@Lexi Teifke how do you source your deals? Are you doing the marketing or using Wholesalers?
Our first flip just went under contract in RR this past Saturday. We're actually losing a bit overall, but considering the wealth of knowledge gained, I'd say it's worth the small price. Looking forward to more, though I think we're going to have an eye towards BRRRRing as we'd like to start having longer term investment properties.
@Wayne Bolen There is no better way than by doing. You'll make mistakes and have surprises, but hopefully you'll not get burned. Let me know if you need help with SOW, handling contractors, etc.
@Costin I. Thanks. I may reach out to you before our next house. With everything we've learned I feel that our next property can be profitable. Also looking forward to our next meetup. We went to the first one, but have been busy with this house since then.
@Lexi Teifke are you guys finding your own deals, or through some other means?
@Wayne Bolen FYI - W2-RE meets tomorrow evening at a new location, in Austin.
As I mentioned, if interested, I can share with you all the "paper trail" of our last flip - contracts, waivers, estimates, tracking, SOW, contractor packages, timesheets, etc. - stuff to help you in your rehab project.
@Wayne Bolen Ouch, that's some expensive education. You make your money at the buy...I've never lost a penny on a RE deal. Tread lightly, be careful and make sure your ARV and rehab costs are conservative. Never force a deal and justify doing it. Good luck!
@Adam M. yes, it is. We had some unexpected issues pop up during the rehab that cost us money.
@Wayne Bolen . It happens. RE is always local, but the rehab deals in my area a nearly impossible to find unless I'd lower my margin...I generally use the 70% rule.
I'm interested in wholesaling in Dallas, Tx and was wondering if there were any laws that I should be aware of. Also, if anyone has a purchase & sales agreement I could reference. Highly motivated former Agent!!! Thanks