All Forum Posts by: Hattie Dizmond

@Linda Weygant

Even though the yo-yo wasn't articulate enough to explain it, I would suspect the tripping hazard would relate to trying to create treads with the vinyl planks.  If you were going to use this flooring to recreate the look of true wood or even engineered hardwood stairs, you would expect to see the wood bullnose on each step.  I'm not sure its stick down factor would handle that.  Or, he's referring to the fact that if you end the vinyl product with a naked edge, it is prone to lift, which would create a tripping hazard.  

Now, with all that said, Coretech is not a standard VPF.  It has its own quarter round and staircap (bullnose) moldings, among others.  So, I'm guessing this child simply was confused!  ;-)

As for the black stuff...not sure how to get it off the floor, but you actually should be able to install over it.  If the only issue is the odor, I would use Simple Solution or Nature's Miracle, both found at Pet Smart.  There will be folks who will tell you they don't work.  They are wrong, but you have to wet it and then let it dry.  Until it's dry, you will still smell some of the odor.  If it were me, I would spray it down, let it dry, cover it with under-layment and install the new floors...done.

@Logan Allec

For asphalt shingles, 2 previous roofs + a new roof = 3, which is the most any respectable roofer will put down.  

Here in Texas, roofing is not a licensed area, so code is lax.  Plus, if it's in the county - translate rural, there is generally no code enforcement, permitting or inspection.

With that said, if you're dealing with a flat roof, or even a section of the roof, there's no asphalt shingle that should have ever been applied to it.  The minimum slope for an asphalt roof is 2/12 (rise over run) or 9 degrees.  That's minimum.  Anything below that WILL fail, because the water will back up under the overlapping shingles.  2/12 is minimum, 4/12 and above should be considered normal.  The steeper the roof on an asphalt install, the less likelihood of roof failure.  However, you reach a point where you start paying a premium for the installation, as roofers have to use jacks & tethers to stay on the roof.

Since a good quality, well installed flat roof system - even those installed 20-years ago - should have had a usable lifespan of 20-years (modern systems, well installed, should be expected to last 30 - 40 years), I would seek a new roofer.  And, modern flat roof systems consist of a membrane to waterproof the roof and not the layered felt & hot asphalt.  Regardless, the idea there are 8 layers of roofing on either a flat or pitched roof is a little difficult to believe.  I would get another roofer to take a look.

@Tom Keith  Yeah...great area.  I live about 4 blocks from the house.  :)

@Roy Oliphant  Yes...the property is still available.  However, I have several interested investors tonight.  Give me a call, if you want to set up a time to see it.

@Charlie Fitzgerald

Remarkably, all the DFW investors crying about a lack of deals and unethical wholesalers have gone strangely silent, when a deal comes up that has profit left in it and doesn't have cherry picked comps is presented.

LOL

Yes...a property in Richardson (West of 75) that will cash flow!

3 Bedroom

1.5 Bath

1,467 sf (includes permitted garage conversion)

813 Brentwood Ln  (Please do not disturb the occupant.)

Comps in the neighborhood support an ARV of $195k, or it should rent for around $1500, because of the Richardson schools.

Rental rehab estimate is $20k, with a full flip at $30k.

Insurance is replacing the roof, including the decking.  

Investor price is $116k, with a $5k deposit.

Please contact me for additional terms and for viewing.

Hattie

980-322-5965

@Nikki Harmon

I realize I'm late to this discussion, but did you not require an EMD from this bozo?

There are a lot of people out there claiming to be a lot of things. It's unfortunate that the result is a generalized profile or all wholesalers. A wholesaler should be required, and willing, to post an EMD, and that EMD should be significant enough to make it painful for them to not provide a closing for the deal.

That same wholesaler, will likely require a $5k - $10k non-refundable deposit from their end buyer to protect themselves from non-performance.  Sellers should expect nothing less.

As a wholesaler and a flipper, I will state - without apology - "wholesaling" a deal listed on the MLS is NOT wholesaling. By definition that property has already been listed on the retail market. Therefore, it cannot be wholesaled. Additionally, anyone who calls themselves a wholesaler and actively engages in that sort of activity goes down in my book as a "Bad Wholesaler". (Also the title of a thread I started.) There are 2 large "wholesale" organizations here in the DFW area who regularly engage in that and other deceptive practices. And, yes, I do consider it deceptive. However, I also say to the buyer, "Shame on you for not doing a simple search on the property address, which would have revealed it as an MLS listed deal, which you could have then put a backup contract on for the price you would be willing to pay the so called "wholesaler". That would help the seller.

