All Forum Posts by: Rocky V.

Welcome aboard!  What seminar did you attend and what do you plan on concentrating on?

@Albert Yamoah 

The morning of the auction I drive by all properties that I am interested in. I look for cracked bricks/mortar on exterior, missing condenser, roof condition, yard, etc. This will give me a general idea of what work is needed on exterior and help with what I can find on interior once I get access. I do not go over minimum prices paid on homes in that area for the past year. I use MLS to establish this price. You will find some homes are unlocked so I do what is necessary to give me a leg up. Always assume you will need paint and all new flooring.

Best of Luck!

In my professional opinion - the bid price is set low in order to attract more buyers but not what will actually be accepted.  My most recent purchase (11-4-14) at Trustee Auction was on a property with a starting bid at $30K but bank was willing to go up to $46,800.  I bid $46,801 and won property.  It had an original mortgage balance of just over $90K. 

@Mike Darling 

I'm also a contractor and have worked many deals with my HML in which I performed the work. It has never been an issue. I do not take multiple draws as each one requires an inspection and fee. I just take a final draw at the end of project.

If you purchasing for a rental I would not go for laminate unless 12mm or higher.  Looks like pricing on vpf is reasonable.  I am in Dallas where price ranges from $2.5-3 for parts/labor of vpf.   Her is a before/after pic of one of my most recent rental acquisitions in which I removed all carpet and installed vpf.

I would suggest making strong offers regardless if it's cash or financed.  Meaning do not write in any weasel clauses and putting a large nonrefundable 5-7 day option fee.  Obviously you must be able to close and this requires you knowing what your lender will and will not do.

@Edita D. 

$185 for repairing seems terribly high.  Not so high if they are replacing.  In most instances disposal is jammed and simply inserting an allen wrench underneath disposal will unjam or pushing reset button.  I would definitely remove disposal from rentals if they are causing issues. 

I guess this can lead into another subject on if it's a good idea to let tenants know that you are the owner of their rental.   I choose to let them know that I am in charge of maintenance and show up in a 2000 F250 with 280K miles but my better half (the property manager) drives a luxury SUV.  The subject of what we drive has never been an issue.

Recently purchased a sub2 deal from a newbie investor on BP. Here are some before and after pics of kitchen. PITI $851, RENT $1400

@Albert Yamoah 

Investing all over DFW from Garland to Grapevine to Cleburne and all areas in between.

@Anna Shaver 

I look at all properties below $300K with the majority of rentals being in the $120-160K range.  I also invest in Mobile Homes on land and find that they are really good for cash flow.  Just keep in mind you make your money when you buy no matter if you are holding or flipping.