02-25-2006, 12:02 PM
| | Meet Garth Mager
How long have you been involved in real estate investing?
I was 17 yeas old when I purchased my first lot in Palm Bay, Fl, that was 28 years ago.
What strategies do you use and why?
Buy low sell high..ha ha, using all ideas to purcahse low from a to z.
What types of financing do you regularly utilize?
Hard equity…due to the trashed buys and the fast closings………
How did you go about finding properties?
Ads, fellow flippers, mls, realtors.com, county records, advertizzzing….a-to z
What is your average purchase price?
What is your average net profit per deal?
Describe your first deal and how much you made on it?
As far as my first rehabing deal ….not sure which one that would be…but one comes to mind…a duplex in Lake Worth, paid 36k sold it for 69k with a few coats of paint…and if I had that one today it would be worth 150k.
Describe your biggest deal (purchase price) and how much you made on it?
That would be the Mockingbird deal, I paid 395k and sold it for 475k this one was a 10k sq ft house and yes you can over build in an area but after holding it for about 1 year I did sell it……..
What was your worst deal and did you loose any money on it?
The deal that did not work out 100% was a break even deal, 4 units plus 3 units. I purchased the 4 units and then about 5 years later the 3 units came on the market and so I picked them up and at that time I was working out of NJ and had alot of rentals in FL, things got behind so I sold all 7 units for what I paid for them…..I think I got a check at closing for $386.00, that’s it…go figure?
Any favorite real estate web sites, books, software, mentors etc.?
Carlten Sheets…I was on his show in 1996. Dwan and Sharron @ the West Palm Beach investors club!