All Forum Posts by: Tyron McDaniel

Thanks for the feedback guys... There is a pad but I am not sure of it's true condition as it's covered with grass and tree branches right now! But to ensure we garner our projected sales price we will have to do it.

I am pricing what it would cost to build a detached 1 or 1.5 car garage on a home we are flipping and was wanting to see if you have done this on a flip and what it cost you as well as how did it impact the ability to sell the property? Photos would be cool as well!!!

 Ryan you know how money seperates families all the time unfortunately...

If you approach the tenants directly after I have the contract signed and find out how you can solve their problem while securing the property. Being able to converse with the tenants and create a WIN-WIN-WIN is where the money is MADE on this deal! This would also be the reason why you can push for the $90k price as well... 

Yeah... I agree with everyone else!

What better land to buy than land thats next to where you live ESPECIALLY when you live in an area that a savvy smart investor recognizes as a great place to own! 

BUY IT! 

You will thank yourself later!

 Thanks Crystal and you're right... generally I like to get a basic idea of the rough numbers and then I crunch them some and get to the numbers more like what you are referencing closing, agents etc. I do have a built-in mental 3% as my wife is always the listing agent on our deals!

And THANK GOD there was no foundation issues because we most likely wouldn't have bought it... we try and steer clear of them believe it or not! It also sounds like your Houston wholesalers are ONLY giving you the deals they won't do themselves... (Not uncommon)

Got access to my other pics on this deal...

Here are some rehab photos...

There was some termite damage...

Replace the tub and shower backer board

Thankfully no cracks...

Closing the day after Thanksgiving, this was a good rehab that went as planned for most part though I felt we could have finished 2 weeks earlier; ultimately we finished at the end of January listed on January 30th!

Here are the After pics...

We always like for buyers to see 2-3 colors when they walk into THEIR new home...

Gotta love Granite & Travertine (My contractor re-stained the cabinets for $450 or so!)

Vaulted ceilings with an accent wall (you can't see in this photo!) LOL

Master Bath

Master Bedroom

Bathroom

Final Numbers...
Purchase Price: $68,000
Repairs: $23,500
Sales Price: $124,900
Gross Profit $33,400 (minus 3% Buyers Agent, 1.5% Title fees etc)

Our saving grace on this deal was the we knew the buyer demand in that market good enough to know we could get $10,000 higher than many of the other investors who saw this! That $10,000 was the difference maker on this deal, it's not a MAJOR won but it's a bread and butter deal that we personally plan to do as many of these as possible in this neighborhood and others comparable to it. 

There wasn't a lot of margin for error on this deal and we ran over our budget in small increments in a few places but our initial budget was ambitious as well, so in the back of our minds we expected to spend and had allocated almost to the dollar what was needed! 

Sounds cool, glad I found this! Look forward to coming out and meeting everyone!

Pictured above is lovely old home located dead smack in the middle of the BIG city of Houston... looking at the lot and the ENORMOUS trees you would never think so! 

I am in the midst of determining the design of the new porch and portico to go on this one and wanted to see what some of my fellow BPer's have experienced.

If any of you have before & after pics of a project where you have done similar I would love for you to post them here as we as the costs! 

Ok, Blake! And to better answer your question my personal business philosophy is I CAN NEVER HAVE TOO MANY LEADS... if you have enough time to get to all of your leads then you have too much time on your hand! I always want more opportunity than I can handle which allows me to choose and cherry pick the deals! 

So I would say let 'er rip and BECAUSE you have a full time job and you are looking for GOOD rentals you now truly focus on the deals that fit your criteria! You don't have time personally for the other deals which sets you up to wholesale those deals to other investors.

As for response, it will vary on several factors:

- the quality of your data (list or data source)

- how often are those people being mailed to

- the quality of your envelope

- the style and copy of your letter 

- the frequency at which you mail (most investors mail once maybe twice, although in sales most deals happen after contact 5)

Track your response and make small tweaks and track the improvement. 

 Hey Corry

Let's talk, I can assist you in Houston with securing deals that fit the criteria you specified (30% margin) - can also provide you with assistance in securing off market deals as many of Houston's deals are bought & sold off the MLS because the market is so HOT!