Porsche Cayman S???

[Artz 330]

Originally Posted by Matts 330xi

I had a blacked out cooper s 2004 also had full suspension and full exhaust, and chip

Full suspension, no exhuast, GIAC, 19% pully reduction, Injectors, Intake, and Spark plugs, Ohh and one hell of a kick ass Carputer setup.

http://www.northamericanmotoring.com...ad.php?t=52162

[Artz 330]

Originally Posted by Matts 330xi

My dad is thinking about getting a caymen s i dont think he should unless they come in automatic do they ???

they come in auto

[Matts 330xi]

Sweet that means ur mini is probably faster then your e90 am i right, Impressive work

[Artz 330]

Originally Posted by Matts 330xi

Sweet that means ur mini is probably faster then your e90 am i right, Impressive work

they are about even.

[Matts 330xi]

Originally Posted by Artz 330

they are about even.

Which car would u say was your best overall?

[Artz 330]

Originally Posted by Matts 330xi

Which car would u say was your best overall?

they are both awsome, fun to drive. i went from a 330Ci to a mini back to a 330 so it was different for me. the mini was like a go cart wanted to drive like an asshole all the time cause i could. bmw 330 is a different class. but i think i liked driving the mini more.

[shimshimhada]

Originally Posted by Matts 330xi

I owned a mini about 6 months ago and i thought it was a much funner car to drive i miss it alot,but my dad wrecked it he doesnt even know how to drive stick!!

...wtf?!

[shimshimhada]

Originally Posted by Artz 330

Do some research, do it where you live in your area. Find something cheap, something that was on the market for a while. Low ball them an offer see what happens, while signing the buyers/sellers contract, never put more then 1000$ down out of pocket this is to show you are serious about the deal, this money at closing you can get back or put towards closing costs. So you find the proptery find it cheap, see what needs to be done to bring up the house invalue. Buy it and do it

http://buildmax.com/ If you are just starting out, go to that site, they are good with first timers and will work with you till its done

100% financing on everything.. Buildmax deals with IndyMac Bank, they are one of the biggest lenders in the country.

After you complete it, sell it, rent it, see whats worth it to you.

Heres an example for someone starting out..


Theres a house on a market $100,000
Property in the area is going for $100,000 to 130,000
The house for 100,000 needs some cosmetic repairs new roof siding ect. Calculate your repair costs. say your repairs come to $15,000

Now that means you only want to pay $85,000 because of repairs your are back where you started $100,000

You want to make a profit for starting out on something small 25%.
Say the house after completion is now worth $120,000 because of the new cosmetics and things. So now you make an offer I would make an offer $65,000 so we can move on the price we play and play and buy it for $80,000 which is fine on a small project like this. so now 80K + 15K = 95K you appriasial came in at 120K asking price will be 130K so theres room to play, alwayz + more so u can land on ur vaule you wanted in this instances 120K well someone comes we haggle back and forth, hell you sell it for 120K, you just made 25K on the deal - closing costs and realtor fees

Closing = 1.2% of selling price = 1,440
realtor = 6% of selling price 7,200

loss = 8,640 total proffit = 16,360.00

Cosmetic work should take 1-2 weeks put it on the market 2-3 months for something you wanna start out in and have your regular job still, and do this part time an extra 16,360.00 for 1-2 weeks of work is Cake.

Thanks for the info, do you do the work yourself or hire workers?

[Neil]

Wow, probably one of the more informative threads I've read lately. Me and a freind where talking of getting into property building/restoring. Hes got a lot of connections with various home building services because his dad owns a tile/flooring business. I was wondering though about all that background info you provided about 100% bank funding etc. Good stuff man, thanks. I think we want to start small at first and eventually get into building larger developments like communities. There is a 24 year old in our town who just built a couple hundred homes and made a killing. Do you think just about any market can work with restoring and flipping a home? Prices here in CT have been inflated for a bit so I've been a bit cautious...

I am wondering as well how you handle the contractors. I am assuming you don't employ a large number of contractors yourself and instead have a reliable company? Does that mean you are onsite as the project manager or GC?

Oh and the Cayman S is awesome, if you've got oodles of money to spend then what the hey. I do have to reiterate though what most have said here, I just got out of a 4 year relationship that I thought was heading to marriage. Sometimes things change and sometimes they don't, such is life, if you are prepared to roll with it then by all means have fun with your money, just be smart with it.

[Artz 330]

Originally Posted by shimshimhada

Thanks for the info, do you do the work yourself or hire workers?

both.

