All Forum Posts by: Eric Kephart

Only if you own it free and clear and it was a <6 month arrangement would I even remotely consider it, and then only as a last resort.  

IANAL, but what I understand is the disclosure/timing requirements are VERY strict and the damages if something goes wrong can be nearly as bad as flat out losing the property.

I think we're starting to see the effects of rates and price/wage ratios. I don't go very high end, so just from observation, above the FHA limits things have definitely cooled. Below 250k in DFW? Still solid. You might need to clean up or finish out just slightly better, but in good neighborhoods dom is sub-20 still.

Someone said that people buy a payment, which I think is true.  Prices can only go up 7+% while wages go up 3% for so long until there are affordability limits.

Seems like maybe I hit a nerve with "turnkey".  What I'm getting at is this: What is the market for "rent-ready" investors, and what is their pricing strategy??? 

I've always fixed my own rentals, so I used rehabbing numbers.

@Bruce Lynn Yes, this was a rental of mine for some time, and it was inspected annually.  We've also permitted with the city for renovations.

Perhaps I should clarify... Is there even a market for rental/buy-and-hold investors who want to manage or have a company already, but don't want to do the rehab?  Happy to retail it, but thought there might be buyers who just want something that's ready to rent.

Has anyone had success targeting turnkey investors in the sub-200k range?  With a current project I'm debating which to go for.  It's appx 1300ft 4/2 in Mesquite, rents are 1300-1400.  Is there enough competition to break the 1% rule?  Should get 160k retail.

I'd gladly give up a bit to not deal with 1st timers.  Thoughts?

Is there a particular reason you're looking for off market properties' prices? The VAST majority of residential SFDs go through an MLS. Access to price history on MLS should be sufficient for 99% of the time in these cases.

And if it's a property that's super-unique, I'm not sure the history would help that much in determining value since, e.g. with ranches, the price is often determined by the emotions of the (in the case of ranches often wealthy) buyer.

Texas is a non-disclosure state, so if the property was exchanged privately, there is likely no way to know the true sale price.  You might get a rough idea from a note if you find one attached to the property, but you'd have to read through it in detail to maybe decipher any holdbacks or down payments.

Has anyone ever dealt with these guys?  https://specializedfortworth.com/

In talking to them they seemed pretty thorough.  Curious if anyone has ever used them.

Is this it?  https://novakbros.com/novak-capital-projects/summi...

It looks like they have some experienced people under the "Novak" umbrella, but they all seem to be with different entities.  I would be very, very careful.  200% in 4 years is >31% per year.  Not totally impossible, but at that scale, difficult.  I'd probably research a little more, but If they are cold calling looking for suckers, then when you sign on you're likely a sucker.

As a tool junky, this is the perfect opportunity to buy a 4 ft crowbar at 35-40% off.  The cheap Safe Sentry ones you can just pry/hammer and hammer/pry into.  Let us know when you find a Luger and 100k cash.