All Forum Posts by: Richard Thomas

@Kevin Scanlon @Aly W. 

Thank you all for the advice. It looks like I may be looking at this situation too narrowly and should also consider a HELOC as that may be a good way to access the equity without all the costs associated with a refinance. As is the property should still be cash flow positive after accessing the funds so my best bet is to spend the time looking for a deal while getting the finances ready.

Thank you all for the advice!

@Jason Crain, Thanks! The property will still cash flow after the cash out but I am wondering if it is worth the closing costs. I appreciate the caution with rents decreasing or personal hardship. Will continue to weigh the options.

I have a SFR with good returns and decent equity. Should I tap that equity to get capital to buy next SFR or go the longer route or saving additional capital while keeping that equity in place?

Thanks for the advice. I think I will try this on my next property

Do you ever use staging in your rehab projects? If so when do you bring in a stager for a consultation? Before starting the rehab? After it is done? How much should this cost? Was wondering about these questions and think it would be great to get the thoughts of other investors

Thanks for the great input. I agree the tenant pool is a smaller and after going though some visits over the weekend with my contractors it looks like there is some foundation issues that needs to be taken care of so the repair costs is trending more like $30-33K. Also I am seeing to get the ARV we would most likely have to put in most of the work necessary to get it sale ready even if I am going to rent it. With that said, where do you think I should go with this. Starting to look more like a flip to me but really looking for a buy and hold strategy

Got a property under contract and here are the details:
Contract price $162,200
ARV $260,000
Repairs $20-25k, still trying to finalize this
Prospective rent $2000-2200, still trying to nail this down. Realtor suggests $2,395 and put negotiable

Thanks for the guidance! This is my first deal. Goal is to have a buy and hold strategy over the long haul.

@James,

Thanks a lot for the advice. I will work on becoming more involved in the community.

@John,

Happy to hear that my approach is on track. Would like to make sure I am doing all the right things and not making too many rookie mistakes. What would you say are your top 3 items that I must consider when looking to embark on this path?

Thanks,
Richard

Dan,

Thanks a lot for the welcome. I am looking forward to getting to know other people in the Dallas area as well and building my network.

Richard

Hi everyone,

My name is Richard Thomas and I live in Dallas TX and want to introduce myself to everyone. I have been a member of Bigger Pockets for a few months now and have been contemplating getting into the real estate market for a while. I have spent a good deal of time reading the blogs and articles because I believe they are very informative and I have learnt a lot from you all. Thank you for sharing your knowledge.

I am looking to invest for long term wealth creation and do know that it will take time and effort both of which I am willing to commit. My initial strategy it to find something that needs light rehab and can be used for both rental or flip if the deal is right. I would love to see if I can find an experienced member or two in the DFW market to take out to lunch and just get the opportunity to ask them questions and garner knowledge from their past deals.

I do have a full time job and will need to devote my other free time to evaluating deals and finding a workable project. I am excited about getting something done but am willing to wait for the right opportunity because from all the articles and posts I have read I do see that there are many pitfalls in store for new investors who don't do their homework.

Any advice I can get on how to proceed would be greatly appreciated.

Best,
Richard