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NEEDED—JUNKERS, FIXERS/REHABS SOCAL

This topic contains 13 replies, has 0 voices, and was last updated by Avatar of corkhorner corkhorner 13 years, 5 months ago.

Viewing 15 posts - 1 through 15 (of 15 total)
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  • #2452
    Avatar of corkhorner
    corkhorner
    Participant

    Send me your meek, your tired,your hungry…..

    The numbers have to ‘work’.

    ‘Fixers Unlimited’,
    Cork Horner
    Retired General Contractor
    619 692 4353

    I can cashout retail these to subprime buyers or NEHT them or both.

    #17382
    Avatar of rick
    rick
    Participant

    Mr Cork,

    Do you find you can make more money, for time spent, rehabing properties or starting construction from the ground up?

    If so why?

    #17383
    Avatar of corkhorner
    corkhorner
    Participant

    You wanna ‘get me goin’?

    Do you make ‘more money’ on 6 eggs or a 1/2 dozen eggs?

    When one is a 3rd generation Sawdust Engineer it’s all in the motions.

    Have I made gains in new construction? Yes. Remodeling/Repair/Rehab? Yes. Have I broke even on each sector? Yes.

    The real question is ‘what are the numbers’. It’s ALL about ‘the numbers’.

    I can unequivocally tell you this: Most newbies start tearing out walls, putting in useless no return ‘improvements’ etc. Why? Hell,I DON’T KNOW.

    It is my belief and procedure to analyze all aspects. In my last major project, I was the third builder [owner/builder] to actually finish a project that was started about 8 years earlier, then another young lady entrepreneur thought she wanted to be the 2nd builder on it and after she realized it was the path to hell,she flipped it to me and REALTOR partner. I have commented on that aspect elsewhere.
    Bottomline on that project is that it was the hardest I ever did in 40+ years and came out by the skin of my teeth.

    On the latter, I could have done about ten fixers/rehabs in the same time frame and very likely made a lot more money.

    I have a suspicion that too many newbies fall in love with ‘their project’, where all common sense goes out the window. I have seen that as the common denominator of projects that didn’t end as planned.

    I watch Flip This House Sunday nights A&E channel for entertainment to guess where they are headed. Like deja vu.

    I have been in the house moving biz in the 60′s [the most profitable], built dozens of homes, major rehabs of apt buildings in the middle of Real Winter Minnesota style, tear downs, ad nauseum. It’s all in the numbers.

    Alliances, partners and relationships with the trades and contractors is an absolute requirement for successful completions. Many, after doing one rehab, quit because ‘they don’t like workng with contractors’. That is a mistake, to quit. The goal is to learn How to Work With Contractors.! They are just PEOPLE. Get to KNOW them.

    Recently, I sat in Pete Youngs rehab 101. http://www.PeteYoungs.com, here at my local club sdcia.com. He talks about this topic i.e.’contractors’.

    What you REALLY must be aware of especially in the Great State of Confusion aka LaLa Land [whoops---I meant Land of the Governator], is this: to determine what is an EMPLOYEE and what is a CONTRACTOR. Most put on the blinders and don’t really want to know. This aspect of building/improving buildings is imo the most overlooked and abused mangling of ‘what is’.

    I can tell you this much, here: Many skilled/experienced contractors who run their profession as a BUSINESS love to get calls from newbies/homeowners because that is what makes their yacht payments, motorcycle purchases, trips to Tahiti etc.

    There are no rigid rules on how to profit in building new, rehab, repair or remod other than numbers crunching and putting on the blinders.

    Ask me some more questions. I recently consulted with the former prez on How to Waffle and still be loved. Remember: What is the meaning of ‘IS’?

    Just another Nail Bender in
    paradise,

    cork horner

    ps
    Let’s do some deals?

    If all else fails, CALL ME. 619 692 4353.

    #17384
    Avatar of anonymous
    anonymous
    Member

    As a retired Brick Engineer I understand what you mean when you say “it’s all in the motions.”

