All Forum Posts by: Rocky V.

@Jaimie Chen 

Welcome aboard and Congrats!  What areas of DFW are you concentrating on?

I'm only at about $15/hr..........every hour, every day, every night, no matter if I'm on vacation, with family or friends.  This is on my rental portfolio.  My flips have varied from a couple hundred to a thousand.  Just wish I could find more flip opportunities ;)  

Has your mortgage co ever came knocking on your door for payment?  I'm not in the courier service business.  We treat tenants like adults and have never had an issue with collecting. 

YUP!  Here is one of my most recent deals:

Purchase Price:  $32K at Trustee Sale

Rehab:  $8K

Sales Price:  $76K with an owner financed wrap around note

Cash in Pocket: $9500 after all the dust settles and monthly profits of $135 for the next 20 years.  So at the end of the day I have none of my own money in the deal.

This was a mobile on land which was purchased on the courthouse steps for cash and rehabbed.  I offered owner financing with 15% down on a wrap around note.  I have a private lender that cashed me out and prefers that I wrap his notes.  Here is a before and after pic of property.

Definitely need to perform a hydrostatic test on sewer system.  The main test is not going to be that expensive but performing an isolation test will be costly.  We did one last week and found 3 slab leaks, cost $2,500.  You should be OK as long as there are not multiple leaks.  Worst case scenario all lines have to be replaced which could cost $12-20K.  Pic is of a toilet removed and line filled with water after installing a test ball on sewer line.

Definitely agree on calling local banks.  I do not think it is necessary to go the commercial route unless you exhausted all other possibilities.  I have a local credit union giving me 15 year term, 5% fixed interest, no seasoning requirements, 70% loan to value. 

@Adrian Stamer 

If you have a responsible/honest/inexpensive/timely handyman on your staff then I would definitely consider expanding your business. You should call other property management services and let them know of your services. I would keep this company completely separate from your current companies in possibly a LLC.

FYI - on average each tech should bring in about $1K/day 

@Justin Baker 

Take a referral fee from both if you can.  I'm sure the wholesaler is making plenty of money on the deal and your buyer as well.  The two would have never met without you.  You provided a service and should be compensated for it.

If there is an auction date, you would more than likely need to contact the attorney/trustee handling the file to see what the exact payment is to make loan current.  Keep in mind attorney's fees are now added to the payment which can make it less appealing.  I have been successful in going to the attorney's office and reinstating the loan.  Make sure you do not pay any money until all documents are signed giving you the right to the property.   This is very time sensitive so you must act quick.

If all depends if you want to become an agent or strictly do your own deals.  Those companies you mentioned have steep fees every month so if you are not utilizing their services it is not worth it to me.  I choose to hang my license with an independent broker that operates out of his home and only has 4-5 other agents.  No monthly fees and extremely minimal fees per transaction.

It is common practice to offer a referral fee to another agent if they give you an able and willing buyer/seller that you close a deal with.  This has no relevance of which company you are with.