Trade secrets are just that, secret.  However, misrepresenting the truth is lying.  There are outright lies, but there are also lies of omission.  My sellers will know from the very beginning that it will likely (We do flip some of our deals ourselves.) not be me who closes on their property.  They will also know that I will be available to them through the entire process.  We don't do a double escrow, because we don't squeeze the life blood out of deals, so I have no issue with my investor buyer knowing what our wholesale fee is.  As @Chris Clothier said, why is a buyer going to get completely torqued out about a wholesale fee, when the price as offered worked for them?  Wholesalers - good ones - provide a service to investors who can't or don't want to engage in their own deal generation activities.

Maybe some of you believe me to be naive.  Maybe I do fewer deals than I could do.  Maybe.  What is certain is that I sleep well at night, never feel the need to apologize for how I conduct my business, and wouldn't be embarrassed to explain it to my granny!

@Shana Patrick

You've gotten some great information in this thread.  @Ann Bellamy is always on point, and a really nice job by Lucas providing a market specific slant.

I'm going to go in a bit of a different direction here...

You're going to have a difficult time flipping houses remotely, if you are basically 100% reliant on financing, whether conventional or HML. Generally, not always, an out of market flipper is partnering with a local flipper. The out of market partner is generally bringing the money to the table, while the local partner provides the deal, project management, etc.

I applaud your initiative, but I question whether - as a new investor - out of market flipping is the way you want to go, particularly in the Dallas market right now. The likelihood of finding a deal on the MLS that is "flippable" is less than winning the power-ball lottery. (Yes, I do like to engage in hyperbole, but you get the point!) That means you're going to have to either market for your own deals and find a local partner you can trust to do the inspections, or you will be purchasing from wholesalers. There are some good and trustworthy wholesalers in Dallas. There also some who consistently manipulate ARV's by cherry picking comps that aren't comps. If you get into the middle of one of those deals, you will lose money. Even with the good wholesalers, deals in Dallas are so hard to come by no one is going to hold a property, until you can get on a plane and fly down, so you're still going to have to find a ground partner. In the areas I farm, I can identify a deal in the morning, get it under contract by noon and have it sold to an investor by EOD.

My advice to you, if you are set on flipping as an entry point, is to look at some markets that are not as hot as DFW, at least until you get some experience and build a reputation where people will want to partner with you.  It sounds like you have some things you bring to the table, i.e. some cash reserves, good credit and a willingness to take appropriate risks.  

Good luck!

@Jeremy Scott

MLS deals in DFW are not dead, but they are definitely on life support and in a deep coma!

If you're looking to flip or wholesale, you're more likely to win the lottery than to find a deal on the MLS. It is still possible to find buy & hold opportunities on the MLS, but they are generally in C neighborhoods and below.

There are good wholesalers in the DFW area. There are also Charlatans. There is a current problem with a couple of large wholesalers consistently overstating ARV's and manipulating the comps to support those numbers.

Your primary options for finding deals off the MLS are:

• Craigslist
• Driving for dollars
• Direct Mail marketing
• Word of mouth...tell everyone you know and meet you buy houses
• Wholesalers

If you're going to go the wholesale route, a few of quick tips:

• Any wholesaler who won't give you the address of the property without you "meeting them at their office, so they can explain their process" to you SHOULD NOT be trusted.  If a wholesaler has a property under contract, they have nothing to protect and should be willing to provide an address, so you can do your own analysis.  (There may be valid reasons they request a NDA or tell you not to disturb the tenants.)
• Beware any wholesaler who wants an exorbitant upfront and completely non-refundable deposit.
• Beware any wholesaler wholesaler who is actively marketing a property to you but doesn't have it under contract.  (A "whisper deal" is a different story.  A wholesaler who trusts you as a buyer might actually tell you about a potential deal, before a contract is written, particularly if they have doubts about the deal's viability.  But, they are not marketing it.)
• A "wholesale deal" that is listed on the MLS is not 'wholesale" and is probably not a deal! Contact the agent directly, if you are interested.

 Nick...Elvis (Steve Labus) is real and has not left the building!

I haven't done business with him, but I've met him several times at the Tarrant County REIA. He's legit and enjoys a very solid reputation among the members there.

Hey, Steve!