All Forum Posts by: Rocky V.

Congrats!

@Katie Neason curious as to how long this project took from purchase to sale? 

I would suggest using leverage to purchase your rentals.  With 20% down you should be able to get traditional bank financing.  I would look into areas further north of Little Elm including Savannah and Prosper.  It is highly unlikely you will cash flow $1K/month with a purchase price of $80K.  Get that 1st rental under your belt and see if it's for you. 

I would also suggest pvc trim.  This is resistant to mildew.  I would trim out entire tub and tub surround for a better look.

What are you waiting for?  Do the deal.  If you need the cash once it is done put it on the market for a retail buyer.  If for some reason it does not sell turn it into a rental.

IMO - Your estimate on rehab is fairly low considering paint, flooring and appliances.   Just confirm your numbers with your contractor and Go For It.

@Account Closed Just because I do not offer them any upfront money does not mean I have nothing in the transaction. The majority of deals I have done I have had to make major repairs and even back payments. I give all my clients options: cash offer, list on MLS, short sale, even manage property for them. Many of them do not want to deal with tenants and live pay check to pay check so they can not afford to make major repairs. I have yet to have a lender call the note due when they are receiving payments automatically from my bank account. I do have the means to deal with it if it was to arise.

@Daniel Robbins do not offer her any money up front. If she sold on MLS she would have to come to closing with a check. You are offering her debt relief. When I deal with sub2 clients I let them know that we are both entrusting in one another. I take it one step further and show them why they can trust me with references, bank statements and a fico score.

Best of Luck 

Call a company to pump out unit.  In Tx this will run about $350.  Then you can evaluate system.  What type of septic system is in place? 

FYI - I had a complete aerobic system installed for about $5K

@Nick R. Have you tried calling your insurance and filing a claim?  Many roofs in DFW have been hit with hail within the last couple of years and can be paid by insurance. 

I would not recommend going from 0 to 20 in one year.  You will more than likely buy properties that will merely break even or even be in the red.  Take your time and buy right, otherwise, you will regret becoming  a landlord and lose your mind.

FREEDOM!  "Cash is good but cash flow is great" and will set you free to do what you want, when you want, with whomever you choose :)