All Forum Posts by: Andrew Herrig

I submitted several of my properties in Dallas to OpenDoor just to see what they would offer.

One is fully rehabbed, market value around $250k in my opinion. They offered $225k ($195k after taking into account their fees).

3 others they declined to offer on. They won't buy anything before 1950, and I think they have a lower limit on home value they will offer on.

Basically, it seems they have very specific criteria of what they are looking for - newer homes in established neighborhoods at or above median value.

Would be interested to hear anyone else's experiences.

@Marcus Rodriguez What are your long term goals? If you are looking for buy and holds to keep forever, I wouldn't worry too much about market cycles. As long as you find deals that cash flow and have a margin of safety if rents dip, I'd buy as many as I could.

As far as your first question, I would do both. Doesn't hurt to have funding lined up, but if you find a good deal first you can always hustle to find money to close it if need be.

@Andrew Smith Sent you a PM

@James Brown I use Podio. It is pretty customizable and can be as simple or complicated as you wish.

@James Gregory Welcome to BP! I grew up in Whitehouse (just outside of Tyler). In Dallas now, but still have family in East Texas.

SOLD!

6509 E Lovers Ln
Dallas, TX 75214

Click for Map

Estimated ARV: $250,000
Repair Estimate: $35,000
Market Rent: $2,100+
Purchase Price: $169,000

- Cash or hard money only
- $5,000 non-refundable deposit
- Buyer pays all closing costs
- Property to be sold as-is
- Agents add your commission to purchase price
- Please do your own due diligence before signing contract

Description:

Tenant occupied - do not disturb tenant! We will set up a group showing sometime this week.

This house would make a great flip or rental in the extremely coveted neighborhood of University Terrace/Ridgewood near White Rock Lake, DART rail, and the Katy Trail Extension. Houses a few lots over are being torn down and replaced with $450k+ new construction.

To get full ARV or max rent, needs upgraded cosmetics throughout. Also needs new roof, landscaping, and probably some foundation (doesn't look too bad, but will need some leveling).

As a rental, a half-duplex next door that was nicely renovated recently rented for $2100. You could conceivably push that even higher since this house is a SFR and slightly larger square footage.

For a flip, I think a good ARV is $250k. A semi-updated 2/2 half duplex of similar size sold for $235k, and a 3/2 SFR of similar size sold for $275k (on Fisher - a similar road to Lovers as far as traffic), so I think the value is somewhere in between. Another house of Fisher sold for LOT VALUE ONLY at $227k. But do your own due diligence.

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Click Here for County Tax Records

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Price reduced to $154,500!

@Chris Soignier In Texas, the contract is assumed to be assignable unless it says otherwise. However, if you want to spell it out, you could list the buyer as "John Smith and/or Assigns".

@Steve S. I'd get a couple more bids. I'd be skeptical of the quality of work for $170, and $515 seems a bit high. As others have mentioned, I paid around $300-350.