All Forum Posts by: Brendin Wood

Then, would any of you suggest simply listing a property for sale on the MLS for a flat fee and save 3% in commissions if the homes have how DOM, the market is hot in the area, and you have it priced right?

WHOLESALE PROPERTY: http://www.myhousedeals.com/investment-property/lewisville-tx/[email protected]

Okay... I have been trying to analyse deals every day, but the numbers don't seem to come out right. I am estimating high on things like labor, materials, closing costs at purchase and sale, property taxes, interest, etc.

I have created a spreadsheet based off of a couple that I found online and on BiggerPockets. Each time I analyse a deal, the profits are minimal to none. We are most likely going to take out a hard money loan, but I need to make sure I understand all of the costs involved first.

Could a few of you take a minute and look at this spreadsheet and see where I am off? (Property Analysis Spreadsheet)

I calculated the costs based off of this property: (Wholesale Property)

We are very eager to get stared. The numbers just aren't making sense.... :(

WHOLESALE PROPERTY:  http://www.myhousedeals.com/investment-property/lewisville-tx/[email protected]

Okay... I have been trying to analyse deals each day, but the numbers don't see to come out right. I am estimating high on things like labor, materials, closing costs at purchase and sale, property taxes, interest, etc.

I have created a spreadsheet based off of a couple that I found online and on BiggerPockets. Each time I analyse a deal, the profits are minimal to none. From your suggestions above, we are most likely going to take out a hard money loan, but I need to make sure I understand all of the costs involved first.

If any of you have the time, could you take a minute and look at this spreadsheet and see where I am off? (Property Analysis Spreadsheet)  I calculated the costs based off of this property: (Wholesale Property)

We are very eager to get stared. The numbers just aren't making sense.... :(

Thank you for the help!

- Credit score is 790, so that's not a problem. Does the loan also require proof of income?
- Are property taxes and closing costs included in the loan amount?

Hi BP-

My name is Tim. My wife, Brendin, and I are eager to start our first fix and flip investment project in north Texas!

I have worked in several IT positions and spend a lot of my time working on cars and home renovation projects. My wife left the teaching profession after 8 years of service in search for something more creative. We are both people who love a project and seek purpose in our work. We both love hands on work and are passionate about real estate.

Since the beginning of 2016 we have been working hard to build our team, learning about RE investing, and networking. We joined our location REIA and attend weekly MeetUps. We have a CPA and Attorney and have contacts with several general contractors, subs, real estate agents, and investors.

We take the time to analyze at least one or two properties a day and view properties weekly. We have a close relationship with our New Western agent as well as several other wholesalers in our area. We would like to purchase a flip in the North Dallas, Richardson, Garland, or Plano area.

We are looking for a private money lender to help us with our first investment. A 12% to 15% hard money loan is very expensive and we don’t want to send all of our profit on holding costs.

Can any lenders let us know what kinds of interest rates are available for private money loans, points, terms?

A lot of the properties in north Dallas area are $250,000 and up, plus rehab costs. Is there a limit on how much a private lender would be able to lend to a first time investor?

We look forward to hearing from the BP community. Thank you all for your help!

- Tim & Brendin Wood

Question - If you only own a property for a few months out of the year, would you pay the taxes on it for the few months you worked on the home?

We will be purchasing our first flip this Summer - all cash or hard money - and are curious how property taxes and insurance work in this situation.

Thank you!