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Discussion Starter · #1 ·
I started lurking on CT quite a while ago but wasn't sure about signing up. After CT moved everything here, I thought I'd join.

A little about myself.

I started out with rental properties and in 2006 I bought my first one as an estate sale. After rehabbing it myself, I got hooked on home repair and started doing work for people that I worked with. In 2008, I thought I knew everything and bought my first foreclosure that I was going to "flip" and make a killing. I still own it today and keep it as a rental. So much for making a killing. In 2010 I bought my next foreclosure. A little smarter this time around as the third time was charm for me. However, the building inspector wasn't happy with me as it wasn't "owner occupied" so I went out and took the training classes, picked up a general liability policy and registered with WI as a dwelling contractor. All three of these places I still own and use as my monthly cash flow when "work" slows down.

Anyway that was ground work for how I got into property preservation. In January 2011, I was contacted by someone who is still a collegue and a I maintain a strategic business alliance with. He asked me if I would do some preservation work for him as I was licensed, insured and knew how to change a lock when a tenant moved out. I have doing preservation work ever since to supplement my construction business.

Brad
 

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We got into REO way back when as a way to get insider info on buying properties. You can still make money at it. Same principles, price and location. Just don't sell to buyers with financing from the National lenders that held some of this crap. They are like some of the assett management companies; 60 days to close and even then it isn't guaranteed.
 

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I started lurking on CT quite a while ago but wasn't sure about signing up. After CT moved everything here, I thought I'd join.

A little about myself.

I started out with rental properties and in 2006 I bought my first one as an estate sale. After rehabbing it myself, I got hooked on home repair and started doing work for people that I worked with. In 2008, I thought I knew everything and bought my first foreclosure that I was going to "flip" and make a killing. I still own it today and keep it as a rental. So much for making a killing. In 2010 I bought my next foreclosure. A little smarter this time around as the third time was charm for me. However, the building inspector wasn't happy with me as it wasn't "owner occupied" so I went out and took the training classes, picked up a general liability policy and registered with WI as a dwelling contractor. All three of these places I still own and use as my monthly cash flow when "work" slows down.

Anyway that was ground work for how I got into property preservation. In January 2011, I was contacted by someone who is still a collegue and a I maintain a strategic business alliance with. He asked me if I would do some preservation work for him as I was licensed, insured and knew how to change a lock when a tenant moved out. I have doing preservation work ever since to supplement my construction business.

Brad

Welcome to PT!
 

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Premium Member
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Discussion Starter · #4 ·
We got into REO way back when as a way to get insider info on buying properties. You can still make money at it. Same principles, price and location. Just don't sell to buyers with financing from the National lenders that held some of this crap. They are like some of the assett management companies; 60 days to close and even then it isn't guaranteed.
I already have my next flip lined up. I was doing the PP work on a BOA conventional short sale. Roof over the garage had (has again cause the tarp is shot) massive leak. Broker told me she had multiple offers at 139,900. BOA would only tarp it and not replace it. People couldn't get financing with an active leak so there it sat. Property sale confirms tomorrow. Broker told me she will list it at 79,900. I told her once I rekey again, clean out the 3 CYD debris and give it a sales clean, I'll write her an offer.:D Beautiful thing is already have the measurements and know what it will cost to get my guys to replace the roof. Should make a pretty penny quick on this one.

My wife says its about damn time you finally make money doing preservation work!:(
 
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