All Forum Posts by: Ryan Blake

What type of neighborhoods are you looking in for SFRs right now? It seems to me that the rougher neighborhoods are the only place to get homes that will cashflow with 80% leverage.

Agree completely with @Bart H.

@Abhi Patel Hot emerging markets in Texas that I know of right now are in the Anna area (North of Plano and Dallas), Haslet area (North of Fort Worth), Aledo (West of Fort Worth), Georgetown (North of Austin), Buda (South of Austin, Northeast of San Marcos). All of these places have a bunch of new construction going on, mostly driven by large developers. Not sure on cost of land in any of these areas.

Good luck with development! Hope to see a success story soon.

@Julian Sung Unfortunately you aren't going to find much cheap / low cost MF in DFW right now. The market is hot and it is very tough to find a good deal. It isn't impossible but you might need to go different routes than just the basic MLS search. Direct mail to MF owners, finding rundown MF and doing a big rehab, or trying to find land zoned MF and building new (also very rare). I wish you luck in your endeavors. I moved from Orange County 10 years ago because real estate was just too expensive and I wanted a slower lower cost way of life.

Hey BP, I need help. Looking to try and get a home using existing financing.

I understand how to sell it to the seller by letting them know that it could help their credit because I will be making full payments on time, that I will be able to offer more money to them because I won't have to get new financing, and that they will still get their equity out right away.

I understand how to buy the property using lines 203 and 503 of the HUD-1 "Subject to existing financing" and ensuring that the title company being used has closed using sub-to financing before.

What I am unsure about it how to verify with the bank that the seller is current. I am guessing I would need them to either add me on their account or call the bank with them present. The big issue I am concerned with is trying to buy a home that has foreclosure proceedings filed (so the owner is behind). I want to ensure with the bank that if I get the account current that they will stop the proceedings and stop the accruing of penalties. Then I would still be able to close on the property using sub-to and carry the existing financing.

Any advice on this would be great. Thanks to all of you for sharing your knowledge.

@Nerton Saintfort This is the best way to run a House Hack deal. House hacking is where you buy a 2-4 unit property and live in one unit while renting the others. You should get a nice cash flow if you are able to get any new home/FHA/VA financing. Then you are able to move out 2 years later and rent the unit you were living in or sell the place and use your primary residence tax credit to get $250k/$500k tax free along with a 1031 exchange. There are some certain limits with the tax credit when you rent out the other half but it will still work great. Hope this helps.

@Kusum Chanrai I think you have already decided on Houston based on your other posts and I think that was a smart move. DFW is a tough flipping market right now. Wholesalers are going to have to add their fee and that will suck most of the profit out of it. I don't know many flippers that would be okay risking $300k to earn a $15k profit. Cash flowing SFR is very difficult in North Texas right now. You may have some luck in C class neighborhoods but they take a lot more work to manage typically.

Good luck on your investing future!

Most Title Companies are investor friendly from what I have found.

What is your investment strategy?

Wholesaling: ask if they do double closings, blind HUD's, will they work with whatever purchase agreement you have drafted, how quick are they able to prepare title for closing

Flipping: every title company should be able to handle flip sales

Buy and Hold: every title should be able to handle buy and hold

Lease-Option: ask if they handle lease options contracts

I hope this helps @Destiny Loggin

@Mario Curley I agree. Arial photography is so affordable that it is a great addition. It helps you stand out when people are clicking through hundreds of homes. I personally bought my own drone for this for about $150. Don't know if you are selling a service because your post is rather vague but for anyone else reading this, best option might be to just buy one yourself. Plus they are kind of fun.

I also suggest making a very quick youtube video of your house and have the link in the description of the home. If you spend just 10 minutes editing, it will look great. DO NOT just take your phone around with you as you walk the house and post that. If not done with at least the slightest touch of professionalism, it may actually hurt your chances of capturing a future buyer. It doesn't take much skill at all using the basic iMovie or the basic movie editor that comes with Microsoft OS.

@Chrissy Parsons Thanks! I will talk with my broker tomorrow and see what she can do. Great added metric to look at.