All Forum Posts by: Troy Ramey

Hello - Any update on this? I have a meet-up scheduled for next week that I will not be able to host unfortunately. There's no way to cancel it that I can find and I don't want someone driving out to the event to find that it's been canceled. 

Hi William,

Welcome to Denton. I'm a local investor and investor-friendly realtor. I'm also starting a Denton county REI meetup shortly (it's scheduled to start next month but I may have to push it back). I'm always looking to meet other investors. Feel free to get in touch once you've settled in. If I can help with anything, please let me know.

Congrats on the move.

Hi Kieran,

Congrats on the first property! It's a huge accomplishment and can be very rewarding. 

I work with Aspire Realty and they provide excellent property management services. They're located in the Fort Worth area, but they do manage property out here in the Denton area. I honestly have not worked with anyone else, so I can't offer any other suggestions.

Aspire Realty Property Management

Congrats again and let me know if I can help with anything!

Hey Jerry - I'm working on the same thing right now. Do you use contractors for your rehab? And how are you financing the deals? 

My focus right now is getting enough capital together so that I don't need to borrow money in order to purchase the properties. Hard money loans have worked in the past, but they're very expensive. I'm also using a contractor for 95% of the work on my current flip. The last one took over 3 months because I tried to do almost everything myself. 

I think going to banks, credit unions or anyone that could lend you money is a great start. If you haven't already figured out what your credit score is, I'd recommend that as well. A 203K may be a good loan to go with, but I'd keep an open mind. Tell the loan officer you sit down with exactly what you plan to do and let him or her give you some options. 

I personally have used hard-money loans on the three homes I've purchased (2 flips and one rental). It's very expensive and it's not for everyone, but I was able to make a profit still and had someone helping to kind of guide the process a bit. 

Taking to a local agent can help considerably. You can also find a lot of free info on the web from sites like www.city-data.com. I also have used the maps portion of Trulia for crime stats and owner-occupied homes. 

I’m fairly new at this but my strategy is to buy one or more new properties each year. I think timing the market is impossible and instead, I’ve chosen to consistently buy properties at various points in the cycle. The key is to find actual solid deals which are mostly now off-market.

That sounds terrible. Can you share any more info? What city and state is the rental in? Are you calling or emailing the property management comoany? Have you contacted someone local from the area to assist you?

A special warranty deed does transfer property, but does not offer the same protectIon as a general warranty. The difference between a general warranty deed and a SWD is that with the SWD, the seller or grantor is promising that the property is free from any hidden defects or leins and has not been used as collateral under his/her watch ONLY. This does not offer any protection from the previous owners. You can easily move forward without a lawyer, but I would highly recommend getting one. In my opinion, it’d be worth it to understand exactly what your getting into and what your rights and risks are.

That sounds perfectly reasonable to me. Since you used a handyman and have an invoice, I’d say you’re absolutely fine. Especially since you only charged them half