All Forum Posts by: Darwin Crawford

one of my favorite quotes is from Rocky.."it ain't about how hard you can hit, its about how hard you can get hit and stay in the fight"

your interests will wax and wane over time.  I've got three under my belt, trying to get a 4th, wholesale full time, and some days, I just want to get on the bike, pin it for mexico, and sit on a beach for a month.  Other days I get out of bed ready to deal with the worst sellers on earth and laugh.  

Put away money. Learn as much as you can. If you're scared and/or desperate, its ok. When I started looking for rentals I underwrote 100 properties in my home market so I could recognize a deal when it came up. got my first condo off the MLS with a full price cash offer. Its been one of my best performers.

I beat out other people because my skills were honed.  Keep yours sharp and you'll do fine.  

Hi Gang,

So I'm working on a deal for myself, not for my day job, and figured I'd get some feedback from this crowd.  Keeping in line with BP posting rules, let me just go ahead and say that I am NOT soliciting anything other than advice.  

Building is a 6-unit, gross rents $3400/month, asking price $120K, seller completing some, but not all repairs.  Good, third-tier TX market with steady rental demand.  

NOI on the place after debt service projections at 8% over 15 years are $2030.44/month.

Me: Low-Mid-600's credit score, $73K reserves in cash, 2 mortgages, and 2 free-n-clear properties. 

 Working on bringing my scores up now, as I know low 700's are easier to fund.  

Approaching owner to carry is my first plan, he seems like he might play ball, but if not, how would anyone here suggest funding?  This loan ha gotten me some hard "no's" from commercial guys due to being too small.  

Private money? Don't think I'm going to qualify for a HELOC on my condo's, residential stuff is tough, and I have 1099 income from my day job, and 6 months seasoning.

Would ideally like to hold this property for 5+ years, and put some capital into it to get rents raised and force some appreciation.  

Any and all thoughts appreciated!

benchequity.com

@Shannon K.?

thank you in advance for the help!

Can anyone weigh in on the 14213 ZIP? Looking at a SFR there right now which is very close to the 190 expressway, north of downtown on the east side of the river.

Showing some decent ARV's, but unsure if that is on the up and up or not.

@Brian Zintel? 

@Mark Senecal  - there is a gentleman here in scottsdale who is very knowledgeable about these, does them almost exclusively -   @Bob E.

Runs some of the local meetings, and knows this SDIRA market pretty well.  Hopefully he or someone else here can shed some light on this for you. 

Re: Kileen - have found this area tough to value.  Lots of space, lots of new builds, and not a ton of good comps.  Fort Hood is there, but military life being what it is, those tenants can be ordered elsewhere in the blink of an eye.  

Anyone doing any investing in Kileen?  

BP marketplace rules.  You can PM me for the info if you need it. 

We work with 2 guys around KC, and they are both very professional, keep things in-house, and most importantly in my book, pick up the phone when I call.  

PM me and I'll slide you some phone numbers.  Can't do it on the forums. 

Great thread!  

As we say around my office, "we charge a fee for working with incompetent people"...

I'm with the "if the deal makes sense, who cares?" camp.   As someone who started very distrustful of the wholesale industry, and now in the thick of it, I appreciate much more what it takes to close a wholesale deal.  

Sellers to wholesalers are an unholy pain in the rear to deal with.  Daily, I solve problems for them related to lifetimes of poor decision making, bad financial decisions, and unpaid bills.  Paying for moving vans, cash advances for apartments, and a little side of credit counseling are all in a day's work.  Coming from the Buy/Hold world, I'd have told most of these sellers to pound sand.  

If I as a wholesaler do my job correctly, the investor I sell to thanks me.  If I make a dogs breakfast out of a deal, I shouldn't get paid, and the investor should tell me as much.  So yeah, the wholesaler is worth whatever the deal supports.