All Forum Posts by: Cory Mortensen

Allison, it would likely be an SFR as I have a co-signer and I work in North. The schools do not matter for me but they may for a tenant.

Hello, I am looking for good and reasonable areas that I can get a home that I would be living in and renting out to others. I would love your recommendations on good neighborhoods and tips for a new landlord and how to maximize this first home and investment. Thanks!

@Nick Sheveland I'm down, lets do it!

@Nick Sheveland lets do it!

Deal is listed at 185k but is completely gutted and needs pretty good work. Walked it with a contractor and he said that reno would be 50-60k and comps in the area would likely support a sales price of around 220-230k. If I cannot find a partner I will seek hard money and expect to get on the high end so 15% and 3 points that I would need wrapped into the loan. Looking at monthly holding costs of around 2500-3000 and a 4 month timeline. I am putting a beginning offer in at 110k because there is no way that property will go or make anyone money at that price. Besides, a property across the street sold for 20k less it's more than livable. Wondering if my numbers are accurate and if this is a deal worth taking. 3/2 1210sf in a C-class nbhd but in hot market that is rapidly appreciating. Ideally I'd do a BRRRR but it's my first deal and I have very limited personal funds. Would love insight and able to answer any questions!!

I am trying to decide what is best to do, a teardown and new construction, or do the renovation.

I had the thought to do a teardown because the layout is terrible. It's 1000 sf and on a decent sized lot and could get for $165k less than ARV.

Thoughts?

Also looking for GC's and people to help with design and the actual reno.

@Jack Sandel welcome! Im in Austin and about to do my first flip.

 What are you looking for in terms of profit and what assumptions are you using to do your numbers?

I am doing 30k profit, 3000 seller and buyer costs plus 6% agent commission, 70% loan on ARV with 3 points and 12% interest for HML, reno I am doing $30/sf

Going to really dive into sourcing my own deals and was wondering what resources there were to look into before driving around and knocking on peoples doors. 

I am looking for scripts/advice to get lead turnover on the phone and when I'm in front of them. 

How to handle the obvious objections.

When to give up and hang up and when to persist.

Legal don'ts and advice.

Protecting personal privacy in the case of an angry seller/prospect.

Would like to meet up with someone this week who can go over some of the deals I have penciled and take a closer look at my pipeline. I am admittedly new but feel I have a grasp on running some numbers and would like to get them in front of a few potential partners to facilitate a deal. DM me for more details and to connect! - CM