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jackdm3

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About jackdm3

  • Rank
    TGO Senior Member
  • Birthday 02/28/1974

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  • Location
    Memphis, TN (Drain-hole of the state)

Miscellaneous

  • Carry Weapon #1
    Beretta Elite 96 .40
  • Carry Weapon #2
    Walther PPK

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  1. I had more than the allowance suggested for this $5,000 query, but the principles work just the same. On my first flip, I didn't use a broker, a newspaper or any other source to find my target house. I drove. I drove my ass off street by street looking at houses, so slow that you'd think I was casing the area. Looking for houses that seemed to have been forgotten. Wrote them down and looked them up on our tax assessor's site. Entered the addresses and hoped for the mailing address to NOT be the address in question. From that, I knew it was a secondary home/investment. Mailed a letter to each prospect telling them I was looking to buy a house in that area and wondering if they still wanted it. The home's owner in question lived across town and the house was left to him and his 2 siblings and the house had been empty for over a year. So we met up to look at the inside. I told him I'd call back. Waited 2 or 3 days. Called to ask him what he wanted for it. "$72,000" (intentional pause) "MAN! That's out of my budget. I just can't. Good luck with it, though. Bye." I waited a whole month to let him think it out. Called him back. "You still wanting to sell?" "Sure." "What are you thinking?" "$70?" "I just can't. Sorry. Good luck with it." "Well, how much CAN you offer?" " .................. I can probably make it work with $58 and have money left to do the work." " (sigh) ... OK. Let's do this." "Thank you. I'd like to start working on it now." "I can't let you inside the house till I see some serious paperwork/money." "That's fine. I'll start painting the outside while the atty does the papers." Everybody flipped out. Mom said, "You're gonna paint this man's house? With no papers or guarantees that you'll get anything out of this?" "Hell, yes. It's just paint that I had left over from painting an office. I've already got all the tools/materials. It's just my time and I'm on a clock to finish this and sell before the nasty Winter." My ability to borrow from a bank I'd never heard of before was based on me having equity. Look around. People usually have juwt a little bit more equity than they realize. I had my house, though I still owed, nice paid-for truck and investments. If I defaulted on the short term loan, they'd simply take it back plus a small amount for the trouble ($3K or $3.5K?). They gave him the $58K. I put $12K in for materials. Stripped out the carpet. Refinished the hardwood floors throughout, minus kitchen and bath, repainted everything, new lighting and installed an entirely new kitchen. Had a pro install a totally new air system. When I had finished, the buyer's inspector only asked me to fix 4 things. That's practically unheard of! I know how to work on houses. It's what I do, still. And I knew my abilities and proceeded with no fear. You'll have to know your deal, too, to make it work or you'll spend time and $ learning your trade. Learning the hard way is expensive. I KNOW. I KNOW. The challenge for this thread was to work with less money. My point is that, in regards to real estate and its recent cheapness and deals, you CAN find something in your area on a smaller scale and make it work. My selling agent was "shocked" when they delivered the check on the first flip. Just over $37,000. My agent said, "You don't understand. First time flippers don't usually make this much." Quietly thinking to myself, "if I'd have used an agent to find that house, I'd have never gotten anywhere near that profit margin!" Start small. Do what you know. You'll be happy.
  2. It's gotten to where, when I walk in, I just go straight to anyone with a talkie and tell someone they're needed in sporting goods. Most times I get there right before a CSR shows up.
  3. LZ's the source of all things rock. Sabbath's the source of all things metal. True story.
  4. I don't believe y'all! 6 of the last posts misspelled the bands' names y'all profess to dig so much.
  5. It's either Desoto club, MSSA or somebody you know with land. I think anything else in the area is indoor.
  6. Except Conan looks like Meryl Streep.
  7. Think the old stat is probably "sticking" from lack of use. New one's less than $40 and less than four wires usually.
  8. That's awesome. I've been holding one for years. Great way to spend it.
  9. I bought the "G" for greater firepower, but I shot Mac's (OS's) 9 a little while back, and I'm far better with it long-range.
  10. Are you a secret agent? Some sort of groundfloor spy, and the dial is secret entry switch?
  11. I'm colorblind on lights like that. Can't tell it's green as you all say. I always thought it just meant you're turned on by guns.
  12. Beretta 86 (Cheetah) .380 ACP/9mm short

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