Ronald Reagan on Socialized Medicine....

[fdjake]

I guess that SEARCH BUTTON on Positive's computer only works when it DOESN'T MAKE HIM LOOK LIKE a complete IDIOT!!!

Positive's post #665 on August 28, 2008.  Just before closing on the MONEY PIT!!

"Realtor suggested just flipping it WITHOUT REPAIRS to a buy-and-hold investor."  

GEE......I wonder WHY??

"EXPECTED REPAIRS.....$9000!!!!

Hey....Nice job on that ESTIMATE Pro Rehabber!!!  He ended up spending $6500 weeks later just to repair the STRUCTURE.  That left him with only $2500....But hey...This was JUST the FIRST estimate.....AS we are now seeing this movie has SEQUELS!!!

But the REALLY SCARY PART?????  He INSISTS this job will be completed for $37K INCLUDING HOLDING COSTS!!!!

Just to recap......

Paid $8000
Spent $6500 to rebuild structure that was literally falling in
HIS holding cost estimates for 6 months were $2500  (so next MONTH when he celebrates his ONE YEAR anniversary at Casa DINERO PIT) that will have swelled to $5000.....again using HIS numbers..
He spent $2000 replumbing the entire house (rough in)
$1000 on the HEAT PUMP
$2200 on new electric
He also re ROOFED the entire home but NEVER once mentioed the cost for that....I'll give him a LIGHT estimate of $1000 on that.....

For a GRAND TOTAL SO FAR OF ALMOST...................$26,000!!!!!!!

So much for $9000

BUT REMEMBER...........HE'S ONLY HALF FINISHED......THIS HOUSE IS STILL GUTTED!!!!!!

He STILL (after over 11 MONTHS on this job) has NO DRYWALL, NO KITCHEN, NO WINDOWS, NO INTERIOR or EXTERIOR DOORS, NO FLOORING, NO ELECTRIC FIXTURES, NO PLUMBING FIXTURES, NO SIDING, NO PAINT, and none of the other DOZENS of things it takes to FINISH a HOME.

It gets BETTER!!!!

"EXPECTED SELLING PRICE"..........$65,000

REMEMBER......These estimates are when he had NOTHING TO HIDE.

Hey PRO REHABBER......YOUR REALTOR WAS RIGHT!!!!!

Stick with the $6000 kitchen remodels and leave the REAL ESTATE INVESTING to the people who KNOW WHAT THEY'RE DOING..........Because you sure as HELL don't!!!!

It looks like this post takes a LOT of CREDIBILITY out of those NEW ESTIMATES he'll be posting soon!!!!

I'm DONE......I made my points....Positive can believe what ever he wants to about me and my experience....It's completely MEANINGLESS TO ME!!!.....But in the end I DON'T wish him any ill will...I think, as others have already said here....I could teach this guy a TON!!!   He's not stupid...and he SURE as HELL doesn't give up.....Those personality traits could be honed into a very formidable investor!!!

I'll leave him with this and he can respond....but I WON'T.......

You can't LEARN something when YOU are the one doing all the TALKING!!!!

Remember that while you're here....It could have HUGE benefits for you and your family!

[sellnbama]

Thanks for good luck hopes FD & Pos,

I just went with the basic edge,I seen the valencia edge and loved it.Prob gonna use it next house.I made an offer today on a total gut(burnout) house.Should be an adventure,I've never done a burnt house before.Just could'nt turn this one away it's 2ksqft bought 2yrs ago @$170k. I'm pretty confident I got it for $24k.Now this may take a few months but I need a winter project to have ready for spring.     

[fdjake]

Bama,

I've done 2 burned homes......Made great money on both....

For what you paid.....YOU GOT THE HOUSE FOR FREE!!!!

It sounds like the LAND is worth more than you have into it!!!!!

NICE SCORE!!!!!

You'll be surprised by these......If the wall board is still intact in a few rooms, the electric there should be PERFECT....

Tear out JUST WHAT YOU HAVE TO......It's really not much different than doing a home that is rotted or is termite infested.....You just remove the affected areas and leave the rest alone.  Don't bother ripping out perfectly good rafters or studs just because they are black from the smoke.....They're FINE.

Good luck with it!!

[sellnbama]

Fd,
Thanks I thought the same thing about the price,that the lot is worth it.Actually,the outside is fine,needs all new windows and roof.But,only about 10-15 rafters are black and totally burned the decking in about a 8ft sq space above kitchen.I can see where it would scare off most so called investors.I hope it comes through,always up for a challenge.Figuring out the solution is how we make money,right?

[PositiveOutlook]

BS ALERT!  BE ALERT!

YOU ARE BEING LIED TO AGAIN BY FDJAKE!  DETAILS BELOW...

Yes,

Another CLASSIC example of FDjake's deceit...  Mind you, he is trying to decieve all of you... he KNOWS I know this isn't the property I bought,...  So now he has extended his deceipt to you personally, giving you no respect...  So, yes, EVERYBODY do indeed look at Post #665...  and then look at post #663 where it showed I did NOT get that house as they reinstated the the loan to the person I was buying it from...   

As it states in that post... - "House is a 3/2, just under 1000sf on an acre"...  Fdjake has been constantly MISTATING my investment house is 800 sf, when it is 875-900sf, and the house I bought was 2/1 on a 1/2 acre...  so it is quite obvious his intentions... as usual... deceit...  MORE numbers Mr. 20 years rehabbing experience can't reconcile...      

For clarification for everyone, the house I actually bought is in post number 661 with totally different details...  to make it easy for everyone... here's the first paragraph with the details...

"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."

So now, Fdjake not only can't keep his OWN NUMERS straight, he is purposely DECEIVING all the investors on here by posting numbers from a deal I NEVER BOUGHT  to the one I did....  how DESPARATE!       I mean, this is the THIRD time, in this thread ALONE, that he has tried to apply stats from a house I DIDN'T buy to one I did...       What do say about a guy like this???     

Way to go Fdjake...  Now you've gone from lying to me to lying to all your fellow investors... nice way to show your lack of respect to them...   

FREE THE HUD-1.... 
what are you  AFRAID of Fdjake???....

 



"I guess that SEARCH BUTTON on Positive's computer only works when it DOESN'T MAKE HIM LOOK LIKE a complete IDIOT!!!"

Worked like a charm as usual...  Like I told you Fdjake, the search bar is YOUR enemy, and you've proved it ONCE AGAIN...   

[PositiveOutlook]

Seillnbama,

Take a screwdriver, and push against the part of the wood that is not charred and then against the charred section... If it is similar in firmness to the uncharred section, and is just blackened from smoke, you're fine...  if it gives and the head of your screwdriver disappears into the wood, consider replacing it... 

Good luck...

[sellnbama]

Pos,
Thanks,I do that all the time with houses on piers to check for rot and/or termites.

[fdjake]

Hey BAMA...

Positive could have SAVED himself $6500 on "Casa Dinero Pit" if he did whay you DO!!!! :

[sellnbama]

I've had a couple of houses I named that.I got a good foundation guy now,but a few years ago I was bit by a shady one. Then I just crawled under there and fixed it right.I just gotta call on my burnt offer,there are 5other offers and it's a give your best offer deal.Man,I hate bidding wars. 

[hammertime]

Wow, that disagreement sure ended rather abruptly!? 

[Bluemoon06]

About time!!!