k. A pretty typical deal. This is not nearly my best rehab in terms of profit. But since I spend less than three hours a week there, and will have it completely renovated and on the market in about 6 weeks, and I’ve had to do so little (because I already have my vendors and materials picked up, contractors established, realtors ready to market, etc) it will finally be a lower hassle, higher profit (time-wise, proproportionately) deal.
While I didn’t intend for this to happen, I’ve developed a specific niche. I buy blighted property, fix it up with a crew of good but unlicensed help, and then either 1) sell; or 2) keep and rent out section 8. In fact, I have to thank Jim Piper for the last option. Jim and I spoke at length at the last convention at the bar about these cheap inner-city properties, and I got so intrigued by the cash flow that, after picking Jim’s brain, I decided to try one. It’s been so outrageously successful and profitable, that I’ve done more, to good effect. You just never know when someone you meet here will help you down the line…
Also, as many of you know, my wife and I have been renovating a gorgeous 5500 sf, 8bedroom, 5 bath home for us. NEVER will I do this again! While it is gonna be gorgeous (and hopefully done in the next few months), It has been a MAJOR rehab. Wow. What an eyeopener. I’ve learned a ton, and have no regrets, but no more large, major rehabs for me! Once it’s done, I hope ya’ll will stop by and stay awhile while we sip mint julips on the porch and enjoy the hot, Southern sun…
Anyway, life for me is a little hectic but good. Been flippin and rehabbin, and maybe this next year I’ll bet into some lease options and owner finance deals. My gameplan the last two years has been to really master home construction and rehabs… and while I now know there is no such thing as mastery here, there is competency, and I getting a lot closer to that.
Anyway, thanks all. I look forward to seeing you at the convention, and maybe sooner.
Cheers, and happy holiday.