Rental Property Investor · Irvine, CA · Member since 2020 · 3 posts · 3 votes
Hi everyone,
I'm an OOS investor currently under contract on a property in the Loch Lomond area off Wichita Falls and am looking for recommendations for a reliable general contractor or specialized crews to help execute a value-add BRRRR.
The home is currently an oversized 2-bed, 1-bath. I am looking to reconfigure the existing interior footprint to convert this into a 4-bedroom, 2-bathroom home.
I'm looking for a GC who understands the BRRRR method/flips, specifically someone who is timeline-conscious and can provide the itemized bids needed for refi-appraisals.
If you’ve completed a project in Wichita Falls recently or have a team you trust for interior structural shifts and plumbing additions, please drop their info below or PM me!
Hey @Jasmine Blanusa - Do you have any other local investors that you can connect with and see who they are using for their renovations?
I don't see any events posted here on BP: https://www.biggerpockets.com/forums/521-real-estate-events-... so maybe you should consider creating one? That's what I did, and I made some of my best connections there. Also, I went to almost every single event here in Chicago for the better part of 2 years.
Doing exactly what you are doing will bring you the right team.
Hey @Jasmine Blanusa - Do you have any other local investors that you can connect with and see who they are using for their renovations?
I don't see any events posted here on BP: https://www.biggerpockets.com/forums/521-real-estate-events-... so maybe you should consider creating one? That's what I did, and I made some of my best connections there. Also, I went to almost every single event here in Chicago for the better part of 2 years.
Doing exactly what you are doing will bring you the right team.
Hey Jonathan, Thanks for the great suggestion. I would have done just that had I lived there, but I'm OOS in California. That's why I'm tapping into the BP network to see if anyone had suggestions! Thanks for commenting, I appreciate the input!
Don't have a specific GC contact in Wichita Falls but the itemized bid requirement you mentioned for the refi appraisal is exactly right — DSCR lenders want to see a detailed scope tied to the value-add before they'll commit to the refi numbers.
The 2BR to 4BR conversion is also a strong play for appraised value and rent upside which makes the DSCR refi cleaner on the back end.
I work with BRRRR investors on the rehab loan and DSCR refi side. Happy to get you pre-qualified on the financing now so you know your refi numbers before the GC bids come in — makes underwriting the deal much cleaner.
Do you have rehab financing in place already or still sorting that out?
There surely have to be some active BP investors in Wichita Falls, Texas, but honestly, it looks pretty remote. Out of curiosity, how did you get involved in that specific area?
I'd start by trying to connect with local agents or property managers... they typically have a decent Rolodex.
I live in and invest in Wichita Falls. Unfortunately, I haven't found a GC worth recommending. You can look up and reach out to Melissa McCray or Tim Lockhart here in town (just a google search should get you to them easily) and they might be able to recommend someone. They are both realtors that do a lot in investing circles here.
I've invested in SFH properties in WF since 2018 (currently existing REI). I don't have the name of a particular contractor, but the best PM in town is Sandra Wortham, and she or her staff can get you a couple of names. Her number is 940.264.4663.
WF is not as remote as you might think. There are plenty of GCs and subs in the area, and in Texas, it's no big deal to drive 100 miles or so to put in flooring or cabinetry. But you won't need to. Plenty of guys in the area. We've been renovating 3 properties (sold two already in just a day or two apiece with multiple offers), and Sandra and her team helped us find the right subs to do the work. Everyone in town knows and trusts her. She manages at least 200+ properties, so when she calls someone, they drop what they're doing and work on her properties. Once you're done rehabbing, definitely hire her as your PM. The others in town don't respond or communicate well or are, shall we say, a bit on the shady side. I've used her for 9 years now. Very happy.
As far as the market is concerned. Here's my advice:
1. Only buy in 76302, 76308, 76310 zip codes. The others are ghetto or too far out for renters. Base housing at Sheppard is where most airmen live. Not enough demand up north of town to keep your rentals full consistently. If you buy in Floral Heights or east of the interstate, you'll be very, very sorry.
2. Insurance and property taxes are a killer. Do everything you can to keep those costs down OR get a GREAT buy.
3. Only go with the best PM in town. (See above.) I never had a vacancy longer than 30 days in my 9 years with Sandra.
4. Use local contractors, not Home Depot, Lowe's or other big box installers. Locals are often cheaper or as cheap but more importantly, they're FASTER!
5. Stick to 3 bedroom SFHs, preferably with 2 full baths. Smaller stuff doesn't rent well there.
6. Rent rates--Here are the 3 we've sold or are selling. The first two rented for about $1300. The third (which hits the market on Thursday) rented for $1350.
The Cypress Ave property sold for $159K. Cascades Dr. also went for $159K. The Lindale will probably be listed for about $165K or so. It's being updated as we speak.
We made good money in WF, but in the last 2 years, the taxes, insurance, and maintenance were such that the margins just weren't as good as they once were. That and the fact that I'm 64 and don't want to own rentals as a retired person in a couple of years meant that it was time to realize my capital gains and move on to other investments that are less work.
I wish you well. If you buy right and get the right management you can definitely make money there!
Look at that @Jasmine Blanusa - Looks like some great info and potential connections in Wichita Falls, Texas
Repeating the keyword or find other cities around there and using those will also get more eyes on your post like Iowa Park, Jolly, Lakeside City, Bowie, etc.