[shimshimhada]

Damn, I'm so frail though. Maybe I should win the lottery. Sigh...

[Artz 330]

Originally Posted by Neil

Wow, probably one of the more informative threads I've read lately. Me and a freind where talking of getting into property building/restoring. Hes got a lot of connections with various home building services because his dad owns a tile/flooring business. I was wondering though about all that background info you provided about 100% bank funding etc. Good stuff man, thanks. I think we want to start small at first and eventually get into building larger developments like communities. There is a 24 year old in our town who just built a couple hundred homes and made a killing. Do you think just about any market can work with restoring and flipping a home? Prices here in CT have been inflated for a bit so I've been a bit cautious...

I am wondering as well how you handle the contractors. I am assuming you don't employ a large number of contractors yourself and instead have a reliable company? Does that mean you are onsite as the project manager or GC?

Oh and the Cayman S is awesome, if you've got oodles of money to spend then what the hey. I do have to reiterate though what most have said here, I just got out of a 4 year relationship that I thought was heading to marriage. Sometimes things change and sometimes they don't, such is life, if you are prepared to roll with it then by all means have fun with your money, just be smart with it.

My company, which consists of me and "sometimes" my father. He has his days where he thinks working for his son is againsts gods rules" I have a reliable crew, since they are people I have worked with long time, I know what we are capable of, they know what kind of boss I am and like shit done. When we do it stuff gets done, no ands or ifs about it. I also work with contractors I can sub out to people. It all depends on the situation, and money factor. Sometimes hiring outside companys can be difficult, its all BS "well pay me now, ill be there tomorrow ill be there next week, dont answer there phones, work is sloppy" so yea it can be a pain in the ass, Over anything i think hiring, framers, interior finishers and installers flooring, electircians and plumbers is awsome. I have a crew which consists of everything to get a house built with out having to sub out - Knowing i have a strong crew behind me allows me to live a little easier, do my leg work, go to township pick up permits, apply for permits, meet with realtors/lenders Organize things keep track of things. im the HMFI (head mother fucker incharge) Most of all, do research and more research, dont let someone stop you or talk you down, alwayz stay ahead of the game, do your homework, get to know people and get ontop.

One situation I had.

I was looking to purchase a propety, I wanted to do an addition (this is a house im closing on in the next few weeks) I go to the township, after i submitted my offer and got accepted for $88,000. Asking price was 104,000 sold as is, but market value is 200,000. The lady is older and sick and wants it out, her father built it in 1950. Anyway I put in my offer, went to the township to get my building plans approved. I didnt go into attorney review yet, so this deal was still open to others. I get a call the next day from my realtor:

Rob - "Arthur you have a problem"
Me- " Someone just out bid you they are pay 110,000. The woman wants to take the offer, and hes paying cash and can close in 2 weeks"
Me- "Fuck, ok Im not worried"

Ok, now Im thinking. Cash? Must be an Investor. Closing in 2 weeks and offering over asking price? Must be some n00b investor with a cash out on his primary residence, he paniced now looking to flood the money into something"

Now next thing i am thinking. Ok he will draw up some plans and run to the township to see if he can get approval for the building.

Now I jump in the car, drive to the township. And since i just meet these nice folks at the township, they liked me cause I wasnt a dick or a punk. I say to the Zoning/Building Manager " Listen i have a situation, i got a good price on so and so, and this guy wants to steal from me i am 1 day away from attorney review can you help me out?"
"sure thing we will deny the plans"

Next day i get a call from the realtor:

Rob " Arthur, the man looking to buy the property didnt get his plans approved, its still yours"
me "Ok, thank god thanks rob"

The moral? Stay ahead of the game, get to know people, be nice and respectful and others will have the same approach towards you.

If you want to build new, Be very carefull, the market is not as stable as it used to be, there are many risks out there. Be careful what you get into and do your research, testing of the property surveys, termite inspections, perk tests, what ever needs to be done.

If building new homes, always know. Do i have Public water/sewer/natrual gas? Thats a big plus, if not and your building out in open land. See whats a Ceptic system cost you, whats a well going to cost you. Factor in all your costs. The best way is to figure out all materials and calulate labor and material per SQ-FT on a new home.

Average homes started homes up to 300K 400K about $120 a sq-ft
400-700 about $135 to 200 all depends on build quality materials and so on


There are companies out there that will finance the entire deal, your land, your building costs and labor, based on that you will complete the project and what the houses are going to cost.

