All Forum Posts by: Joehn B.

Fix it and cash flow the heck out of the grandfathered multi-unit.  

Adding a bath? yes get a permit as you are modifying the plumbing.

Doing it legally keeps you out of trouble and add value to the home at sale time.  if you don't get a permit, a buyer's agent might notice it doesn't match the tax property record.

A lot of people might not know this, but anytime you want to search a forum (say biggerpockets or dallas.craiglist.org etc) you can use GOOGLE and filter/narrow the search:

"how to get a HELOC on rental property site:biggerpockets.com"
                                                                         ^^^^^^^^^^^^^^^^^^^^

It's VERY risky (but not impossible) to do an out of state deal as your first deal.

- you might overpay for the market you are not familiar with

- you might get into a cost overrun scenario on unseen/unforeseen repairs

- you might execute poorly (too long) and incur holding costs etc

I would recommend getting a few under your belt locally to learn the process.  That being said, if this is truly a good deal and you have a direct off market lead with the owner you could get a realtor involved but that would eat away some profit (again increasing risk).  you would need a team there, maybe an RE attorney to help draft the contract/terms , a general contractor for the repairs, and an agent for the sell side.  Maybe an investor friendly agent will do comps so long as you give him the sale listing? 

so in order to put together the team you would have to come to Texas, boots on the ground and see the property in person, meet/interview potential team members etc. This might not work if you have a full time job, so things to consider.

See, it can get complicated, and complicated at a distance is NO BUENO.

Options: you can get it under contract and wholesale (Assign) to a TX investor.

Consider doing a little more work and find off market properties on your own.  No realtor, just you and Mr. Motivated homeowner.

Some realtors don't like the low ball offers because a) it takes time to put together the offer and that time would be wasted b) they make more money at list.  <== It's almost a conflict of interest.

it's a scam.  that's not how bitcoin investments work.

to buy bitcoin you initiate the transaction with an exchange like coinbase.  nobody is going to call/message you to buy bitcoin legitimately.

That being said, stay away from bitcoin if you are not familiar with it.  Better put the money into real estate.

Nice, congrats on getting the first one under contract!

Are you planing to finish the basement?

Get multiple quotes and meet many GC's.   I would say, pick the one that seems to click with you this first time around even if he/she isn't the cheapest.  pick someone who is willing to explain the work well and you will learn tons from the interactions with him/her during the rehab.  Get references and actually call them all. cross check his name in the dallas civil court system to see if he has any lawsuits.

There is a great DFW investor group on facebook, I don't have the name but it's the one with like 40k users.  tons of contractors there and also tons of local knowledge shared on that group, including a list of con artists to stay away from..

I think it may be this one.  I am not on facebook anymore.

https://www.facebook.com/group...

Welcome to Biggerpockets!

A lender could chime in, but basically yes you would need to draw on those lines and take cashier checks to auction. Once you buy it cash, there are title seasoning requirements before you can refi I believe, so factor in those holding costs. (interest payments on your lines of credit). Also check with the lender on where you are today (how many mortages) and tackling 2-3 more mortgages will/might crush your DTI and you have to go DSCR route for loans. again, talk to a few lenders.

I would also mention, it is possible to flip the foreclosure buys, only keeping the ones that truly have a good rental potential.  Not all properties make great rentals! you know, location, location..

Update? how is the eviction going?