OfflineHello all. I just wanted to post a little about myself and my background. I have lived on the Mississippi Gulf Coast all of my life. I am a 28yr old Real Estate Broker, and I own my own company, Blackstone Realty, LLC. I typically focus on new construction, but I have changed my focus somewhat to rehabbing properties due to the overflow of foreclosures coupled with the potential to earn huge profit margins while beating the current market prices and quality of construction.
I have bought and sold 3 properties in the last 6 months, and I currently have 3 more under construction right now. I have sold all three of my properties within weeks of having them on the market. I recently sold my last one after only 2 days on the market. Most properties are in the "affodable range" which is at or below about 140k here. I have stepped outside the box on two of the current 3 under construction. One is a beautiful 3400 sq ft waterfront home I picked up for half of it's "as is" appraised value. I plan to put it on the market after some "fixing up" at 100k less that comparable homes. I am certain I will be able to sell it.
The other is a 4 plex that I bought. I plan to sell that one to an investor so that it will cash flow at least 800 to 1000 per month after taxes and insurance. We added laundry rooms to the units because the comparable properties typically do not have those in the apartments. Construction should be done in about a week.
The third property is a single family that is over 2000 sq ft that I picked up for 60k. It is going to take about 28k for rehab costs, and will easily resell for around 140k which will still keep me around 10-15k below the comps.
I do have a partner on these deals, and we will not buy them unless they are "no brainers". I am always seeking out new ideas and advice from others involved in the same game and would be more than happy to share my ideas with anyone interested.
Thanks for reading and take care.
Mike
I'm also in the MS area in Gulfport, I was wondering if you would mind sharing some of your knowledge. Thanks and GOD Bless.
Congratulations for being a part of the DG website. Thanks for sharing your recent deals with us. It sounds like your off to a great start and have had a busy 6 months. Keep up the good work and keep us updated on your progress and future real estate deals. Believe and Achieve!
- Joe
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Yeah, I'd be more than happy to share some stuff with you. What are your plans, and how involved are you in Real Estate? Is this something you are looking at full time, or are you doing it part time now?
Thanks, Joe. I look forward to learning some stuff from you guys that are more experienced. This rehab stuff is fairly new to me, but I am involved in Real Estate full time. I appreciate any insight concerning the business and am always looking for new ideas. Keep me posted on your progress as well. I am still trying to figure out how to navigate this website!!
MB012,
Great info! The stock market shows promise,Which makes me believe...FLIP IT!
What do you think?
Invest in yourself!
Thanks for sharing your real estate knowledge with us. We look forward to hearing much more from you. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
I definately believe the stock market holds promise, but I am not a big "Stock Investor." I do have some minor investments, and I watch the market regularly. However, I do not like investing in things I can't control. I feel like I control my Real Estate Deals. I won't buy a property unless I can just unload it and still make a minimal profit if for some reason I don't sell it at my initial asking price. I am a firm believer that your income should come from SEVERAL different areas, and that you should not just focus on one thing. I just feel like I don't know enough about the stock market to stick a big chunk of money in it. I do small common sense investments I guess you could say. Just my opinion, though!!
Thanks, Sandra.
I would love to see what kind of things you are doing as well. Keep me updated on your progress or any ideas that you think you may want to share. I will do the same. I am still learning this website, so please let me know if there is a place I can go to see other peoples deals.
Take care,
Mike
Today I spoke to a real estate investor who buys and flip houses. It was a response from my CL ad to learn more about investing in New York through bird-dogging. He works in the Brooklyn, NY area. We had a long conversation tonight and he explained all the ins and out about investing in New York. I was open with him, and explained that I was new to real estate investing and wanted to get my feet wet in the buy and flip area. He explained things like short sale, REOs, loan modification etc. His business is to buy low and sell at the price where there is a win/win for all. He gave me a detailed description of the properties he was interested in. Of course he spoke of real estate being a numbers game. You find it, flip it and make money. Tonight, I sent a list of properties for him to review for possible deals. The good thing about it, for now, he is putting up the earnest money until we acquire a deal and generate some income. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.