All Forum Posts by: Daniel Emery

I am looking for a list or possible contacts to CPA & Attorneys in Lubbock, TX.

I personally have an LLC for my consulting business which is not affiliated with real estate. If anyone has suggestions I am open to trying to meet some individuals to get set up.

Thank You

@Adam Engleman

I have personally flipped two houses, while I lived in them in Midland, TX, and really feel that its one of the best ways to make good in this market. I work in the oilfield as a consultant for the past 7 years here and the rental game, while it can be good, the overhead just to get into something is extremely hard. This is whether the price of oil is up or down.

My family took the approach of finding two properties which one was a foreclosure while the other was a defaulted VA loan. The two houses were in pretty bad shape and when I did the math but seemed like great opportunities. In fact, both were great but at the time I needed to get out of each the economy was at a high and a low for the other.

House #1 Sale Price 182K rehab 25k = So I was at 207K. This home was 2286 and was put together well once I was finished. The oil was booming when I found the property and with my assessment was projected to sell at $125 sq. Ft. This number is extremely common in Midland especially for a house that is updated. Long story short 2015 the oil price per barrel tanked, everyone lost their jobs, people moved away and nobody really was purchasing like in the boom. I ended up settling for 225k. Though a profit in my mind I could have done so much more to put myself in a better situation. We sold because we ultimately needed to get out from under it for other financial reasons.

Now when the oil is up

House #2 Sale price 202K rehab 35K = So 237K. This home was a mere 1896 sq. Ft. In comparison to the other, 400 sq ft. Smaller. The oil was booming we had a private contractor bid us everything we held onto for about 3-4 months to get everything done. We sold the house in 1 day, basically, 5 shows 3 offers and we were done. The house sold and appraised right where we thought it would and priced out at $148 sq. Ft. WOW. Do the math its not bad by my standards...we never even touched the outdated bathrooms.

There are plenty of these gems here in midland/Odessa. Timing is key and more then likely it needs to be the REO/Foreclosure/Default loan scenario because the "normal" house on the market will be outdated anyways, it will just be clean.

There are many ways to BRRRR and maybe just do what I tried Rehab/Flip. I really would say is to take caution study the oil & gas industry and then after serious though dive in.

Hope that helps!!

I want to keep it short.  I have flipped 3 houses in my time and have seen success in all.  I moved to Lubbock just two months ago and grew up here in the West Texas Area.  Would love a conversation, at least, I have the motivation to help anything that makes sense.  The deal in a sense does sound shaky but maybe more can come from it as I live here and can help in the needs that are needed.

My family has just moved to Lubbock and look to learn from our seasoned professionals in the area.  We will make the meeting in August as I am away on business.  The BP team has shown me that here in our area, Lubbock, that collaboration will really bring things full swing in regards to all our goals.  Please visit my profile and let me know if my interests suit anyone here on the thread!

There is a rundown quad plex that is listed for 43k but needs massive work.  I scoped the area and it is not the best but is close to school and our downtown district.  I believe with minimal investment it could start a small cash flow. I personally have flipped 3 houses here in the West Texas area ( 2 in Midland, 1 in Hobbs).  This property needs some real looking at but maybe we can collaborate on it.  I've just started to really dive into BP but I am ready to start my life in real estate so please give me a shout and maybe we can chat about the property!  Have the best day!

@Sandeep Singh

My wife are starting to get into flips and BRRRR

I think she will become “our” real estate agent?

Do you think that’s a good idea?