If you see Acres being sold, 15 or 20 30 whatever number, see how much they are asking. Go to your township, see what the requirements are to build a home, everything ranges, .5 acres 1 acre 2 acres, whatever it is. Subdivied the land, that you have to go through the zoning department and get a verience, which can be a pain sometimes.

If you ever plan on doing anything, try contacting IndyMac Bank or Buildmax, they are incrediable people and will work with you. Commerce bank on the east coast is also big with funding projects.

Do research, read everything, and hire lawyers if you dont understand something.

Or if in dought Ask me.



*If you find a deal you like and dont know how to structure it, get in touch with me, for a fee (cause no one works for free) ill put the whole deal together, set you up with the financing, the builders in your area and work along side untill its complete. That way everyone makes money. Im not greddy, i love doing this, its a passion, and if I can spread my success, so others can live better lives, so be it!

[brian32e]

Art,
only thing you've said that I don't think is quite true (correct me if I'm wrong) is that with other people's money (OPM ) the risk is all for the bank. I guess that might be true if you have almost no assets to begin with but once you've started making some money and accumulating assets you have plenty to lose. If you default on a loan eventually the people you owe money to are going to be dividing up your assets amongst themselves...

[Artz 330]

Originally Posted by brian32e

Art,
only thing you've said that I don't think is quite true (correct me if I'm wrong) is that with other people's money (OPM ) the risk is all for the bank. I guess that might be true if you have almost no assets to begin with but once you've started making some money and accumulating assets you have plenty to lose. If you default on a loan eventually the people you owe money to are going to be dividing up your assets amongst themselves...

if u defualt on the loan, the house gets put into forclosure and the bank takes it. they dont go after ur other house and other stuff. Its alwayz a good Idea to put stuff in TRUSTS, so no one can touch it like if you fuckin something up or someone sues you stuff like that. Its like hiding assets. Asset Protection. Look up assest protection and financial risks, youll see what im talkin about when saying OPM = Assuming all risk for them

[Neil]

Nice! I've definetely been reading a lot lately, just trying to figure out where to start really. Perhaps we'd like to form an llc eventually so we don't get hit personally too.

I know that some big players like Toll Brothers have been buying up land around the area, in fact a new community is going up 5 minutes from my home now from them. Seems like good zoned land with access to sewer, gas, elec, cable, etc is harder to find here and where it is the prices are astronomical.

What are your thoughts on buying perhaps an old mill, like a cotton mill or factory and turning it into condos and reselling? Everything is in a single structure, tons of units to sell. I guess first would have to rezone it, and then the cost of the place would be a bit steep, but as a future purchase perhaps. I saw a great one called the Cotton Mill in NC that was really great after it was fixed up with condos going for $300-700K. I am a bit curious how this is structured though in the end, who would actually own the building once all the units are sold, are you still in charge of the actual structure?

Regarding funding at first. I own nothing really, just a car, have no mortgage yet (that is next for me buying a home), and have a decent sized bank account. Do you think I would be able to get 100% financing from a lender for a construction job without having any assets? Does your net worth generally have to be equal to your purchase value?

I need to make some $$, I love homes and architecture in general. Since I'm a designer already I can do all the web, business cards, logos, branding, marketing etc too for ourselves.

[findtom]

Originally Posted by Artz 330

if u defualt on the loan, the house gets put into forclosure and the bank takes it. they dont go after ur other house and other stuff. Its alwayz a good Idea to put stuff in TRUSTS, so no one can touch it like if you fuckin something up or someone sues you stuff like that. Its like hiding assets. Asset Protection. Look up assest protection and financial risks, youll see what im talkin about when saying OPM = Assuming all risk for them

Is that really true?? So the bank gives you $100K to buy a house. You default on the loan, and they manage to get $75K in forclosure... they just forget about the $25K still owing?

[Artz 330]

Originally Posted by findtom

Is that really true?? So the bank gives you $100K to buy a house. You default on the loan, and they manage to get $75K in forclosure... they just forget about the $25K still owing?

Yep, banks take shits like that all the time. Its bad for them and reputation, its bad marks on the books. No one will just give you this information. But if you go to a bank and get to know someone like in the finance/underwritting end, you might be able to pick up forclouser deals for super super cheap.

Wanna know why banks take hits like this?

The bank would rather loose money, then close a year out with defualts and froclosures on the books, its not good for them. Its actually worse then loosing money. I know several bankers. I was under the same beliefe you are 2 years ago. Banks dont just loose many. But what I found out is mind boggling.

