All Forum Posts by: Samantha M.

Andy Collins Understood Andy. Out of curiosity how are you mainly trying to source your deals? The MLS, wholesalers, your own marketing?

The best deals that I get are typically ones that I can source myself or from individual wholesalers that deal with motivated sellers. That seems to be the best way to get them at 70% ARV minus repairs in this market.

Oops sorry meant to notify you to the post with my reply Andy, let me try that again with Andy Collins

Thanks for your clarification Andy. So I guess since the deals are hard to find right now you would consider a 75% ARV minus repairs to be a great deal and a 70% ARV minus repairs exceptional, while 80% minus repairs is "fair". Does this sound about right to you?

This has been my experience so far as well. I try to get 70% when I can but like you its just very hard to do in this market.

Thanks for weighing in.

Andy Collins Just wondering Andy but what do you personally qualify as a "great deal". To me thats typically the good old 70% rule minus repairs.

Erik Drentlaw Probates are a mixed bag. Like I said the competition is super high even if you mail them regularly. Alot of people claim probates is a niche market that i read here on BP, not the case here every investor and their mother mails probates.

Even when you mail them regularly every couple months, when its time for them to call, there are probably at least 15-20 other investors doing the same thing you do (mailing them regularly). So better hope they dont call your competition first. With a little bit of luck hopefully they pick you first, or sometimes the competition doesnt answer their phone fast enough and you can set the appointment.

Then even if you book the appointment, since this is super competitive, you are probably going to go against at least 5 other investors. The result is everyone bids up the property, the margins shrink, and everyone loses.

I am working with some wholesalers. Good ones that actually source deals from motivated sellers, not ones that negotiate a small discount or just mark up from the MLS.

ALso to clarify in my original post I purchased and closed on 3 probates last year, i didnt wholesale them, sorry for the confusion.

Let me tell you from experience. Probate here in DFW is CARPET bombed with mailers. Very often I show up at probate houses and there is a pile of mail on the table with literally 50+ other we buy houses post cards.

I only closed on 3 wholesale properties last year, and that was with multiple mailings to the same probate house through the year. Probates are not a "niche" in dallas-fort worth anymore. A big reason is the lists are easily accessible from a bunch of RE investment services.

They can be a decent supplement to your regular deal pipeline though.

John Chapman Thanks Jon that was a great reply, thank you very much. I am about to meet the seller, I will let you guys know how it goes and keep you updated.

Thank again eveyrone

Stephanie Dupuis This is what I am referring to by window units. I hope that helps clarifying, thanks for your help. Hoping these will be fine for rental units.

I am taking a look at a property built in the 1950s today. The property has no central heat or air just window units. The comps clearly show this house is best suited for a rental. I have never dealt with a property this old before.

With these type of rental home would you typically go to the trouble to install central heat/air or would you leave it as is? Just trying to know before I make an offer later today (owner is VERY motivated so I can get it cheap) and need to figure out if I need to account for HVAC or not.

Thanks I appreciate your feedback

Jon Klaus Out of curiosity do you not feel the Dallas-Fort Worth contingent is a hot market anymore? Do you feel the DFW area is losing momentum?

I might need to look into buying some rentals in Austin.