All Forum Posts by: Benjamin Portnoy

Thanks, @Chris K. I'll definitely take that into consideration.

Thanks, @Chris K. 

I'm in Houston, and I'm looking to focus in the $150K-$350K ARV range. Rehabs costs: $20-80K, I would guess. Looking to find a couple good GC's and work with them on multiple projects (both F&F + B&H). SFH to start, but getting into MF and small commercial (a different animal) within 12-18 months.

@Chris K. -- Getting prepped for working with contractors. I'm the investor. Making sure I have all the right documentation.

I've been out of real estate for about 10 years, and probably didn't do this part right in the first place, so trying to cover my @$$.

Thank you both! And @Ned Carey, no -- I wasn't aware of the FilePlace, so many thanks for pointing me in that direction, as well as the recommendations on contract law. Great suggestion.

Hi gang,

I've scoured the site & forums for the following agreements and legal docs for working with contracts, but can't find them. My apologies if I've overlooked them.

1) INDEPENDENT CONTRACTOR AGREEMENT

2) FINAL SCOPE OF WORK

3) PAYMENT SCHEDULE

4) INSURANCE INDEMNIFICATION AGREEMENT

5) FINAL & UNCONDITIONAL LIEN WAIVER

I've found multiple samples across the web, but wanted to see if anyone has copies of these they swear by.

I'm in Texas, so these docs have to conform to state statutes in regard to arbitration, etc. (I assume?)

Thank you!

Cheers,
Benjamin

I agree with @Rhonda Wilson. At 400 DOM, that's a potentially motivated seller. Get the conversation started with a low-ball offer and see how they respond. The worst they can say is no (or nothing), at which point you can always go up.

I learned my offer strategy from Emeril (BAM)...start by putting less of one ingredient than you think you'll need into a bowl of ingredients...you can always add more, but you can never take out what you've already put in. 

In other words, you can always offer more, but it's much tougher to offer less once you've shown your cards and offered too much!

Another thought...call the agent and find out WHY the DOM are so high...understand the reasons why this property hasn't sold before you go further. That's ammo for answering the NEEDS of the seller, and added awareness of any potential minefields you'll be stepping into if other parties who have made offers know something you don't.

Hi @Jermarkis Hubbard! Welcome to the BP community. Lots of great resources and learning opportunities here.

Regarding this:

<<Analyzing a good deal ( I understand the concept of contracting the property at a lower price than market value and selling to the right buyer.) The problem I'm having is real experience analyzing the numbers. I need to see how someone who is a pro analyzes good deals so I can do the same for my buyers.>> 

Brandon put out a terrific video on how to review comps and determine an ARV on your own. No method is foolproof, but learning how to critically analyze home sales in an defined area is a great place to start.

https://www.youtube.com/watch?v=N2_cVjrj0lc

BP has a bunch of videos to this effect. I'd start there.

Hi Johnny,

Phill and Shenoah Grove run a couple groups here -- the RENC and REIA events.

https://houstonrenc.com/

It's down near the Galleria, so a bit of a drive from Spring. But lots of people, and they've been at this for 15-20 years. 

There's also this one:

https://www.meetup.com/713-Houston-Area-Real-Estat...

They do a Woodlands meetup, I believe.

Lots of folks and some good education, although all of them are trying to sell coaching and training to some degree. Knowing that, they still bring a lot of education and opportunity.

Cheers,
Benjamin

Sounds good, @AJ Hoffman. Sent you a contact request. Let me know when you'd like to chat.

Hi @Jamie! Let's do it. I sent you a connection request...let me know if you didn't get it.