All Forum Posts by: Jeff Peters

Hello BP!

Seeking recommendations...

I am remote investing in Texarkana Tx. Property close on 3/1. Looking for General Contractor and Property Management recommendations. Thanks in advance for your help!

Jeff

"Robert Kiyosaki would be proud!".... Im rolling man... this was funny!

Thanks Kyle for your feedback. You are spot on. My next property (3rd) located in Allen will be a BRRRR with Hard Money followed up with a Cash-Out Refinance. Currently looking for good general contractor recommendation capable of doing flooring, paint, granite countertops, master bath remodel. Any suggestions would be greatly appreciated.

Investment Info:

Single-family residence buy & hold investment in Allen.

Purchase price: $217,000
Cash invested: $15,000

1800sqft home, 4bd/2bath, walking distance to schools and major city park.

This home was my primary residence before getting married and relocating.

What made you interested in investing in this type of deal?

My financial analysis of this property took into consideration the price I could sell it for vs keeping it as a rental when refinanced. The numbers still made sense as a rental.

How did you finance this deal?

I took advantage of the really good rates available in 2020 and refinanced the property in my personal name.

How did you add value to the deal?

Complete repaint on the inside. Replaced the roof (black) with all new gutters (also black). Improved curb appeal with new sod and landscaping. Updated all hardware and fixtures inside the property.

What was the outcome?

Property was rented within 30 days of listing.

Lessons learned? Challenges?

We saw very little to no interest in the property during the week leading up to the US election and for a week after (lost 2wks).
There seems to be a max rental price barrier at 2K/month for properties <2000 sqft.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I utilized Hemlane Property Management sw to market the rental, tennant application, deposit and rent collection, maintenance requests. Highly recommend the Hemlane Tool.

Investment Info:

Single-family residence buy & hold investment in Anna.

Purchase price: $241,000
Cash invested: $72,000

This is a 1900sqft, 3bd/2bth with bonus room for office/kids play room.
Great front patio. Great Back Patio with storage shed on property.

What made you interested in investing in this type of deal?

For our very first rental, we were looking to get a "base-hit" (Thanks Brandon Turner)... Local purchase so we can manage with low to no rehab risk and buy our way into SFH rental market. So we targeted Turn-Key, MLS/On-Market property.

How did you find this deal and how did you negotiate it?

MLS On-Market Listing. We were the FIRST to see the property and first to make offer.

How did you finance this deal?

Conventional loan in my personal name with 25% down.

How did you add value to the deal?

Make ready of the property included minor landscaping improvement, fence staining, pressure wash of property, deep clean of interior, upgrade filtering of HVAC return ducts.

What was the outcome?

This property achieved our goal of Base-Hit. It was a turn key rental... with a $2K make ready budget and 1week to get ready, the property was under contract and rented within first 2 wks of ownership.

Lessons learned? Challenges?

1) Keep track of option period start & end date. Ensure inspection can be completed very early in option period to allow time to negotiate for repairs/fixes.
2) While the property itself achieved good financial results (10% CoC, 20% Avg Annual ROI in 12yrs), the strategy/model of Turn Key / On-Market will not allow us to achieve our REI goal of 30-40 doors in 6yrs. (we do not have enough cash reserves to afford $70K down on every property).

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife (Nikki Peters) is realtor for Coldwell Banker Apex.

Hello Andrew. I also see value in the 75 corridor north of Mckinney and have my first rental in Anna (purchased in Sept 2020). I self manage this property along with 2 others in Allen. I currently use PM software called Hemlane. I definitely recommend checking this out (if not already familiar). Good luck!

Wildcat Lending! 

https://wildcatlending.com/

Ask for Mike Noppinger.

@Jon Kelly, thanks Jon for the feedback. I will reconsider the maintenance fee... as for cap-ex, everything in the house is within 2-12 months from new. including water heater, furnace, AC, roof, stove & oven. Interest rate is based off my VA refinance...

View report

*This link comes directly from our calculators, based on information input by the member who posted.