[Booster]

"Rider" University huh?

She seems very.... "talented"

Sounds like a fun car to get...

[Tiffz MiniS]

Originally Posted by Booster

"Rider" University huh?

She seems very.... "talented"

Sounds like a fun car to get...

is that sarcasm?

[Artz 330]

Originally Posted by Neil

Nice! I've definetely been reading a lot lately, just trying to figure out where to start really. Perhaps we'd like to form an llc eventually so we don't get hit personally too.

I know that some big players like Toll Brothers have been buying up land around the area, in fact a new community is going up 5 minutes from my home now from them. Seems like good zoned land with access to sewer, gas, elec, cable, etc is harder to find here and where it is the prices are astronomical.

What are your thoughts on buying perhaps an old mill, like a cotton mill or factory and turning it into condos and reselling? Everything is in a single structure, tons of units to sell. I guess first would have to rezone it, and then the cost of the place would be a bit steep, but as a future purchase perhaps. I saw a great one called the Cotton Mill in NC that was really great after it was fixed up with condos going for $300-700K. I am a bit curious how this is structured though in the end, who would actually own the building once all the units are sold, are you still in charge of the actual structure?

Regarding funding at first. I own nothing really, just a car, have no mortgage yet (that is next for me buying a home), and have a decent sized bank account. Do you think I would be able to get 100% financing from a lender for a construction job without having any assets? Does your net worth generally have to be equal to your purchase value?

I need to make some $$, I love homes and architecture in general. Since I'm a designer already I can do all the web, business cards, logos, branding, marketing etc too for ourselves.

to answer your question. If your looking to convert some big structure into Units, you have to figure out, How much this structure costs, how much will it be to convert into units, and final selling price of each unit. You can either Rent them or sell them like condos where people get mortgages and you get all the $$$$. With something like this, yes you sell them as condos, the person owns it and can sell it or do what they please with it. Its still your building, so you charge an assosiation fee ontop of the mortgage and hire and management company, they charge some kinda fee it veries, to take care of the build clean it and manage keep it spotless. you have to talk to a bank about it. and the township you want to do this is, since the regulations are strict and outragious it can be difficult, time consuming and expensive.

[Artz 330]

Originally Posted by findtom

Is that really true?? So the bank gives you $100K to buy a house. You default on the loan, and they manage to get $75K in forclosure... they just forget about the $25K still owing?

Also to give you an example.

10 years ago John buys a house - Im not going to tell you how much the house cost because it is irrelivant. What I will tell you is the Final mortgage balance after a 30 year Note.

John ows the bank 100,000 after 30 years, that includes principal/interest.

John owns the house for 15 Years and all of a sudden cant make his payments.

Johns Monthly payments are $277.77 up untill 15 years he has paid the bank a total of almost $50,000.00

John goes into defualt, cant make his mortage payments. The bank puts him in the preforclouser stage (Pre-Forclouser is another topic where you can buy from the owner at a discounted price)

Noone seems to be able to help John come up with 4 months worth of late mortgage payments

The bank Forcloses on the House, the bank now owns the house with a balance of $50,000 Remaining.

Since John bought the house 10 Years ago, lets say. The house is now worth $300,000

The bank sometimes can get lucky and sell it at a sherif auction.
But it is illegal for a bank to make MONEY on a forclosed Proptery

Meaning - John owed the bank $100,000 thats all the bank is allowed to collect. Even in forclouser.

Now this is where I come into play - I as an insider of the bank. Remember no one works for free. I can pay the remaing balance on the home which is $50,000.00 and walk away with the proptery, plus like a fee to the banker who brokered me the home.

I now Own a $300,000.00 home for $50,000 in 80% of cases this home is well kept up and maybe needs some paint here and there.

Now your ready for sale, You just made $250,000.00 and Mr. John is eat from a trash can.

Dont you love this country?

[Neil]

Thats genius. So you're fee to the banker who brokered the home for you, guaranteed that you would "win" the foreclosure over the possibly hundreds of other people who are trying to get in on the same foreclosed property? There must be a ton of people who try to do the same thing so I am assuming you have to be very fast. Where do you get a preforeclosure list of property in the area to keep track on possibly bites?

So if you are always borrowing money from banks then all the real cash that you are making off each sale can be invested so in theory with $15million or so invested you could be making another $500K/year off of by not using your own money eh?