All Forum Posts by: Matthew Hernandez
Matthew Hernandez has started 1 posts and replied 7 times.
Post: Frustrated about the property i saw today
- Dallas Tx
- Posts 7
- Votes 4
@Arden Ballard I probably would not walk away. First, I would work it out where at the least I would bring $200 positive cash flow per door. Secondly, just because there is some auto repairs stores, doesn’t mean that it’s not an attractive location. If this is a walk/bike ride to the Hospital, than you should have no issues renting it out. Yes, some nurses may not do so, but that’s assuming all of them are people who prefer safety over location. I am sure you will find the right tenants to rent to. I hope this helps!
If you still want to pass on this send me the info, I may be interested!
Post: What is your favorite quote??
- Dallas Tx
- Posts 7
- Votes 4
@Nathan Killebrew “Loser’s quit when they fail. Winners fail until they succeed.” -Robert Kiyosaki
Post: We got our first deal in Contract!
- Dallas Tx
- Posts 7
- Votes 4
@Ehsan Rishat thank you for the motivation!
Post: We got our first deal in Contract!
- Dallas Tx
- Posts 7
- Votes 4
@Shannon McLeod we plan to flip this house unless we can’t secure the finance. We both love to work on house projects, so it would super fun to do what we think is needed for this house.
However, ultimately if we can’t get the money to complete the deal than I guess we have no choice, but to wholesale.
Post: We got our first deal in Contract!
- Dallas Tx
- Posts 7
- Votes 4
Originally posted by @Cody Wilkinson:
Hey Matthew,
I don't have direct answer to your problem. I assume this is your first deal? Have you considered selling the contract to a local investor and working with them on the deal? It would put a lot of your nerves at ease knowing that someone who is experienced is confirming your thoughts on the deal and then helping you execute it. Also, while your working with them I'm sure you will pick up a lot of contacts for lenders, GCs, agents, ect.
Obviously you will lose a large portion of the pie, but you will gain knowledge that will aid you for the rest of your life if you plan to make this a your source of income. One deal won't change your life anyways so knowledge so the knowledge if worth more then you'll ever make on 1 deal.
Just a creative way to get more out of the situation if you can't get the financing aspect figured out.
Cody, Thanks for the input. You're exactly right, if we can't solve the financing aspect of this deal, I would probably reach out to a local investor and wholesale it to them. Hopefully, that is not the case, but a deal is a deal. There is still plenty of other ways to be creative and financing this contract. My brother is a general contract, and we both like the do it yourself approach, so ideally we will do most of the work ourselves.
Post: We got our first deal in Contract!
- Dallas Tx
- Posts 7
- Votes 4
Hey Everyone! My name is Matt Hernandez, and my younger brother (Caleb) and I just got into a contract with a house in Arkansas. We are a bit nervous, but I am tired of all this analysis paralysis crap. Below you will find the details of the house, and if you have any suggestions please let us know:
House Location- Benton, AR; Bedrooms and Baths- 3/1 and a half; Sqft- 1456; ARV-125k; Contract Buy- 50k; & Repairs- 20k.
We are a bit of a pickle, because we found out that our HM lender won't lend out of the Dallas-Ft Worth area. If you know anyone that lends in Arkansas or want to partner in with us, please let me know. We are going to go through the list of HM folks today and tomorrow, so hopefully we can solidify the finance soon. We plan to flip this house.
We got this deal through a personal contact who has a relationship with the owner. We were being creative with the deal, and we offered to pack and move them to their new destination (DFW). Thank you for your time and wish us luck!
- Matt Hernandez
Post: Have $20k to invest but am self employed and cannot get a mortg..
- Dallas Tx
- Posts 7
- Votes 4
@Jeremiah Green I would say you have a few options:
The 1st is flipping with a hard money lender. I would interview up to 10 lenders to see what they require on theirs loans. Some don’t care about your credit or work. Just make sure you find the right deal. Once you buy the house and after the rehab, just flip it or turn it into a brrrr.
The 2nd is Wholesale. This might be a bit hard when starting out, however if done right it’s lucrative.
The 3rd is partner with someone who has great credit. You have the money, and they have the credit so make sure you organize the transaction correctly.
I hope this helps, but I am new so I am learning as well.
Good luck!