All Forum Posts by: Ryan Blake

@Anthony Holloway

Again, @Tamara Deering is right. Most companies that do pre-qualifications or have an application process will make you fill out a new one by the time summer 2020 rolls around. Just get some basic general information. Ask for a sample term sheet or fee schedule that shows all the closing costs and lists out any other fees that will be incurred during the life of the loan.

@Mason Klein

Welcome to the DFW real estate community. Pretty tight knit community here with TONS of meet ups. You should try to get out here and attend a few on your next visit.

@Anthony Holloway

@Tamara Deering is right. I wouldn't pay anything to a lender until you are sitting at the closing table. You hear about so many scams where they charge fees upfront and never return them. 90% of lenders will not collect any money from you until you are sitting at the closing table and all fees are paid through the HUD or Closing Statement. There are a TON of lenders out there. Look for recommendations, ask other investors you meet who they use, and search for impartial reviews.

@Hilary Noon

I have a STR in the same area. It is rented on average 58% of the month (from Feb to end of October). It makes $175 - $200 / night as a 3/2 1,300 sq ft home. With a 1/1 loft that sleeps 4, I bet you would have similar or maybe even higher occupancy but at around $80 / night. This would bring it $1,400+ gross rents per month. You added costs would be higher insurance, utilities, and any other services you provide (cleaning fees are collected separate from nightly rents so you wouldn't have to budget for that).

Hope this helps if you are considering STRs.

@Carlos Maldonado Talking about large general areas, I would suggest Houston, San Antonio, and Fort Worth. All have strong flip and rental possibilities which will mean more options for your end investors.

@Matt Lyons

I have worked with the branches in DFW (there is like 5+ locations down here). I have purchased one property directly through them and know many other investors who have also purchased through them. They are wholesalers. They are selling a property which they don't know but have under contract. They make the spread between what they contact it for and what they are able to sell it to your for. That money goes towards the marketing budget that is required to maintain that flow of properties, overhead, and wages for the agents involved. I have never known any agent of theirs to lie or hide something about a property. I meet A LOT of investors.

Now I have heard the complaint frequently that their properties are marked up. It is really up to the investor to do their own due diligence and make sure they are getting a deal. The agents are sales people. They work for the seller. They don't represent the investor buying the property. Therefore they are going to attempt to sell you something. Be prepared for that. Don't rely only on what the agent tells you. Use a lender, outside broker, or your own tools to verify everything before ever signing a contract.

Just out of curiosity, what have you head about them in reviews? My guess is mostly about the prices being too high or not liking the bidding process when you are walking a property.

Best option if you don't like working with wholesalers, put serious money into marketing to find your own deals. Send out letters, knock on doors, and follow up with every lead you get. Otherwise know that you will be paying someone else to do that work for you.

@Carlos Maldonado Use the state standard TREC 20-14 form for purchase of property 1 - 4 units. Just put "Carlos Maldonado and/or assginee" on the buyer line.

Because the state is so big (literally the second largest), it is tough to give any specific advice or recommendations without an area you are looking to invest in. I am in Fort Worth which is 600 miles from El Paso and 300 miles form Houston. I like using Texas Secure Title - Very investor friendly when it comes to closing outside of the box deals. I think they are only in DFW.

To be successful and not waste marketing dollars using a shot gun approach I would strongly suggest you target a very specific area to focus in.

@Derek Gold Hope to see you there tonight!

@Nick B. I'll see you there. 7pm to 9pm.

@Xin Z. I agree with @Bjorn Ahlblad, first call is to your insurance company to get in contact with an adjuster. You should have coverage for at minimum the amount of money borrowed from the lender. Worst case scenario is you payoff the loan and get a new construction loan or payoff the loan and sell the lot. If you didn't get insurance or got a cut rate policy, it could be bad.

After you talk to your insurance company, call your lender. Let them know what happened. Everyone is on the same team here (except maybe your insurance company). 

@Steve Diercks I would contact your local policing jurisdiction to see what your requirements are or whoever oversees eviction removals in you area (i.e. sheriff, constable, etc.). You have legal right and possession of the home so I would think you would be okay to do with the items as you wish. If the occupants were renters, there may be some time stipulations. I would