All Forum Posts by: Gabriel Watts

Not unheard of. But I'd look at the fine print. Usually those types of rates are only for a year or two and then they rise. But to answer your question. Yes, some builders do offer these rates if you use their in house lenders 

San Antonio is a very soft market right now. That 230K offer that they accepted is living proof of that. Thats essentially the market value of the home. If it was worth 260K they wouldn't have accepted your offer. There is a good chance SA continues to soften over the next year or two. And even if you saw gains in years 3-5 you would most likely be back around net even after that time. But you lose money monthly over that 5 year period. And then are going to pay 5% in selling costs on the sell side. Take your money else where IMO

Hey mark, judging by the amount of transaction you have done I'm curious to know are you in the same market for that whole time frame? Or do you buy nationwide? Curious to see if you are seeing the same situations across multiple markets (if you buy in multiple markets) or are they all in the same market. Or if you have seen different markets reacting differently. I know as a whole MF has had a tough couple years because rates are obviously the same every where. But what else are you seeing that's market specific 

Ned is correct. But Even if it was after you had the property in service you still wouldn't be able to write off 5K. It's considered an improvement not a repair. So it will be need to be depreciated off a schedule. It's not a 1 to 1 write off 

I actually just made a post about this on my YT channel. You shouldn't use a HELOC unless you are using it as short term debt (BRRRR, flip, bridge loan) not to use as a 20% down payment on another investment property. You need to have a plan to pay the HELOC off. Usually they have a shorter term or the rates are only fixed for a short term. Plus with high interest rates I highly doubt your new property will be able to cash flow supporting both those payments

@Joe S. I'm doing both. I live off my rents. Use the money I make from the BRRRR's to continue to re invest. All of the projects are purchased with cash and so are the rehabs. I use to have to use hard money and then refi out into long term debt. I don't spend any of the BRRRR money. I live off my cash flow from my 70+ doors that continues to grow at a pace of 3-4 a month as I continue to add to my portfolio. But it's passive either way, I'm not turning a tool or anything lol. I was gone for 3 weeks last month and the projects continued on. All about how you set up projects and teams in place :)

I do. I retired from my job as a Federal Agent after 3 years of investing. But I also make returns from when I profit on my BRRRR's on the refi side and when the market turns around I'll probably sell a couple of them off as we are doing 3-4 BRRRR's a month. Even at 70+ doors I do think it would be tough to live off just cash flow. I easily could, but there are always those months that you could have a lot of vacancy and repairs at the same time. I hedge my bets against that by having about 65-70% of my portfolio on vouchers so rent is guaranteed and a lot less vacancy. And we do full gut job remodels with long term hold in mind when budgeting. I'm replacing all roofs, HVAC systems, Water Heaters etc while we are doing the remodel. So my cap ex is super low. So it's possibly. And last but not least, I live well below my means. I am single with no kids so I know it may be difficult for someone who has a family to support as welll. But I find it pretty easy as long as you budget well and have a lot of reserves. Which I do. So I felt comfortable leaving my career. Especially when I'm profiting off 1-2 BRRRR's what I would take home in a year as a Fed.

Welcome! 

like others have said before me. I would focus on generating off market leads. Using the MLS to get accurate comps is great to help determine value and ARV's but getting MLS access isn't going to be a deal finder. Anyone has HAR access. The only thing having MLS access is going to get you is thing like agent remarks and more details for when things actually close or trade at. But if it's on the MLS.. anyone has access to it. I see alot of wholesalers waste a lot of time trying to find deals on the MLS. Is it possible? Yes. But speaking from experience, any investor that's actually going to put funds out there to buy something cash has most likely already seen the MLS listings. Just my .02 coming from an investor (who also lives in Katy lol) and has 70+ doors and has MLS access as well. Just from what I've seen. Hope it helps! Good luck and welcome again!

It's going to depend alot of what your labor cost in your areas are. I do 3-4 BRRRR's a month and I do additions on most of them. A lot of the variance is going to be in how you build it and what your labor cost will be. I would just start by getting bids

Welcome to the family! 

me personally I studied for about 6 months pretty diligently before I made my first purchase. Lots of books, podcast, market research etc