All Forum Posts by: Hattie Dizmond

My sister and I wholesale as well as flip in the Richardson and N Dallas areas. Feel free to PM me, if you would like to connect. 

Maybe I'm being dense, but I still don't understand your question. It sounds like you have a property you have flipped, and now a RE Agent is bring you a buyer for it, even though it wasn't listed on the MLS. Now you're wondering how to compensate the agent. Is that it? If that's the question you're asking, why wouldn't you simply pay the agent a buyer's commission? Since you're not paying a selling agent, you could even sweeten the deal a bit and offer the buyer's agent 4%, instead of the customary 3%.

If you mean something different entirely, you're going to have to provide some clarification, perhaps an outline of the process of the deal you have in mind.

First, you need to know what the GA Real Estate Commission will allow or your license could be in jeopardy.  

Second, as an agent, why wouldn't you simply act as the buyer's agent and draw a full commission on the deal?  Just be the source of the deal and keep it clean?  You could even negotiate so your commission is higher, if you bring them an off market deal they could not have found otherwise.  

Sometimes we try to over complicate things when there is a simpler path.

@Okeoma M.

Bishop Arts is going to continue experiencing growth & renewal, unless the DFW market as a whole experiences a serious downturn.  As @Chad Benedict said, it is still very transitional.  Two blocks in any direction and you can find yourself in some areas that are still extremely sketchy.  If you don't mind the concept of living on the borders of the non-transitioned areas, you might want to take a look at the Trinity Groves area just west of downtown.  It's in an earlier stage of transition than Bishop Arts, but it has some serious commercial money behind the revitalization, including high-end apartments being built by a group led by Roger Staubach & company.  Just a thought.

@Ron S.

With all due respect...I made a comment about what I suspect are one off, small assets being held by banks in states where it is an intensive effort to foreclose.  After having spent 20+ years in large corporate banking, including asset based lending, and having worked for Wachovia, when they were on the steps of being shut down, I'll stand by my statements.  And, as this thread is not to discuss banking approaches, history or the future, forgive me if I refuse to be drawn into this debate.  The one thing I will reiterate is that banks are in the money business, not the property management business.  Just because they manage a property better than a delinquent property owner doesn't mean they are good at it, and they certainly don't want to do it.

@Lisa Jones

First...thank you for your service.

Second...your first priority should be to tackle that credit card debt.  There are few investments that are going to pay you 24% interest.  

I may not be the right person to talk to here, because I don't like appreciation plays.  Appreciation is exactly what you would be banking on in this deal, as you've described it.

At $196k, assuning 20% down and just under 4% interest rate, 10% OpEx & 10% CapEx (older home), 10% PM, and insurance...and assuming your rent estimate of $1300/mo is accurate...you're probably going to be cash flowing at around $200/mo. That may work for you. But, you need to make sure you're prepared to live with it as a rental, because appreciation is never guaranteed.

Yes.  ;-)

You're going to have to tackle that debt, period. Particularly since I'm guessing it is throwing your DTI ratio way off and will exclude you from qualification on financing.

My question is why do you feel it has to be an either/or equation?  Why not start tackling the debt (I recommend taking the Dave Ramsey debt snowball approach...Google it.) and simultaneously starting your real estate journey with some low cost options like driving for dollars to find wholesale deals?

@Warren Johnson

What is your primary strategy?  You've really done the hard part already, in that you have capital available and are well positioned.  There are any number of ways you could go from there.  You probably just need a little focus.  Fill in the gaps here or feel free to PM me.

For reasonably priced small multies, I would stay in the Mid Cities...Irving, Grand Prairie, Arlington, HEB (Hurst-Euless-Bedford).  Some of the 1st tier suburbs that may offer deal potential are Mansfield, Burleson, Duncanville, Mesquite, Garland, Rowlett, Farmers Branch & Carrollton.  These days you can safely go farther out as well, so just be patient and make sure your "deal" really is a deal.