All Forum Posts by: Diego Alvarado

Hi Sushil,

The market for a 5+ is limited in DFW. This market is not always available in the MLS, so making it more difficult.

A commercial lending is possible even with SFH, that will depend on your lender and the access to commercial programs, it will all depend on the situation.

Reading the interaction with Jaycee, have you built your team yet? For making such an investment, you have your team build up.

You can always do it yourself, but there are a lot of variables that you have to consider. It will be much more difficult, you need a team where is a mutual trust. 

The team has to consist of a local realtor with experience in the areas, a lender with experience in commercial lending, and a contractor. 

Let me know if I can be of any help.

Your project is amazing and it would see a real change for people if done right.

First you have to identify what you are looking for. A coach doesn't need to know Collin county, a mentor does. 

For such a large project, you have to find both. You have to have a coach that helps you deal with the decisions and priorities. A mentor to partner and begin developing with him.

I haven't seen any good coaching program around here. I heard that BP did have something that brought together investors but I don't know what happened with it.

I would really love to create something similar that EO (entrepreneur organization) for real estate investors. 

Feel free to reach out if you would like to talk more. I'll try to help us much as I can.

Tenant screening is challenging and you have to have the right process in place to make sure you choose wisely.

The main thing as many said, this shows a red flag on the amount. I had many situations where the paystubs was altered or they were using one from someone else. 

Calling sometimes does not work to do verification. I will agree that you should be thinking on consider someone else.

Where is your property located? Currently I am seeing quick turn around on vacant rental.

This is a challenge move. We need to analyze better the deal but looking at it and because is in Mesquite I feel that a rent to own may work.

I have a property on my own where I am looking to explore this as well.

If you buy it for investment, you should do the proper due diligence to understand the situation of that property, how much is rent for? Operating cost? What is the appreciation rate?

There is another factor that is your family so understand what is the impact there. In the case of a family, it always has issues involved. You can't increase the rent, rent may get paid late, internal arguments, etc.

Make sure to balance all the pros and cons in your situation.

You should create your tech stack. It is always simpler to use one system, but in my case that does not work as I found some functionalities pricy.

Tracking rentals: stessa.com

Screening: mysmartmove.com

Rental payments: apartments.com

Repairs request: apartments.com

Quote from @Bruce Lynn:

Run your own comps when buying from any wholesaler and know your rehab costs. Don't depend on others to do it for you. It is pretty typical for many wholesalers to overstate ARV and underestimate rehab costs. Maybe this is intentional and maybe it isn't, maybe what they would do is different than what you would do or envision.

Also be aware that some deals are just recycled off MLS, so potentially you could have bought the same property for less, with less risk off MLS. Don't be fooled by the term "wholesale" deal. Just a marketing term. Some people are repeat buyers, and some would never buy again. You have plenty of options in DFW.

This week along I have seen 4 MLS recycling lists from them at higher price than if you get it if you went with a realtor. Running my numbers it gave me a much lower number but I still reached out and I was told that my number can't be worked out.
My story continues, I am currently working in a flip that I got for another wholesaler, but first that same deal was with a New Western agent. I offered to NW the same price that I later got the house from, in which the second wholesaler got a great deal and it was even another agent involved in the transaction.

Saying this, the agents that I am talking in NW have knowledge and they are open to communicate openly.

I am not a lawyer and it would be better answer by a title attorney.

As per my experience a quitclaim is enough to transfer ownership. You just filled in and registered to the country clerk.

Title companies won't accept to transfer the property without using a warranty deed, because they can't insure the title, but that will come when your parents sell the property and at that moment your parents will create a warranty deed to the new owners.

Hi @Duy Xuan Do, make sure to connect with a 1041 exchange expert to make sure you don't the right way from the start.

Then looking at DFW, your strategy works if you look at Fort Worth. There are multiple duplex in FW and surrounding. They are also making the numbers.

Challenge yourself to look further and what is the plan based on your living expectations. That will be your main constraint when making the decision.

Hi Kim, welcome to the game. We have a GroupMe in DFW that we exchange ideas and it is an easy way to get direct support from other investors in the area.

How to choose the write strategy, you have to educate yourself and create a good team around you that you can trust.

Feel free to DM me for access to the groupme.