All Forum Posts by: Eliott Elias
Eliott Elias has started 12 posts and replied 9587 times.
Post: What are some general advice you would tell newbies?
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Quote from @Bruce Woodruff:
Quote from @Eliott Elias:
Yeah, I know it happens and it's a shame. We Contractors hate the bad ones more than you do, because they make us all look bad. But also, these investors should never be giving the Contr more money than the work that has been completed. This is not rocket science, it's a really easy concept...
Even if that is the case, to have a new contractor pick up where the old one left off is a nightmare on its own.
Post: Rental Market in Temple, TX
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Quote from @Becca Pariser:
@Ryan Kelly, @Eliott Elias, @Taylor Dasch
What are you seeing these days for a 3 bedroom / 2 bath house in terms of long term rental rates in Temple?
Is there a market for medium term rentals?
It depends on the zip code, bed bath, sqft, etc...
I am renting mine anywhere from $1,500 - $1,900/m
Post: What are some general advice you would tell newbies?
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Quote from @Bruce Woodruff:
Quote from @Eliott Elias:
What causes 99% of projects to fail is contractors with fix and flips. They are extremely inconsistent and require most of your attention. Choose them wisely. There are tons of tutorials and resources on how to choose the right contractor and red flags to look for.
There you go again. Just because you don't know how to choose a good Contractor does not mean that the majority are bad. I would counter your erroneous statement with this:
"What causes 99% of projects to fail is the homeowner/investor/flipper having zero clue on how to find a property with decent upside, choose a good Contractor, manage a budget, stick to the plan, stay out of the way, etc..."
😂
Hi Bruce, you are correct. There are many projects that fail due to the investors errors in running numbers and newbie status. I can also tell you that every investor I know has had a contractor run off with their money and ghost them. This may be because the contractor was chosen incorrectly, but to say this is not a risk is naive.
Post: Getting money together to get to rentals
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Quote from @Jacob Parrett:
Quote from @Eliott Elias:
Let me ask you this, why do you want to get into rentals? Is it the cash flow? Is it the appreciation? Have you heard countless gurus tell you that rentals will make you rich? Just curious.
These are all great reasons. Unless paid off, it takes over 20 rental properties to create passive income (assuming they cash flow).
Contrary to popular belief, single family rentals are the furthest thing from passive. Even with a property manager involved. They demand your attention constantly with turnover, evictions, make readies, missed rent payments, etc...
This is not to shed doom and gloom, this is to set realistic expectations.
Post: How do I find Bird Dogs in Connecticut
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Bird dogs are not easy to come by. They typically don’t label themselves as Bird Dogs either. They are typically neighborhood locals who just understand the neighborhood and have a close pulse on what’s going on.
Post: Houston Realtor & Investor(:
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Hi Mei, I do business in Houston and would love to connect. Hoping to buy some more single-family deals out there!
Post: Getting money together to get to rentals
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Let me ask you this, why do you want to get into rentals? Is it the cash flow? Is it the appreciation? Have you heard countless gurus tell you that rentals will make you rich? Just curious.
Post: What are some general advice you would tell newbies?
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
What causes 99% of projects to fail is contractors with fix and flips. They are extremely inconsistent and require most of your attention. Choose them wisely. There are tons of tutorials and resources on how to choose the right contractor and red flags to look for.
Post: Looking for some direction.
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
Wholesalers are typically leaving no meat on the bone for investors, you are correct. But what is the profit margin you are seeking? And how are you determining rehab costs and ARV's?
Post: Partnering on first deal
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,561
The best partners come about by looking for relationships, not partnerships. If you can get along with that person on a personal level, then you should explore a partnership.