All Forum Posts by: Andy Webb

@Robert Norris - you bet!  And when we trundle up north in that RV, we can get some jumps in.  Mile Hi Skydiving Center?

We operate single-family houses in the broader DFW metroplex - had three vacancies so far, our tenants keep buying houses darn it!...and all three lease listings have moved very fast.  There is little inventory out there, and a lot of apartment dwellers are tired of their little boxes and looking for something a bit larger with a yard - that is the feedback I have been getting across the board.  Rented one in April, one in June and one late August...no changes throughout that timeline. And rents are up!

Andy

@Benjamin A Ersing - Thanks! Not on a team at the moment, mostly due to the toddler!  I am not real competitive in the sport, but did a 4-way (belly) formation team for a bit and a 10-way speed star team for a few years in Germany.  Switched gears now to freefly - much like real estate, lots of disciplines and plenty to learn.

Andy

Long-time hobby: Skydiving (16 years now) and New hobby: tugging an RV around the country with my toddler.  Now with the RV in the picture, the goal is to jump in all the US states.

@Adam Hurst - be sure to add "emergency contact" or similar to your lease going forward.  Our lease names the single party that we may contact to give access to the property to collect the belongings, etc in the event that all lease-holders 18 and older pass away during the lease. 

@Brandon Barber - to get the ideal, cheap, long-term money backed by Fannie Mae/Freddie Mac, you are right - generally you will need a W2 income.  But there are a lot of lenders out there that will lend on the asset and it's cash flow.  A lot of hard-money lenders began transitioning into the long-term money space over the last few years.  So you can buy with cash or hard-money, then transition after the rehab into one of their products.  The interest rates will be higher, but certainly a decent way to get in the game, if the numbers make sense at the higher rate.

Andy

These guys are great - very experienced staff that are also investors:

https://www.biggerpockets.com/co/investmark-mortgage

We have had two turns and both leased in a week. There is considerable demand for single-family houses and not much inventory to meet the demand.  Lot's of folks looking to escape apartments after lockdown.

@David Y M. - you mentioned a $40-60k rehab...which to me is not reflective of a property that will go conventional (I assume you mean a Fannie-Mae or Freddie Mac backed loan). I guess it depends on the type of renovations, but if I am north of $20-25k or so, there is usually something structural I am doing that is not compatible with those types of loans. That is one reason to do the BRRRR - buy it, rehab it, rent it out, and refinance into a long-term, cheap-money FNMA loan with a 30-year term.

As far as getting your spouse on board, once the stay-at-home orders have been lifted, get her out to some REI groups so she can understand the power of real estate. Find one that has a "power couple" or two that go and get her talking to them so she can hear both perspectives.

And why do the house-hack/live-in flip thing, especially if that is a no-go for her?  It is much quicker to get a property, leave it vacant, pay other people to get in and get the work done for you, rather than wasting a lot of time doing things yourself, then rent it out and move on to the next one.  

And good choice of location:  Carrollton/Farmers Branch is highly sought after, commands high rents and leases up very fast.

Andy

Welcome Chris - DFW is a great place to be and invest.  I am also "north of the city", if just barely.