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      03-03-2006, 05:18 PM   #67
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Well, if you've built a successful real estate business by age 20 you should be giving classes.
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      03-03-2006, 05:26 PM   #68
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Quote:
Originally Posted by findtom
I don't know if you're referring to me Nikki, but I'm not harassing him... I'm genuinely curious.
Well since you are curious, I guess i can be nice and teach something. huh?

Well My father has been in the whole construction end of the business since we moved to america from Poland in 1989. After about 12 years of age, i started catching on to things and learning new stuff about the business. Since my dad doesnt speak english well enough to actually know what hes getting into and things. I started to deal with the phone calls and setting up appointments for him. Sometimes I would go along and translate to him. After I turned about 16 I have been around people who are big timers in construction and home builders, a few people i got to know very well, and have the chance to be around many deals, and listening in and learning the tricks of the trade. I was modivated and wanted to make the $$$. So i got in a few deals with some people, after a few splits in proffits i saw the money growning in real estate. I was still also making money on subcontracting out work and doing a few things myself. November 2003 I opened UP BSA Construction LLC. Even tho I had a few bucks in my pocket and was able to show it to banks, lenders so on.

OPM=Other peoples money, never put out your own, use banks money thats why they are there. I get 100% financing on my deals.
When I go to purchase a proptery i want to invest in. I come up with a financial structure and never go over what i want to pay. If your not making 30-25% on the deal its a waste of time and its risky. So for example. I bought a house asking price is 169,900.00 I put an offer in for 75,000. I only wanted to pay 100,000 and i knew that. I made my offer. After meeting with the realtor he submitted my offer to the owner. 2 hours later i get a phone call. 100,000.00 i say I TAKE IT! Thats what I wanted to pay. 50% is luck. ok i got lucky.
So this 100X105 foot lott that is worth 169.900 2 bedrooms 1 bath one story building. I head over to the Bank. Take out 100,000 as a first on the House, now they do a construction loan, on a DRAW Schedule, Estimated repairs and additions 107,000.00. I am turning this 2 bed 1 bath thats 800 sq-ft into 4 bed 2 bath with garage 1700 Sq-ft. Total cost of Construction $70,000.00 Bank gave me 107,000 i pocket 37,000.00. Total estimated appraisl vaule after completion $310,000.00 now the bank gave me 207,000 to get the work done. I pay that off and I am left with $103,000 after the sale of the home as profit+ $37,000 I pocketed from the loan. Total Profit $140,000.00 CASH

If anyone is every interested in this type of business, i can set you up with the People, the Banks, and everyone who makes it happen. Once you learn it its addicting you will never wanna do anything again. Its all about how hard you work and how you talk and manage people.
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      03-03-2006, 05:29 PM   #69
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Quote:
Originally Posted by Artz 330
Well since you are curious, I guess i can be nice and teach something. huh?

Well My father has been in the whole construction end of the business since we moved to america from Poland in 1989. After about 12 years of age, i started catching on to things and learning new stuff about the business. Since my dad doesnt speak english well enough to actually know what hes getting into and things. I started to deal with the phone calls and setting up appointments for him. Sometimes I would go along and translate to him. After I turned about 16 I have been around people who are big timers in construction and home builders, a few people i got to know very well, and have the chance to be around many deals, and listening in and learning the tricks of the trade. I was modivated and wanted to make the $$$. So i got in a few deals with some people, after a few splits in proffits i saw the money growning in real estate. I was still also making money on subcontracting out work and doing a few things myself. November 2003 I opened UP BSA Construction LLC. Even tho I had a few bucks in my pocket and was able to show it to banks, lenders so on.

OPM=Other peoples money, never put out your own, use banks money thats why they are there. I get 100% financing on my deals.
When I go to purchase a proptery i want to invest in. I come up with a financial structure and never go over what i want to pay. If your not making 30-25% on the deal its a waste of time and its risky. So for example. I bought a house asking price is 169,900.00 I put an offer in for 75,000. I only wanted to pay 100,000 and i knew that. I made my offer. After meeting with the realtor he submitted my offer to the owner. 2 hours later i get a phone call. 100,000.00 i say I TAKE IT! Thats what I wanted to pay. 50% is luck. ok i got lucky.
So this 100X105 foot lott that is worth 169.900 2 bedrooms 1 bath one story building. I head over to the Bank. Take out 100,000 as a first on the House, now they do a construction loan, on a DRAW Schedule, Estimated repairs and additions 107,000.00. I am turning this 2 bed 1 bath thats 800 sq-ft into 4 bed 2 bath with garage 1700 Sq-ft. Total cost of Construction $70,000.00 Bank gave me 107,000 i pocket 37,000.00. Total estimated appraisl vaule after completion $310,000.00 now the bank gave me 207,000 to get the work done. I pay that off and I am left with $103,000 after the sale of the home as profit+ $37,000 I pocketed from the loan. Total Profit $140,000.00 CASH

If anyone is every interested in this type of business, i can set you up with the People, the Banks, and everyone who makes it happen. Once you learn it its addicting you will never wanna do anything again. Its all about how hard you work and how you talk and manage people.
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      03-03-2006, 05:30 PM   #70
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How about you ditch that girlfriend of yours, and watch some Brokeback with me?
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      03-03-2006, 05:33 PM   #71
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Heres a new one i just started working on. We buldozed over the old house as it was i very very bad condition, and falling over. its going to be 2 floors, we are alomst done the first floor this is going to be a 1570 sq ft 3 bed room 1.5 bath garage in the rear asking price when we are done and ready to sell $289,000
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      03-03-2006, 05:35 PM   #72
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Originally Posted by shimshimhada
How about you ditch that girlfriend of yours, and watch some Brokeback with me?
ew
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      03-03-2006, 05:35 PM   #73
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Is this a full time thing? Or could I do like this on the side?
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      03-03-2006, 05:36 PM   #74
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Quote:
Originally Posted by Tiffz MiniS
ew
You just jealouz of this jelly, girlfreund.
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      03-03-2006, 05:37 PM   #75
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Quote:
Originally Posted by shimshimhada
Is this a full time thing? Or could I do like this on the side?
you can do it full time or part time, how much time you want to put in is your choice.
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      03-03-2006, 05:38 PM   #76
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Originally Posted by shimshimhada
You just jealouz of this jelly, girlfreund.