    I will be building new and rehabing, both in the N. California area. North of the bay area were the numbers still work with less competition .

    I used to use a minimum 100% cash on cash return.

    Now with the NARS system we can increase that. I just need to learn how to buy land for development using the system. any Ideas on the subject?

    I’ll bet you miss building fires to keep warm, when rehabing in Minnesota?
    I know I miss hitting my frozen fingers with a brick hammer. It wasn’t too bad until they thawed out.

    Now after 30 years I have all thumbs. That’s why it takes me so long to type.

    Rick

    The best way to create the future, is to create it.

    #17385
    Avatar of corkhorner
    corkhorner
    Participant

    Ummmmmm


    YEAH.

    I have so many, my hair fell out on top!

    Bill always chastises me to stop with the ideas and ‘go buy some Friggin houses’. [Just imagine Ol Willy in 'Oke City' dining on 'mountain oysters' the next 3 days]—-Ask HIM about them!

    Well, yah. But, ideas are ideas nevertheless.

    Now then, yeah, I remember the brick layers……They always were union making Big Bucks! Lotta people here don’t comprehend building in -0- degrees F.

    As to land development, seems to me its doable utilizing simple land trust or EHT. The first challenge is subdivision to get platted?

    What are the challenges you perceive and where are you at in the process?

    After subdivision I would look at a couple things. I understand WaMu allows landtrusts? Also, get const loans convertible to permanent with new owner getting the loan and then do custom building? Then do EHT as needed.

    Or, get investors to get the loans for spec building NEHT technique included . Investors could xfer their bene interest to RB or new title holding occupant.

    Lots of variables depending on WHO is buying these houses?
    Your views?

    I am sure the SLC gang is gonna donate 6 cents worth here.

    cork horner

    #17386
    Avatar of anonymous
    anonymous
    Member

    The areas I’m looking at don’t need to be platted, plus I’d like to stay away from the politics if possible. There are a lot of low hanging fruit.

    The main challenge will be finding the RB. They are a moving target and will have to adapt to the area. One thing is for sure. They are there. I just have to get the word out.
    One of the keys for me will be “specialization” of homes for baby boomers coming from the bay area and locals in the area.
    I will be moving to the Chico area in late September and I am looking for properties right now to put into my first of many NARS transactions.

    It won’t take me long to locate a property were the numbers will work and I will pull the trigger. I am loaded for bear and have a 12 gauge sitting next to my bed with slugs in it.

    I like the idea you said of getting investors to get the loans for spec building NEHT technique included . Investors could xfer their bene interest to RB or new title holding occupant.

    Again the real challenge will be the RB
    That will be my Main Goal. Finding them.

    Rick Archuleta

    #17387
    Avatar of rick
    rick
    Participant

    I promise to log on from now on. :oops:

    #17388
    Avatar of corkhorner
    corkhorner
    Participant

    Rick,
    About a million years ago in Viking Land [where they landed b4 Columbus], we ‘bought scattered lots’ with a 50 dollar deposit with the clause we intended to build a house for a 3rd party with a preapproved fha loan. Our lender financed and closed the loan and paid off the lot owner. SLAM DUNK.

    The downside? If presold, inflation becomes a potential problem plus the new owner can get in the way.

    If you are gonna build, why not just pick some renderings and presell em to the yuppies/boomers. Or let them pick their own lot/acreage. Btw I have a friend in Santa Rosa.

    Or—get credit partners such as I have access and just do the const loan thing. That can be better than const loans. I have not done one like that because of the current SoCal conditions for new const.

    The beauty of NEHT is that it comes in ‘any shape or color you want’!

    That means, ‘You Make it Up’.

    Rick, maybe it’s time for partnering a NoCalPacRat.com LLC and slammin’&dunkin’. —I got LOTSA ideas on that one, Sir.

    What is there to ‘wait for’?

    Now then—-you guyz gonna send me some fixers/rehabs or what?

