All Forum Posts by: Alex Nelson

This all depends on what you want to do with it. If you plan to make it a rental, see if he will settle for just the 80k and split the profits you make with him. This way you can get into the deal for little money down and it's a win win for both of you.

If he wants out and wants cash, see if he will carry the note for a short while and owner finance so you can flip it. Then pay him off out of the flip proceeds.

If he doesn't want to carry a note, look into wholesaling it and taking the arbitrage.

This is kind of like showing an artist an empty canvas and asking what to put on it. it really depends on what you want, what will work in your area/situation, and so many other variables.

I would recommend checking out the BP Calculators. Even free members can do i think 5 free calculations using them. This will give you the ground work for all of the extra expenses that you need to look out for. I'd also recommend catching one of @Brandon Turner's podcasts where he analyzes a deal. You'll get to see first hand what all needs to go into your calculations.

I noticed (as @Natalie Kolodij pointed out) that you haven't accounted for any additional expenses over the PITI. This could (read WILL) sink your investment. you need to account for management costs, maintenance, Capital Expenditures, etc. If you don't plan for these, that 20% investment could start looking a lot more like a 2% investment once some expenses start coming your way.

Just be sure to do all your research before jumping in. I highly recommend purchasing the "The Book on Rental Property Investing" that they publish here. (https://www.biggerpockets.com/...) It will put all the information that you need in one place and in an order that will make the most sense. 

Just keep going. I don't think I've ever heard of a wholesaler who just started and is doing tons of deals right off the bat. At least not without some killer funding to back them. If you are just starting out with wholesaling, just stick with your systems and constantly improve upon them. The longer you keep tweeking and working on your systems, the more deals you will begin to find.
Remember that if finding a deal was something easy that anyone could do right off the bat, there would be no job for the wholesalers. You've got to build your presence in a market and keep pushing until you gain some traction. @David Bokman has an excellent point. This is less about real estate and more about marketing. You have to be known!

I'm not sure i see a reason to split them up. If you get the same rent either way, why put in the extra effort. Also I've rarely seen situations where the rest for one larger unit will exceed the rent of two smaller units like this. If that's how it works in your area then maybe you could consider this, but it seems like extra effort for little reward.

Nothing here seems out of the ordinary. As long as you account for these things in your numbers, i don't see the problem. No roof or foundations issues is a great start. you may just need to plan on replacing a few extra things, but none of this seems major or like a deal killer to me. If you are buying right, you should be able to cover these expenses just fine.

Hi Jennifer,
They turned out great! They installed them all in 1 day. The only complaint that I would have is that many of the windows still have vinyl shavings on them. But for the amount of savings I got by using them, brushing off a few small slivers of vinyl is well worth it.
Here's a picture of my before and after.

If you're looking to do short term rentals, make sure to look into the city laws and regulations as well. I know Arlington has issued an ordinance making STR's illegal everywhere except within 1 mile of the stadiums in the "entertainment district". I know Fort Worth has been playing with the idea of making them banned as well. I'm not sure where they currently stand but if this is your main strategy, you definitely want to be informed before you start investing any money into the idea.

Got the drywall hung up there. currently in the process of adding joint compound/tape and then texturing before paint.

@Jason Coyle

Thanks for taking a look at my project! We've taken out one of the walls now! Here's my progress below. (not sure how to get these images right side up)

It's looking pretty good! now we just needs to drywall everything and get it looking finished!

Thanks for the recommendation! They came in a grand under my other bids and are doing double hung instead of single. I'm going with them for my project!