All Forum Posts by: Greg P.

Thanks for this post.  When you are calculating the 3% for your realtor, and 3% for the listing agent, is that the only consideration you give for seller paid closing costs?  I know there is a separate line asking them to cover a specific dollar amount when putting in a bid.  So, would you add anything to the 6% there?

Hello,

In the process of bidding on one of my first deals. I intend to BRRRR it and wanted to ask for your feedback. Here's the general info:

1.  Owner is asking 80k for property.  Comps in the area range from higher end rehabs (215k) to lower end (170k).  Estimated comp for this property after rehab is 195k, although for my conservative numbers I'm using 175k.

2.  Property was built in 1956 and will probably need some higher level rehab.  I am roughly estimating 50k, bringing the purchase + rehab to 130k.

2a.  I am "assuming" that the rehab would last 6 months, HOWEVER, have a GC that says he could do it in 6 weeks.  I'm using the 6 month number to assume no rent would be paid during that time.  This could probably be a better view but trying to be conservative.

3.  Additionally, I would be using hard money (although going to try to work with a local CU) as owner is looking for cash and "as is".  Requires a 10% down payment (13k) and 3 pts at 12% interest.  I estimate the buying / closing to cost an additional 6,0000 for a total of $22,510 needed upfront.

4.  Properties in the area rent for ~1,550 - 1,600, however being conservative I estimate rent payments being $1,500 a month.  To refinance the hard money loan, assuming the home appraises for 175k would result in a loan (75% of 175k) at 30 years ($620.24/mo) + other expenses to cost (745/mo) to cash flow $129.36 a month.

5.  Here's an image from the calculator I used below.  I'd welcome your feedback and thoughts.  Thanks!

http://www.lonestarlandlaw.com/Lease-Options.html Read this and tread lightly, in my opinion. You'll note the change of requirements for lease options that last over 180 days.

Hello,

Wondering if any DFW, TX folks might have references for a few GC's that they could recommend for bids on Rehab work and property walkthroughs.  Any help is appreciated, thanks!

Hello, I was hoping for some great BP recommendations for hard money lenders in the DFW, TX area. I would like to have a reliable lender relationship lined up as I am looking to quickly close a BRRRR and would like to ensure I have the financing portion of it ready to go. Anyone that might have local contacts that I could network with would be much appreciated. Thanks!

Hi there!

Does anyone have any best practices for websites or applications that are good for tracking general macro-level information on city / zip code statistic and in particular crime rates?  I've used crime trackers from just a simple Google search and wondering if that's the best out there.  Or if there's something that actually 'ranks' an area based on certain criteria.

Perfect!  Thank you Charles for all the great advice.

Hey there,

I am new to direct mail but am determined to make a deal happen in 2017.  I've been working on my direct mail strategy following my local drives, and have found many properties that have two names on the property.

Wanted to get people's thoughts on properties that have two names, when they share the same last name and when they don't.  I try to check local divorce records, if they show divorced, how do you message to that?  If there is no divorce record, do you send just one letter and address it to both?  If you have two people that don't share a name, do you send a letter to each one separately?

Thanks!

Answered my own question on this, I'm using Google "My Maps" which is free, but pretty powerful.  Allows you to log specific addresses, add pictures to the 'pins' you create, add notes, and also draw shapes (for neighborhood boundaries).  

I found it really helpful to lay it all out in there.  Hope it helps someone else. 

Hi All,

I am interested in getting my first few deals under my belt in 2017. As I start to acquire leads I wanted to network and ideally get a few references for reputable investor-friendly folks in the Dallas area. Specifically, looking for folks that could be referenced for parts of a rehab (looking to BRRRR) - including: inspectors, GCs, plumbers, electricians, dry wall companies, painters, HVAC, roofing, siding, flooring, and ideally any local cabinet / supply companies (would rather spend money with local businesses than big box stores where possible).

I am not looking to waste any of these people's time before I have a deal lined up, but did want to start collecting contacts once I have something and thought I would start early.

Thanks for any references you can give!