All Forum Posts by: Jason Phillips

Sri - Thank you SO much for the encouragement.  I know I can do this as I oversaw the building of our previous home from slab to finish out.  I just don't have the cash in place to get the deal done and 12% interest on 700K adds up quickly!  I am still trying to find a way!  I will keep everyone informed if I get the deal.  Thanks again

Hi Li, I have not done the high-end flip.  Even with the advice of others here, I feel like with a reputable designer and good contractor the job could be done. You just have to account for the extra cost in your offer. I ran the numbers and it looks like it would take around 200K renovation budget and I figured at least 6 months for the project, not including time to sell the property.  I was going to use a hard money lender so holding cost were also going to be VERY high.  The bank did not accept my offer.  However, if the house continues to stay on the market I may give the property another run in a month or two.   

Good morning Tommy - I just came across this thread and thought I might add a little. As Chad mentioned the only way to get comps in Texas is through the MLS. In the DFW area that is NTREIS (North Texas Real Estate Information System - I think). Anyway, there is lots of public data that pertains to your last question concerning growth trends, new home sales, median pricing, etc. www.ntreis.net

I hope this helps.

Jason

Thank you all for your advice. I don't take any of the information negatively. I take it as honest opinion and I always appreciate that type of interaction. I will continue to crunch the numbers and let you guys know what I do. Thanks again

I have the opportunity to purchase a foreclosed home in a VERY nice neighborhood. However, the asking price is 500k plus and the house has a horrible floor plan so I am thinking I will need an architect. Anyway, I am estimating around 200k in rehab but an ARV of 875k to 975k. This will be my first flip and I am scared to death. Any encouragement or warnings?

Hey Jason, Just seeing your post. I live in the Weatherford/Aledo area of Parker County and have for over 10 years. I am looking to get re-involved in investing. I am looking to buy and hold or fix and flip so maybe we can work together.