    Once a Sawdust Engineer always a Sawdust Engineer, including a former Ca. General Contractor.

    c h
    619 692 4353

    #17389
    Avatar of areyes
    areyes
    Member

    hey cork

    have you bought any apartments and then rehabbed/resell?

    my partners and i are looking for an apartment with good potential for raising the cap through rehab, rents, meters, etc.

    #17390
    Avatar of corkhorner
    corkhorner
    Participant

    YUP-HUH.
    YEPPIR.
    YOUZAH.
    UMMMHUMMM.

    and oh—

    Yes.

    WHY?

    :)

    #17391
    Avatar of areyes
    areyes
    Member

    we’re looking to take over an apartment either subject to or through a master lease to avoid bank/credit qualifications. have the seller place the apartment in a trust, hopefully bring you in as a investor beneficiary through the trust or a LLC membership to help advise us to raise the cap and the appraisal, then refi cash out the original seller along with any monies used to raise the cap back to us, or outright sell it or hold it for cash flow and leverage the property.

    ive been studying multifamily/apartments for roughly 6+ months and looking to jump in the water but would like someone experienced to be a trusted advisor for the LLC.

    what you think?

    #17392
    Avatar of corkhorner
    corkhorner
    Participant

    Therefore ‘I IS’.

    Alvin, you don’t mind just a little levity, right?

    Now then:

    Rehabbing/converting/upgrading multiunit projects ain’t for the meek,lesson Numero Uno.

    There are literally 100′s of sleeper projects from HotLanta to Baja.

    Do I know where to farm them? U Betcha, By Golly.

    Chief Denney, a local SD surfing dude who ‘made good’ in cre created Value Added Appreciation. Therein lies the key.

    Regarding the utilization of my fearless roaming and jumping in within the ZI [military lingo for U.S.] and the nuances from Y’all to New York Minute. That would be Texas to New Yawk. Then there are the ‘flahs’ in KY. Then there’s N’Awlins.

    Ya can’t beat those USAF c141′S as a space machine visiting the U.S. with the best seat on the airplane.

    Incidentally, as a FEMA part time inspector, I was invited to attend the ball with Katrina when she visited the South Coast. ‘She’ will be back, btw. I declined. But, Fortune mag just ran a major article on all that recently.

    The opportunities are in the dull unexciting burgs and cities.

    If YOU/Gang are ready, I can bring em forward. But, this is a major undertaking .

    cork horner
    Fearlessness Unlimited

    #17393
    Avatar of areyes
    areyes
    Member

    i believe we’re ready when we just go balls out, acquire one and deal with it. we dont want to procrastinate and dwell in our caves(home, car, office) any longer. we have the ideas in theory and will probably make mistakes along the way, however a trusted advisor will help minimize those risks and maintain some sort of quality control within the project.

    ill be definately looking for something in the east, probably dallas, texas. maybe an 8-15 unit.

    #17394
    Avatar of corkhorner
    corkhorner
    Participant

    ‘balls out’—hmmmm….

    In flying, it’s ‘Balls to the Wall’….Not what you might expect…..Had to do with balls being on the throttles in the old days of flying and pushing the throttles fully forward to the ‘firewall’. –’Balls to the Wall.

    You’re welcome.

    Next, why ft worth Dallas?

    I could farm a post that would sink you guys from all over the pocket areas from slums to better slums.

    There is a huge untapped market for group synergy via the PacRatUSA approach acting as a group. With awell greased C corp or S corp management team we could raise some hell in the motivated SFR seller/buyer market. Like thousands.

    Apt projects are just the frosting. You must remember the ‘real players’ are dong just that. Nationally. I mean Deep Pckets, Slam Dunk.

    I’ll send you some examples when I get them—soon.

    Yes, studying lint on one’s navel is fun but too comfortable.
    Action beats all. Make mistakes? ABSOLUTELY.

    cork horner
    Recovering Pro Bono Addict

    #17395
    Avatar of areyes
    areyes
    Member

    i got a few recommendations to do apartment investing in dallas. i havent done any research in regards to that city yet

    cool send them to pcginvestors@gmail.com

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