All Forum Posts by: Harrison Sharp
Harrison Sharp has started 22 posts and replied 316 times.
Post: Experience or thoughts on Homeroom?
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Quote from @Frank Salgado:
Quote from @Sreedhar Dasi:
I closed my property with Homeroom in March. The house is located in San Antonio. I went with profit sharing model (85%/15%). Here is my experience so far.
- They asked for 100% upfront payment for the build and setup costs. Make sure to go through their estimates carefully as they may include some items that are not needed (e.g.: they added cost to board up fireplace but the house doesn't have one)
- Make sure to verify if all the work is complete as agreed. They told me that they had completed everything but some were not complete
- It has been more than 3 months and only 5 out of 7 rooms were leased so far. Most leases are for 6 months only and they do run promotions like first month free rent.
- I got used washer/dryer from them. But dryer lasted only for 2 months. My suggestion is to buy new appliances with warranty.
- They add 15% margin to the repair costs.
They don't have good accounting system to get good clarity on monthly transactions like rental payments, expenses, etc.
Does anybody have any positive experiences with Homeroom?. I just purchased 2 houses and I would like to hear some success stories.
I have. I own a bunch of rentals and it is by far my favorite one. Completely passive investment and I don't have to do anything. Currently grossing 2,300 a month and my PITI is 1,650.
I find it funny that some people here are complaining about the setup costs. Yes they aren't ideal, but in DFW you're essentially using those costs to get cash flow for on market properties which does not exist anymore in DFW under the traditional long term rental model. That is of course unless you want to buy off market properties from wholesalers with no DD period...
Post: CPA recommendations DFW ares in Texas?
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
DM and i will send you some recs
Post: Realtors - Lets Connect!
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
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Post: Down Payment Options (HELOC/Refi)?
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Quote from @Sharon Cain:
Similar situation, except i just have my primary home at 2.45% 30 yr fix. I am in the DFW area also and was wondering the same thing, should i do a HELOC or Refi to help fund my first buy and hold? or keep saving and just wait? ......following.
I would not refi out of that rate right now, for your scenario based on the limited info i would try and go HELOC
Post: Down Payment Options (HELOC/Refi)?
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
This isn't an ideal time to get to bet into a BRRRR with rates increasing and the slow down in prices. If I were in your position I would get your lake house booked and stabilized before you take on a BRRRR and wait for things to stabilize in the next 6-12 months in the housing market and interest rate environment. The deals will still be there and 5 months isn't as much in reserves as you think with two houses on 10 year notes if things get ugly.
If you're itching to get into something asap then 30 year am on the primary with a cash out would be the best way to do it while decreasing your lifestyle. You can also utilize hard money.
Post: Out of State Purchase on First House? [House Hacking]
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Some of your parents concerns are valid... however a lot of them aren't. Your first house isn't going to be your dream home, and if your goal is to convert to a rental you are going to have much different goals (cash flow) instead of having a house look nice and be your "dream home".
I've been house hacking (rent by the room) in the DFW area for the last four years and my biggest regret was not jumping in sooner!
Post: Bay Area to Dallas Investing
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Quote from @Danny Yeap:
Quote from @Alicia Marks:
I've seen properties that fit that in Wichita Falls, but I honestly would not touch anything in that area. There are too many tenant issues (drugs, crime, general low quality applicants) plus little to no appreciation. Especially not being accessible when there are issues makes it even more of a struggle. Property manager that are good quality are much less likely to take on those kinds of properties because they know it's not worth their time.
Thanks Alicia for the insight! I'm thinking I'll need to increase my price range for better return on investment.
DFW isn’t cheap anymore. 50k won’t get you anything here. 300k is more realistic now
Post: DFW property management and property manager investor referrals?
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Quote from @Account Closed:
Looking for a residential property manager referrals from fellow investors in DFW.
1.) Only focuses on property management in DFW for residential
2.) Owner/principal is an investor themselves in the market
Post: Realtors - Lets Connect!
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Located in DFW and closed/pending around 16m this year already! Most of my client's are investors.
Post: First 30 Days as an Agent
- Real Estate Broker
- DFW
- Posts 337
- Votes 263
Quote from @Keegan Van Kooten:
Quote from @Jim Paulson:
I would start loading up on as many real estate and mortgage classes that will fit in your desired niche as possible. The first real estate designation I would get is the Accredited Buyer's Representative (ABR).
Topics include:
- Buyer Representation
- Understanding Types of Agency Relationships
- Creating an Agency Relationship
- Client and Customer Relationships, Duties, and Responsibilities
- How We Work with Buyers
- Buyer Services
- The Buyer Counseling Session
- Offers and Negotiations
- Building a Buyer Representation Business
I am also an Instructor for the National Association of Realtors as well as the National Association of Home Builders, so if you can't find that close locally, I would be glad to come teach it if we could find sponsors (i.e. a large brokerage, mortgage or title company, etc.)
Jim, Thank you for the response. This is very helpful. I will definitely look into the ABR!
Yeah I wouldn't do this.... This isn't going to help you make any money. No one gives a **** about certifications. You need to be spending all of your time talking to people you know, networking, and learning about your specific market.
Honestly I would join a team that can give you leads and coaching. It takes a long time to ramp up.