nahhh no need for jealousy haha.. hes mine
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      03-03-2006, 05:39 PM   #77
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Quote:
Originally Posted by Artz 330
you can do it full time or part time, how much time you want to put in is your choice.
Hook me up, I wouldn't mind making some money.
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      03-03-2006, 05:39 PM   #78
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nahhh no need for jealousy haha.. hes mine














































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      03-03-2006, 05:41 PM   #79
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Quote:
Originally Posted by Artz 330
Well since you are curious, I guess i can be nice and teach something. huh?

Well My father has been in the whole construction end of the business since we moved to america from Poland in 1989. After about 12 years of age, i started catching on to things and learning new stuff about the business. Since my dad doesnt speak english well enough to actually know what hes getting into and things. I started to deal with the phone calls and setting up appointments for him. Sometimes I would go along and translate to him. After I turned about 16 I have been around people who are big timers in construction and home builders, a few people i got to know very well, and have the chance to be around many deals, and listening in and learning the tricks of the trade. I was modivated and wanted to make the $$$. So i got in a few deals with some people, after a few splits in proffits i saw the money growning in real estate. I was still also making money on subcontracting out work and doing a few things myself. November 2003 I opened UP BSA Construction LLC. Even tho I had a few bucks in my pocket and was able to show it to banks, lenders so on.

OPM=Other peoples money, never put out your own, use banks money thats why they are there. I get 100% financing on my deals.
When I go to purchase a proptery i want to invest in. I come up with a financial structure and never go over what i want to pay. If your not making 30-25% on the deal its a waste of time and its risky. So for example. I bought a house asking price is 169,900.00 I put an offer in for 75,000. I only wanted to pay 100,000 and i knew that. I made my offer. After meeting with the realtor he submitted my offer to the owner. 2 hours later i get a phone call. 100,000.00 i say I TAKE IT! Thats what I wanted to pay. 50% is luck. ok i got lucky.
So this 100X105 foot lott that is worth 169.900 2 bedrooms 1 bath one story building. I head over to the Bank. Take out 100,000 as a first on the House, now they do a construction loan, on a DRAW Schedule, Estimated repairs and additions 107,000.00. I am turning this 2 bed 1 bath thats 800 sq-ft into 4 bed 2 bath with garage 1700 Sq-ft. Total cost of Construction $70,000.00 Bank gave me 107,000 i pocket 37,000.00. Total estimated appraisl vaule after completion $310,000.00 now the bank gave me 207,000 to get the work done. I pay that off and I am left with $103,000 after the sale of the home as profit+ $37,000 I pocketed from the loan. Total Profit $140,000.00 CASH

If anyone is every interested in this type of business, i can set you up with the People, the Banks, and everyone who makes it happen. Once you learn it its addicting you will never wanna do anything again. Its all about how hard you work and how you talk and manage people.


So did you actually get $310K for the house in the end?

Why did the original owner sell it for so much less than it's worth?
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      03-03-2006, 05:41 PM   #80
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Quote:
Originally Posted by shimshimhada
Hook me up, I wouldn't mind making some money.
I dont know, whats your Real estate market like in the NorthPole.

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      03-03-2006, 05:44 PM   #81
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more power to you two!!
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      03-03-2006, 05:44 PM   #82
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I live in Northern Virginia, and the real estate was booming for a couple of years. It's leveling off, and there will probably be a dip in like five years. I've always read about the real estate, borrowing money with no money down of your own. Isn't that risky?
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      03-03-2006, 05:44 PM   #83
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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?
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      03-03-2006, 05:46 PM   #84
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Quote:
Originally Posted by findtom


So did you actually get $310K for the house in the end?

Why did the original owner sell it for so much less than it's worth?
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.
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      03-03-2006, 05:49 PM   #85
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Disappointed.... I thought this was a BMW site. You guys are hammering the poor guy on his relationships, and how he treats someone he obviously loves. I think he was originally asking about a car.

Everyone in this room should know about the buisness world, and how the internet and realestate market has made several millionaires in the past 5 years.

I just started messing around with the house thing and I have already made $350k in the past 3 years.... so I totally believe he is as succesful as he claims, and I know for the fact that I as well would do anything for the girl I love. If I could afford the porche...she would have it before I did.

quit judgeing the guy...DON'T BE JEALOUS
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      03-03-2006, 05:52 PM   #86
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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!
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      03-03-2006, 05:53 PM   #87
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Quote:
Originally Posted by BMWLV
Disappointed.... I thought this was a BMW site. You guys are hammering the poor guy on his relationships, and how he treats someone he obviously loves. I think he was originally asking about a car.

Everyone in this room should know about the buisness world, and how the internet and realestate market has made several millionaires in the past 5 years.

I just started messing around with the house thing and I have already made $350k in the past 3 years.... so I totally believe he is as succesful as he claims, and I know for the fact that I as well would do anything for the girl I love. If I could afford the porche...she would have it before I did.

quit judgeing the guy...DON'T BE JEALOUS

Thank you! I totally agree
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      03-03-2006, 05:54 PM   #88
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Also, do I need a license for this?
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