All Forum Posts by: Hattie Dizmond

Hey guys...we're still struggling to find a CPA we're comfortable with.  I'd love to get recommendations in the DFW area..

Thanks!
Hattie

I suggest you read basically every blog post by Michael Blank. 

First...not a great idea to post your income...ever.  There are a lot of parasites out there.

Second...you have a good idea of what you're doing. However, you haven't really given us the right information to evaluate the plan. You didn't indicate what the market rent was for the 2 properties you are planning to pull the equity out of. Also, we don't know what your gross monthly expenses (including debt service, OpEx, CapEx, insurance & property management fees) would be on those properties, after pulling the equity out and/or after the refi.

@Roy N.

Uncle Roy...we could debate about the proper spelling of colour and organisation, but...

"there" is an adverb, "their" is an adjective, and "they're" is a contraction consisting of a pronoun and a verb on both sides of the border.  Oh, and "whomever" is always one word.  I have no idea what they are teaching in school these days!   :-)

You know, I really hate to have to start off a post with a disclaimer that I'm not trying to offend anyone, but I'm really not trying to offend anyone.  However...

If you want to be taken seriously and treated like a professional, sound like one.  I'm not talking about knowing the right lingo or using the right acronyms.  You're new to an industry and field of specialization.  Anyone who expects you to be able to speak our language immediately has impossible expectations.  However, it should not be unreasonable to expect you to write complete thoughts, if not sentences, and do some basic spell checking.

I'm not saying you need to be an English professor.  I'm not even saying your writing has to be grammatically correct, but please don't expect me to take you seriously, when I have to try to piece together and interpret what it is you're actually asking and/or trying to say.  There are a lot of people who are not good at grammar and spelling.  If you're not, use a program like MS Word.  Type your questions and comments out in Word first.  Use the Grammar and Spelling function.  It will check what you've written and make suggestions for corrections.

As investors, it's highly likely you are going to wind up asking someone to invest real money in your and/or your deals.  Why would someone think you are going to properly care for their investment, when you can't manage a reasonably simple written communication?  Quite frankly, I wouldn't do it.  Maybe others will, but I wouldn't.  There are topics started in these forums that I won't respond to, because the poster's inability to communicate makes me feel like pouring myself out for them is a complete waste of my time.  Is that harsh?  Maybe.  Probably.  Regardless, it's how I feel, and I would guess I'm not the only one.

If you want to be viewed as a professional, you have to present yourself as one.  If you want to be taken seriously, don't give people a reason to discount you.  Credibility is a battle for newbies.  Don't torpedo your own credibility.

@Jacob Tomko

The one cautionary note I have about the SA market is...

Although it is experiencing growth, what you will notice is that the growth is mostly outward, pushing into the surrounding area.  You are not seeing a lot of revitalization of central San Antonio.  Contrast that with Dallas/Ft Worth.  Both of those cities are experiencing major revitalization of older, core areas, and we aren't even talking about areas that had become war zones.  The Preston Hollow/Sparkman/Hockaday/Jesuit areas of Dallas are a prime example.  Those have always been prestigious areas.  People are now doing scrape off and rebuild work by the bushel there.  The 7th/Camp Bowie area in Ft Worth, along with the TCU area are experiencing very similar action.  Add to that the down and out areas that are having major revitalization...Bishop Arts, Trinity Groves, more development in Historic East Dallas, etc.  Urban sprawl just doesn't equate to true, sustainable growth to me.  Plus, the economies of Dallas/Ft Worth and all the major employers moving into the area just make this area about as bullet proof as you can get. 

The final thing you will note is the real estate market itself. DFW has near record lows for inventory and have for the better part of the last 3-years. Not so about SA. And, check HUD foreclosure listings. SA is a much, much smaller area than DFW, but it has exponentially more HUD listings, and many of those listings make it to the investor phase. You are hard pressed to find any in half way decent areas of DFW that make it past the exclusive period.

I love all things Texas, but there's really no comparison between SA and DFW.

LOL...yeah...the concept of leaving "meat on the bone" seems to escape some wholesalers, then they wonder why they can't find buyers for their deals.  Go figure!

I love the look of concrete and did my own in a house I had.  However, they have to be regularly waxed with carnuba.  More of a concern for you would probably be the weight of concrete counters in the 2nd story units, as they really need to be at least 3 in thick to avoid cracking.

Butcher blocks will scorch, stain and are pretty easy to scratch/gouge.  Granite or granite tiles are probably a better option in my opinion.

You know, what I want to know is...there are always people saying the real estate commissions are going to come get the wholesalers...blah blah blah.  But, all the guys that work for these 2 groups are licensed agents.  Shouldn't TREC be more worried that their licensees are providing false valuations to people?  Wouldn't that be construed as a violation of the long list of ethics rules TREC has?  Just sayin'

Yeah...my favorite deal one of them presented, and I analyzed, was in the Richardson ISD, which is our wheelhouse. The ARV was off by about 25%, and they were trying to sell a total kitchen remodel, total remodel on 3 baths, new flooring throughout (3,000 sq ft), all the other bells and whistles on a full update of a 1970ish home, in an area where designer (not top of the line, but designer) finishes are expected at about $45k. I had to call BS on that one.