All Forum Posts by: Michael Myers

@Niccolo Fazio, the built in BP search engine isn’t great, I’ve had more luck just googling “BiggerPockets” + whatever I’m looking for. 

@Niccolo Fazio, we used some of the suggestions in this post to make a list of people to interview. Haven’t used any of them yet, but in speaking with Milt Colegrove, it seems he’s got a good head on his shoulders and personally does some flipping as well. Lots of other suggestions here on BP too, just got to start calling them and see which one you like best!

@Joseph Odusina - congrats on the ducks! @Andrew Postell is aTexas lender up in the DFW area that might be able to help you with your cash-out question, as he has helped quite a few others with the same situation. I found his post here to be quite informative, and offers a good way around seasoning if you've got an LLC you can lend from.

@Trevor Lane is down in the Sugar Land/Rosenburg area if you're looking to meet in investor down there. Don't think he has any GC contacts for the Spring area though.

Best of luck!

@Andrew Threet, I'm also looking to purchase in the DFW area in the next few months. The market is definitely hot, and small multifamily is even hotter. That being said a duplex in need of a cosmetic rehab did just come across my radar that looks reasonable at ~$200k purchase and a 10-15% CoC ROI from our underwriting, so it is possible.

The areas we are focusing on are Southwest FW between highway 30 and 35W, as well as Central/West Arlington and south out to Kennedale/Mansfield.

Best of luck!

@Sri L., very cool! Let me know if I can be of any help!

Looks like there’s some good suggestions in this post here: https://www.biggerpockets.com/forums/44/topics/415375-where-to-find-framing-contractors-who-arent-general-contractors

You could also call up carpenters who do decks, gazebos, etc. and ask them if they can do framing as well... might end up paying a pretty penny that way though. From my experience,on small framing jobs (not that what you’re saying is a small job), like Dustin said, the GC just does the framing since it doesn’t take an enormous amount of skill. 

Hi @Dan Koskinen! Welcome to the Golden State (in the near future)! I’m located about 2 hrs north of Monterey, but my wife grew up there and her mom still lives there, so I know the area fairly well. You're going to be hard pressed to find much in Monterey proper. It's a tourist town with amazing views and great weather, so lots of wealth coming in and buying all the good stuff. Between the sky-high prices and California's very strict rent control laws, it makes it tough to come in and do a value-add rehab and increase rents to a point that you'd get much (if any) cash flow. 

Seaside and Marina will definitely have lower prices and aren't too far away such that commuting doesn't make sense. I'm not sure what the multifamily situation is over there, but if they're rented with long term tenants you could run into the same rent control laws. 

Have you thought of doing a long-term live-in flip for your daughter? Maybe buy a large-ish place and have her rent out bedrooms, then do rehab work over the summer or whenever school holidays are, and sell when she's done with school? Might not make a profit, but you might break even on about of rent you saved? Just a thought.

Erin Helle would be a good resource to reach out to. She writes blog articles for BP and currently lives in Monterey, so she'd know the details of the area better.

Best of luck!

Hi @Rob Lee, thanks for the link. I don't understand the reasoning behind the "percentage of rent" approach for CapEx reserves... if I have a 1,300 soft that rents for $900/mo and a 1,300 soft in a different area that rents for $1,800/mo, why am I setting aside different amounts for when the roof or HVAC needs replacing? Or is the thought just to have something set aside each month instead of nothing, and 12-15% generally works as a good ballpark?

Hi @Megan Stafford! Thanks for reaching out! Awesome to find another P. Hill resident! I’d definitely be down for meeting up to chat, maybe at the dog park after this heat wave? I see your profile says you’ve got some pups, and I’ve got a super friendly golden retriever that would love to meet you (she’s more of a people dog than a dog dog... just kind of ignores other dogs and runs to their owners haha). I’ll shoot you a PM and we can set something up!

I actually first started looking at investing in Little Rock, but switched to DFW because my friend that I’m planning on investing with is from the area, so we figured that would give us a slight leg up while we’re just getting started. I’d definitely be down for taking a look again with someone guidance!

Hi everyone! I'm looking to start investing in the Fort Worth area later this year. Just wondering if there's anyone located in the East Bay (I'm in Pleasant Hill) who is already investing in the FW area? I'd love to connect, network, and figure out how we can help each other out!