Project hWOODS!

Ok, we have started work on our second project - hWOODS! This was a foreclosure and was pretty rough when we arrived. As you can see, nasty carpet, interesting paint colors and no toilets in both bathrooms!?!!? Well you know what they say, where there is no toilets, there is opportunity! As always, we busted out the sledgehammer and took care of the demo...take a look!


Hmmmm.....what to do what to do...




Ah yes, bust out Mr. Sledgehammer.

Perlman sweatin' his rear off - its hot in Deeeeetroit!

My wife with a sledgehammer - watch where you are aiming that thing! ;)

Project BHAM Demo!

From: Corey Perlman, Co-Founder and CEO, InvestorTeams.com

We successfully demoed two bathrooms and other rooms in our birmingham flip. Just in time too, as we are closing on another house this Thursday! It's time to leave the rest of the Birmingham house to the professionals and get smashing on the new house. By the way, if you haven't demolished a room in a house before, I'd highly recommend it. I think i officially relaesed 10 years of stress in each bathroom. Theraputic!

What is a “Quagmire”?

Wikipedia says a “Quagmire” is a word referring to a swampy area or intractable situation. It’s also a word I’d use to describe what happens to companies every once in awhile. They get stuck in a quagmire…and sometimes they don’t even know it.

The fortunate thing for us is that we all, the executive team, acknowledge that we are in a technical quagmire of sorts. We have stuff that needs to get done but it can’t get done before we get some other stuff done…that currently, we have no idea how to get done (I sound like Donald Rumsfeld!).

Anyhow, starting a business is awesome, exciting and fruitful…but it ain’t all wine and roses (usually more wine than roses…c’mon, there are three guys running this thing).

Just wanted to let all you faithful blog readers know that we don’t always have our rose colored glasses on. If I can think of another metaphor having to do with roses I’ll let you all know.

More to come!

InvestorTeams.com first Rehab!

Fellow Investors,

Your friends at Investorteams.com are always looking for ways to build our credibility as real estate investors. Even though we've bought and sold properties before, we've never done an official rehab. So we thought, why not try it when the economy is bad and real estate is even worse. If we can do it here, we can do it anywhere! :) It's already been quite a ride as we got a pretty good deal in the beautiful city of Birmngham, Michigan. We know we got a good deal because after our offer was accepted, the buyer has been looking for ways to get out of the deal. We later found out that multiple offers had come in at full price and now the seller wants out.

This comes to our first lesson: If you plan to be on the mortgage, make sure you are on the purchase agreement. I wanted the mortgage in my name, but my partner was the one who put the original offer in. My banker needed my name on the contract to do the mortgage in my name. The seller said that if we added my name to the contract, that would be the change he needed to get out of the deal. BUT, we are flexible and the mortage will simply go in my partner's name. But lesson learned!

More to come as we start the bidding war to see who wants to work on our house!

To Greater Success!

InvestorTeams.com

Marriage and Credit Card Software!

We’d like to wish Corey and his Fiancé (soon to be wife) Jessica, all the best in their new lives together!

On a business note, we’re going to be implementing the software and processes to start charging credit cards. That is very exciting because we’ll be generating revenue for the first time in our company’s short history.

So far it’s been a bit of a tech headache but I’ll keep you all posted on how it goes.

More to come, stay tuned everybody!

Real Estate Investing is Exciting!

I was watching Robert Kiyosaki on one of his DVD's and he made the statement that Investing is actually boring. I want to respectfully disagree with the master, just for a second.

Maybe it is because I’m fairly “wet behind the ears” but I find it extremely exciting!

The other day I was lucky enough to ride along with a couple good friends of mine to see a foreclosed property. This place, while it was definitely was a dump, was in a great neighborhood, on a nice street in a decent location. Most every repair will be cosmetic. Even though I had no skin in the game, I got really excited for my friends and the potential of this property.

See, if you are like me, you get excited about rehabbing, wholesaling, land lording and anything else Real Estate investing related.

There are a few parts to this, at least for me. The first part is taking something that someone has said isn’t worth much and then through your efforts making it worth something to someone else. The other thing that excites me is that we are slowly but surely chipping away at the urban blight plague we’re experiencing here in sunny Detroit, Michigan. Lastly, there is the money. Who doesn’t get excited about money?

See, I believe we live in world of abundance if we choose to view it as such. I’m not talking about being greedy either, I mean enough for everybody. Take rehabbing for example; buy cheap (employ a mortgage broker and a buying RE agent), fix up (employing workers while you do it), market (employing a selling RE agent) and sell it for a fair price to someone who will make it their home. Not only have you taken an eyesore of a house and made it beautiful for someone, but you’ve also just employed 8 or more people depending on the size of your flip. You can’t tell me that’s not good karma!

A great turnout for our first networking event

You never know what type of attendance you are going to get on a Tuesday night at a local bar - even if it's for a good cause and some great networking. BUT, we were pleasantly surprised by well over 100 local business professionals who came out and had a great time at Goodnite Gracie's in Royal Oak, Michigan. Some great money was raised for the Canine Castle Dog Rescue and my two colleagues, Bill Crawford and Andrew Tocco, were put to the test as guest bartenders for the evening. It was great to watch Andrew's face when he was first asked to make a apple martini. He calmly replied, "I think you'd rather have a Michelob Light". She said no and he was forced to comply. By the end of the night, he was flipping the shaker behind his head like Tom Cruise from Coacktails and I heard one lady say it was the best martini she'd ever had. Way to go Andrew and Bill!

Thanks to everyone who came out and supported InvestorTeams.com that night. We had a great time and can't wait to do it again this summer. Till then! Corey, CEO, InvestorTeams.com