All Forum Posts by: Andrew Bang

@Miron Briley, That's great, DFW is a great market for Flips and Rentals.  Lots of appreciation potential!   I have a list of current wholesalers in DFW, be glad to share it with you.  Send me a DM.   Thanks.

Failing is better than not trying.  So no matter what you say, its better than nothing at all.  I'd start with the connection with him you pointed out, that you have done some plumbing for him, then let him know you are just starting off in Real estate and looking for advice.   The classic question is "With what you know now and were starting in Real estate again...what would you focus on?  What would you do differently?  

AZREIA still has meetings, (azreia.org), they had one in person a few months ago, back have returned to all online for now.  Between their main monthly meeting and subgroups, they have something each week.

Don't do it.  Keep your options open, don't commit to selling in a year because your strategy for this house may change.  If you're worried they will trash it if its a rental, but keep better care of the house if they will potentially be buying it, don't let fear determine your profit.   Some home owners keep their house nice, some home owners trash their home, same with renters.

In one year it may make more sense to cash out refinance this property, then you can use the capital on another investment without losing your asset.

The easy answer is no. But depends on your lender. When I've had properties in an LLC and the bank I'm using will give me a better rate if its in my personal name, the change is made on the day of closing, so no waiting period. Some banks/lenders have "seasoning" requirements. They want you to own the house for 6 months before refinancing, some lenders have loans that don't require seasoning. @Andrew Postell has a great product for this.  

AirBnB is great, I haven't seen any changes with my short term rentals.  I receive the funds from them the day before the tenant leaves.  For example, have a booking now from March 7th-11th.   The funds hit my bank account yesterday (Mar 10th).   My advice would be to find a new property manager or manage it yourself.  Airbnb and VRBO make it very easy, you can link the calendars so no double booking, messaging and communicating with tenants is easy too.

When looking at other flips, I find out colors that look good in houses, not on color cards at the paint stores.  Drift of Mist, Sherwin Williams is my go to

If you are looking to sell to just turn around and buy another rental, then I wouldn't sell.   With an appraisal at 280k, plenty of cash to pull out (cash out refinance) and use it for a downpayment on the next rental.  Let your renter continue to pay down the mortgage and you continue to gain appreciation.

Depends, will need more details.   I'll send you a message

Yes, you are on the right path.  Finding the property and negotiating a price that works for both you and the owner is the difficult part.  For the contract, just like you say, I'd use the TREC contract, then open escrow with a title company.