All Forum Posts by: Justin Mullennix

In our market, buying from wholesalers involves their closing costs x 2 (normal) to obtain property, then resale fees to realtors to sell. Based on many wholesale properties we've worked since January, the wholesaler & realtors make as much or more than we do.

Therefore I suggest you don't forget factor these costs up front too.

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might try homeadvisers.com..have found them pretty reliable.

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Hi Denise

I'm also a new investor in Fort Bend county.

Some if the issues you're experiencing, we have also experienced. Several offers using the 70% rule has gotten us zero purchases.

We've tried several markets in Houston to try find a market where the BP calculators actually ar workable. With the exception of FSBO, we're finding that the 70% rule is averaging closer to 80-85% ARV. There are a lot of people active in the area.

For rentals, it appears an investor is going to have several rental properties to reach a cash flow level to support a normal income level. You are still employed so build your portfolio over time.

If you would like to discuss further, feel free to contact me for our experiences the past 5 months.

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lynn

would like to see property. How do we achieve?

Justin Mullennix

281.850.8866

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Monica G.

Where is hthis property located? Looking for opportunities in Houston metro area.

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Can anyone recommend any good general contractors located in in the southwest part of Houston?

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Originally posted by @Fred Heller:

@Justin Mullennix Hi there and welcome. You'll meet some great people and get a lot of useful information. I'm an investor-friendly Realtor in Houston. If I can be of any assistance please reach out. Thanks and good luck.

Fred

Sure you have a long list you work with, but would like to be made aware of opportunities in Southwest Houston.

Thanks.

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has anybody dealt with this group?

Homeunion.com

Have phone conference with them tomorrow to learn more. Any sharable input?

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New investor in Houston Metro willing to look at deals where the numbers work.

Retired, looking to build a diversified portfolio from rental to flips. Maybe even hard money investing.

Not limiting strategies until we get more knowledge about the "game".

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Originally posted by @Jamal L.:

This property is currently in turn key condition and has been well maintained by a single owner for the last 25 years. It boost of recently upgraded kitchen, recent new windows and furnace. However, the most astonishing feature it possess is its profits! It currently has a well qualified tenant of 4 years comfortably placed. Tenant exceeds rent requirements by far; and has no intentions on moving any time soon. Tenant currently pays $950 a month ON TIME! She also pays her own water and electricity bill. Making this a perfect opportunity for a hands off investor whom merely wants to capitalize off of Cash Flow! Below is a break down of potential gains from investing in this property which can return total investment in as little as 3.5 years!!!

1816 Wlabrook Ave. Baltimore, MD 21217
Price	$29,000.00
Closing cost	$2,000.00
Total Acquisition	$31,000.00
Annual income	$11,400.00
Vacancy allowance 20%	- $2,280.00
Gross operating income	$9,120.00
Taxes 8.6%	- $787.00
insurance 13.6%	- $1,200.00
maintenance 7.7%	- $700.00
Management Fee 10%	- $1,140.00	Optional
Net Operating income	$5,293.00
With out Property management $441 monthly cash flow w/ PM $536 monthly cash flow w/o PM	$6,433.00

$1500 EMD Takes this Cash Cow out of Rotation

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All Forum Posts by: Justin Mullennix

Justin Mullennix has started 3 posts and replied 10 times.

Post: What to offer for a rehab for flip or hold

Post: Hiring best contractors strategy

Post: Houston area property analysis

Post: NEW PROPERTY: Katy Flip or Rental - 180/20/250/1900 Rents

Post: Wholesaling a property listed with a Broker?

Post: General Contractors

Post: New investor in Houston metro area.

Post: Homeunion

Post: New investor in Houston metro area.

Post: The Property you have been waiting for. Instant CASH FLOW