All Forum Posts by: Bruce Lynn

@Art Webb   I don't knot that there is one best source.  Theoretically they should be all pulling about the same list.

PropStream

Deal Machine

Property Radar

Landvoice

Mojo Dialer

plenty of others.

@Account Closed   One of my cities acted all hurt when I asked them for the shutoff list, but FOI request got it pretty quickly.  I also pulled a few more list from FOI requests.  One they fought hard and took it to the state AG for privacy, which should have no pricy restrictions on it anyway.  AG reminded them they had already provided the list to many other people and could just send me the same list...and they did pretty quickly and at no charge.  Most of the time it is in the cities interest to provide these lists even they they act like they don't want to do it. If the water is shutoff, that means it should be vacant.  Better to get someone living there vs having vacant property.  You just have to remind them of reasons for improving the city.   In one of the cities I work you can actually go thru the FOI requests and often pull the excel link to lists already created for others.  Plenty of lists to work and some people had some pretty good ideas, even if they weren't exactly real estate related, no reason you can't use the same list.   

Congratulations.

Tough decision.

I think you really have no choice but to sod at least the front.

Don't use fake turf, and it isn't cheap anyway.  Seed at this time of year won't work I don't think.  Too late.  Maybe hydro mulch back next spring about May 1st. 

With both turf and seed/mulch/spring/sod you do have to water and I say water like crazy.  You probably have to be all over this. Tenants won't water enough.  Let's say next Spring if you hydro mulch and water and fertilize like crazy you can have a nice yard full of grass in the back next summer.

I have seen some builders about this time of year use some kind of roll out mats to keep the dirt covered until the house is ready or Spring for sod.  Not sure what that product is.  It's painted green.  Doesn't look like grass but maybe gets by until Spring.

Good luck.

My first thought is probably not to keep your house in Frisco as a rental.  Way too many rentals in Frisco and at super low prices.  Of course I don't know what you have, but typically what I see is probably better to sell it and maybe buy two in Someplace like Sherman if your resources allow that. Might make sense to keep it if you have super low interest rate and around 2000sqft or less.

Some great groups have been mentioned here, but be careful who you meet with.  Some of the groups are made up of local investors with all kinds of different experiences and are pretty helpful with resources when you need them.  Some groups seemed to be focused on using you as their cash cow to fund the organizers lifestyle.  I'd say stay away from those groups.  If they start asking for money for more mentoring and training to the tune of $5000-$25,000 or more, run.

Well lots to digest there and lots of different ideas.  Do you want to be involved or mostly hands off.   Very different ideas of flipping vs syndications or flipping vs rentals.   

Your list of syndicators probably decent.  Some I like more than others.  It is much more complicated than that though.   Deal flow is one.  Most deal flow very limited.   I am guessing everyone on your list has had capital calls, but not 100% sure about that.   If they haven't they are lucky and not necessarily skilled.

One advice I have been giving lately is don't invest with amateurs.   See in person every deal you plan to invest in.  Its only $200-$300 for a plane ticket.  $150!for a hotel and maybe $50 for a car....and a day or two of time to go ck your deals before you give someone $100,000 to invest in your behalf.    

How did you develop this list?

Not sure there is 1 best book.

I'd read stuff by many of the local guys, as you may have a chance to meet them or hear them speak one day.  So a couple of books by Frisco based Craig Hall.  Trammell Crow.  Ross Perot.  Millionaire Real Estate Investor by Gary Keller, and HOLD by one of his Denton Proteges Jim McKissick.   

Not in Dallas, but I would read anything by Ken McElroy....he's sharp.  Listen to his podcast.

I'd probably read all the Rich Dad Poor Dad books....multiple times.

No matter if you like him or not, I think I would read every Donald Trump book.

If Sam Zell ever wrote a book I would read that.

Just sent you a DM for FTW area agent that works with lots of investors.  Broker so has access to multiple insurers and can shop for you every year or two, to ensure the best rates.

Welcome to S8.  This is normal and customary and will happen every year, not just for movein.

Not sure about gopher holes, but they have their list and they tend to enforce it.

Good luck.

I think I would spend a year doing electrical jobs.  Should be plenty of work.  Meet all the crews, study the costs, learn the areas that have potential.  As you're working find and wholesale a few deals.  Meet the players.  Learn what cities are easier to work with than others.  Ask lots of questions of the trades and builders/investors.  

Then if you want to take one down yourself, you'll be much better prepared.  

Also a lot of the hard money lenders these days from 1st time flipper want to see that you have about $50,000 liquid to weather any storms, like supply chain issues from Long Shoremen's strike.  So build those reserves over the next year.

Good luck and best wishes.

Welcome to Texas.
Sounds like a great plan.

Remember you can 1031 the current investment property into the next deal to save on your capital gains taxes potentially.  You need to plan for this ahead of time.

Also we have very few 3plex here.  Some duplex and 4plex, but not as many as other places i think.  We also sell some of the duplex as 1/2...so sometimes it is listed as duplex, the pictures make it look like duplex, but really it is 1/2.

Another strategy might be to buy 1 with 5% down, live in it a year, then move to the next one as a primary and use 5% down and repeat as long as you can...and of course if the numbers work.  Most properties here will not cash flow with 5% down if that matters to you.  Typically what I see is more like 30-40% down to break even.  Not really one to consider, but an example I see not unfrequently was $1.2 purchase price with $7000/month rent.  Not sure who buys those, but you can plug in the numbers in loan calculator to see what down payment would break even.  That stuff does sell.  So as you move down in price point, competition increases or if the deal gets closer to cash flow with lower down payments.