All Forum Posts by: Jeff Wallace

@Dustin Dahlinger we have flipped several in the Conroe area - one that is currently under contract will be a successful flip, but there wasn’t really much activity with showings compared to other property in Harris county that we were selling at the same time

@Nicole S. I like the lower tax rate in Montgomery County just north of Houston - Especially The Woodlands, TX - Buy under $200,000 for long term hold

@Jason Lavender

We had signs made up that say "Another project by (insert company name)" and we add a "we buy houses" rider - I have had some success with pre market sale/lease and it has generated a couple of additional purchases - Go for it! nothing to lose

Happy investing 

jeff

  No- it's not the same as losing real money - it's not the same as making real money either .... but the principals are the same.

Buy early/buy often 

I bought property during the bubble too and they are some of my favorite properties - the issue you faced wasn't when you were going to buy, but where you were going to buy.  If you plan to buy investment rental property in an area with a declining economy and negative job growth, then you could find the bargain of the century and still have a hard time making a decent return - 

The original poster is in a growing market - whatever she buys now will likely be worth more and generate more income as time goes on ... therefore ten years down the road, she will say "I wish I would have bought ten years ago" --- just like EVERY other investor I know who waited to get started 

@Stefanie Jensen

I like to compare real estate investing in the real world to playing monopoly.... The winner is usually the player who buys as aggressively as possible during the first few rounds - The one who saves their monopoly money as they pass go and waits on the sidelines is the first one out of the game...

I talk to a lot of investors and I have never had someone tell me that they wish they would have waited XX years longer before they started investing

@Mitch Provost

Yes, you can cash out for the full amount of LTV that the lender requires - some require 75% and some allow 80% - also, a lender that allowed 80% may require 75% on another deal if your personal situation changes - debt to income, etc.

The deals are out there - I am constantly on HAR looking at my target neighborhoods - I also have automatic notifications set up when a new property comes on the market that meets my criteria.

@Mitch Provost

Buy and rehab for as close as possible to your 80% refi number - then you can refinance all of your cash back out to use again .... Your ROI is a number close to infinity and you can repeat indefinitely - And YES - there are still deals out there that will work ... one just closed a couple of weeks ago in The Woodlands on MLS at about 70% of value and only needed light rehab - maybe $5,000-$6,000

ARV - 177,000

Sold - 123,000

Rehab - $5,000

Total invested - $128,000-$129,000

80% refi - $141,000

Rents - $1,500-$1,600

My initial offer was $120,000 - They declined to counter - Now that I see the final sale amount, it irritates me that I was so close but missed the deal  

@David LaHaie

I would increase the rent immediately if I were you - 

We have one flip that just went on the market and we listed it 10% higher than we originally intended ... A rental that will hit the market in about 10 days will be 20% higher than the pre-storm pricing .... the rental market had slumped a bit in the last 10-12 months, but now supply just hit rock bottom and demand has skyrocketed.... If you lease based on your current agent's comps, you will regret it in a month

 When there is blood on the streets… Or in this case water – it's time to buy --when everyone else is running for cover

@Christina Larios 

I originally wanted to buy multi-family and did buy a few, but there aren't really many multi-properties in my immediate area - so I primarily focus on single family - I like to keep everything close and in markets that i know really well -