All Forum Posts by: Khang Pham

@Brendon Brooks

Finding a lender was not difficult. I definitely did call about 20+ lenders by just browsing through wholesaler emails with lender's info in their signature. The terms were pretty great I was about to get 3.125% for a cash out refi.

Please share me your email and I can direct you to my top three lenders I have acquired through networking.

Where do you stay now?

Yes I do have a W-2 job, the good thing is that my job is flexible enough for me to do jobsite visits if need be. Usually during my lunch time.

Investment Info:

Single-family residence other investment in Houston.

Purchase price: $240,000
Cash invested: $17,000

This property is my first BRRR property that was purchased through a turn key company called PIN in Houston. Originally it was intended to be managed by the turn key company GC, however, because of the structure of the contract of the GC I opted out and jumped right into managing the construction myself.

What made you interested in investing in this type of deal?

I wanted to gain construction knowledge and experience. IT was definitely a lot of HARD WORK

How did you find this deal and how did you negotiate it?

I found this deal through a turn key wholesaler. This property is hot because it is next to 2 universities and the medical center. Also next to the metro light rail

How did you finance this deal?

I used hard money lender and then refinanced out with a small local bank backed by Frannie Mae

How did you add value to the deal?

I forced appreciation by adding 900sqft to the structure, turning it from 2/1 to a 4/2, total 1500sqft

What was the outcome?

I gained $57k in equity and cashed out most of my money back with $17k in the deal

Lessons learned? Challenges?

Never under estimate yourself, your brain is triggered to find answer and solutions when you are in a scramble of figuring things out!

Investment Info:

Single-family residence other investment in Houston.

Purchase price: $240,000
Cash invested: $17,000

This property is my first BRRR property that was purchased through a turn key company called PIN in Houston. Originally it was intended to be managed by the turn key company GC, however, because of the structure of the contract of the GC I opted out and jumped right into managing the construction myself. There were so many struggles and I did pay 12% interest and 3% points for hard money. I learned so much about construction and there were so many struggles that I had encountered. Overall, I was over budget with $23k and scored $57k in equity. I was able to do a cash out refinance and re-cooped back 30k my money. All in I had $16k in the deal, tis was a definitely a great first deal!

What made you interested in investing in this type of deal?

I wanted to gain construction knowledge and experience. IT was definitely a lot of HARD WORK

How did you find this deal and how did you negotiate it?

I found this deal through a turn key wholesaler. This property is hot because it is next to 2 universities and the medical center. Also next to the metro light rail

How did you finance this deal?

I used hard money lender and then refinanced out with a small local bank backed by Frannie Mae

How did you add value to the deal?

I forced appreciation by adding 900sqft to the structure, turning it from 2/1 to a 4/2, total 1500sqft

What was the outcome?

I gained $57k in equity and cashed out most of my money back with $16k in the deal

Lessons learned? Challenges?

Never under estimate yourself, your brain is triggered to find answer and solutions when you are in a scramble of figuring things out!

I am experiencing the same here. We are getting $23/linear ft for wood fence 6ft. Kinda debating on building the fence myself but I am too exhausted from just finishing my first full rehab in third ward houston 

I am too late to this party? I would like to join. I am currently working on my first BRRR property next UH. I would like to connect with like minded individuals to keep me motivate and to do more.

@John Symington Did you have to pay any taxes after recording the quitclaim deed after the transfer? 

Were there any tax implications when you did the quitclaim deed adding yourself to the deed @Mark Matos? I am in Texas and I want to do the same thing. My dad owns his primary residence free and clear but he does not work. Since I do have a W-2 income I want to be added to his deed so that I can pull out a HELOC on that.

@Everett Fujii

Have you had successful installation with Fixd repair? They gave me a bid and it seems to be less than $2000 lower than the other competitors. Wondering how your experiences has been with them since I've read some crazy horrible reviews on trustpilot.com and yelp

Can I please have that HVAC referral? 

@William Salas

Maybe a little too late, but are you into house music?