All Forum Posts by: Maurice D.

I don't know if a blanket sq/ft cost would give you an accurate number.  I tend to like the type of rehab rule approach better.  X for kitchen, Y for a bath and add ons like roof, A/C etc which are easier to close in on as far as value.

That being said, you could refine "Kitchen" with  small Kitchen rehab 10K, mid size 15k etc  (making numbers up).  but get a lot more accuracy that way. 

don't go above fair market for it.  he is already saving on commission.  start with lower counter offer explaining the repairs and the commission savings.  ping him every few months there after until he decides to sell or needs the $$$.    Remember the money is made on the buy, you won't make this up over time.

that or cash out refi so that it cash flows 300-400 (after reserves set aside), and keep it.   use the money to buy the next rental.

Maybe finish the basement (adds value), sell it (Flip) and use the funds to find a better BRRRR

if you cash-out refi to 75% of ARV you are looking at 70k out, which recovers your 40k rehab and your 10k downpayment.

if you do that how much will your mortage go up from 1101?  it doesn't look like it will cash flow?  or is the 1101 figure a new refi mortgage for roughly 250K?

I would just add that you might want to househack short term while looking for the first investment/long term house hack., and getting familiar with Dallas.   By this I mean perhaps even renting a room so that you are not under pressure to buy a deal, it make take some time to find the deal that works for you.

Duplexes aside, another option is to look for SFR's with ADU's (in-law suites). I like those, but not many cities in DFW allow them to be rented out for income. This type of property gives the owner the option to live in the studio and rent out the larger house for a bigger househack return than a duplex. (or find a loop sided duplex with a 3/2 2/2 combo for example.

Just some ideas.

https://communityimpact.com/da...

did you have to upgrade the electic? new panel?  wiring?  

1. Where can i get list of houses who have received 'Notice of Lis Pendens' ? Title office/real estate data subscription websites/Public Truestee website etc.
2. What can I do to make sure that I get all documents/disclosures properly signed ? use a title company or real estate attorney for closing
3. Can anyone here help me understand this strategy and walk me through the process ? NO, not for free.
4. Any advice on practicing and improving my cold calling skills ? try door knocking in person.  you get to see the property and find out if its vacant etc.

start going to meetings and network locally and listen to shared stories but don't expect and investor to spend time teaching you for free. Time is money, and there are paid coaching programs out there if that suits your learning style.

I did a paid coaching many years ago, and was very helpful but nothing there can't be found in podcasts, reading here, and books.

set up short term goals and go out and execute!

159k per unit? check the fine print :)