All Forum Posts by: Trey Goodwin

Lubbock investors - I wanted to see if there were any investors out there with recommendations for a good, investor friendly general contractor and property manager? I have secured financing through a local bank and looking to grab a fixer upper rental SFH. I live in the DFW area but have family in Lubbock that will help me being boots on the ground. I have been researching and learning the Lubbock market and it seems that 1-1.5% is definitely achievable, even off MLS properties. Would like any local advice and recommendations I can get!

Thanks for the insights.  When it comes to refinancing, can I do that during the first 5 year period? 

BP! 

Newbie needing advice on loan terms from a local bank. Is this a good loan and what questions should I be asking? Here are the details I have now: 

Purchase price $100,000

15% down $15,000

Improvements $15,000

20% down $3,000

Your total loan amount is to not exceed $97,000. This gets your ratios in line with our guidelines. For the 1st 12 months, you’ll pay interest only. This will allow time for the rehab to take place. 12 months may be too long, so we can look at 6 months. Then, once the improvements are 100% completed, and the interest only period is up, the loan will convert to P&I payments for a fixed 5 year period. Those payments will be based on a 15 yr amortization. What happens when the 5 years comes due? We’ll reprice it at that time to whatever the market rate is doing, and modify it for another 5 years, and so forth. 

Account Closed 

New investor here as well. Interested in this post and would like to connect.

Originally posted by @Account Closed:

I'm sure most new investors have this question. Although I myself am new, I know where I stand. I'd prefer to build a rental portfolio accompanied by periodic flips. But I'm curious. Are you more on the side of running a flipping business, or building an income stream with rental properties, and why?

I'm an excited aspiring investor in Dallas, TX. To all others of you in my area, novice or experienced, let's network!!

@Jennifer Tsui

Good luck with your search. Will be following this post.

@Marcel B.

Newbie here in Frisco. Interested in this post. Good luck with your search and please share if you find what you are looking for!

@Courtney King

Looking for the same. Mind if I forward you my contact for some of the email blasts? 

Good luck, lots of Investors in the DFW area here on BP. You should be able to find answers to any questions you may have.

@Blake Watkins

Welcome to BP. Good luck with your flip!

@Kyle Thomas

Good luck to you. You have found a great site with tons of experienced REIs that will share information to help you in you REI ventures!