All Forum Posts by: Nicole Johnson

Hi @Jose Jacob and @Nathan Gesner, 

Thanks for your input! I am not out of state, I am local to Dallas, just new to the area. I had a GC walk the house with me during the showing. He quoted $85k finish and the ARV came from the MLS checking it myself and two realtors. I definitely did not just make the number up or rely on a wholesaler lol. Per the title company this morning, there are only $96 in taxes due and it's the seller's responsibility. I did my due diligence prior to making an offer, I was just trying to get local eyes on it. Thank you.

Hello Everyone! I am under contract on my first flip in Dallas. I would love some advice and input. It is a hard money foreclosure already gutted with Demo, Framing, Mechanical, Electrical and Plumbing done. The home also comes with brand new windows and sliding glass door.

Address: 305 High Brook Drive Richardson, TX 75080

MLS info : 3/2.5 2,330 square feet w/ pool

Currently: 4/2.5 2,500 square feet w/ pool

Rehab: LVP flooring, quartz counters, ect.

Purchase Price: $450k

100% HML @ 11% $25k closing out of pocket

Rehab Budget: $70k-$80k maybe

ARV: $730k+++ (
-2 most recent comps sold at 288/ sq ft (no pool)

-1 active comp $338

-1 pending comp @ $340 sq ft

Questions:

1) ARV Opinion? Good or Bad Deal? (2 most recent comps sold at 288/ sq ft)

2) Rehab Budget Opinion?

3) Investor Friendly Contractor Recommendations?

4) I see about 20k delinquent taxes. Is that the seller's responsibility?

5) Typically, will the seller (hard money lender that foreclosed) allow me to have GC's walk thru for quotes prior to our closing in 2 weeks?

Thank you so much for any input!

Hi! I am happy to share some very valuable advice I have with you and help where I can. Feel free to send me a PM!

@Harrison Sharp Thank you so much! Please check your inbox

@Eric Boshart  Hi Eric! That sounds awesome. I would love to chat. I am sending you a PM with my contact information. 

@Alicia Marks Thank you so much! What a great point! Coming from a 9/10 A+ Great Schools rated Florida school district with a 5th grader pushed me to do a lot of research into the ISD school districts. That subject would not have come to mind when considering a property, thank you so much for that. I listened to your podcast actually a couple of weeks ago. My favorite part was hearing about your many different streams of income and your excitement to scale. I'm excited to go from one property to a dozen! Lol. I'm bummed I missed the past meetup! I am hoping to attend the next one and I would love to connect with you.

Hello Everyone! 

I am a new investor with one Miami, FL property that's in a nightmare rehab stage. I recently moved to the Dallas/Fort Worth Area (Las Colinas). I would love to connect with some LOCAL, ACTIVE Investors. 

I am on pace to complete the Texas real estate courses this month and obtain my license next month. I want to join a brokerage that specializes in Investor Friendly Properties with an office full of active investors (if that exists) lol. Any recommendations? New Western? Networth Realty? Smaller, boutique offices?

I am also ready to purchase my first rental property in the DFW area. I have $50k-100k to invest and access to many lending products. Should I wait to get my license and buy in January under my own license or start hunting for deals now? I love buy and hold strategies, such as STR and LTR. Please feel free to share your expertise on location. (Arlington near stadium, hospitals or airports or residential neighborhood areas, such as Frisco and Plano?) I would like the idea of a flip that is suitable for STR or LTR as plan B and C.

I know I'm all over the place (which is normal for me LOL)! Thanks in advance for any advice!
 

Hi, 

My name is Nicole. I am a new investor in Miami. I am trying to start with move-in ready homes to hold as a short term rentals and homes that need renovation to either hold or flip. THIS IS MY FIRST DEAL! Yay! I'm excited! I have about $200k cash saved to use on a couple of projects. I don't really have much proof of income so I will be using a DSCR loans for the move-in ready project and I am looking for hard money lenders who can assist me with the purchase/rehab of the other project.

I am considering 4,500 square foot home for my first flip. Purchase price is 600k. ARV is 900k+ but I'm not sure the renovation cost. What would be the worst case scenario for budget on a home this size with an outdoor pool? Is $150k-$200k too low? Let's assume it needs EVERYTHING! Is this too large of a project for my first flip? I am thinking worst case scenario I buy for list $600k I put $150k in $50k fees. I'm in for $800k on a hard money loan. After a 6-8 month reno, I refinance into a dscr loan and use it as a short term rental. Or ideally, I sell for 1m+ :) This is a bank owned property by the way in a hot market. (Just toying around with the idea, of course I would do an inspection/appraisal/contractor walkthru ect. prior to closing)

By the way, I have no idea what I am doing lol. All I know is how to run the comps to make sure I'm not making a terrible decision. I am lucky to have friends to run things by them to double check. I would love any assistance or advice, especially from experienced investors in the South Florida area. I would also love some assistance from a realtor with expertise in investment properties. I am open to Miami-Dade and Broward County. I am looking to build a network of contractors, vendors, agents ect. I would like to do my first 2 deals within the next 14-30 days. With this super market South Florida market, I am leaning towards foreclosures and off market deals. 

Thanks in advance for any advice. Best of luck to everyone!