Dallas Fort Worth Investors
Real Estate Agent · Fort Worth, TX · Member since 2015 · 48 posts · 12 votes
Dallas Fort Worth Investors
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Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes
10yI'd be much more concerned about Houston, esp. the energy corridor on the west side of town. Fort Worth's largest role in energy is natural gas, esp. capitalizing on the fracking boom of recent years. Texas' economy has greatly diversified since the last oil crash, and DFW is not overly reliant on energy. We have a lot of jobs and people moving here continuously from CA and elsewhere due to Texas favorable business environment, DFW being a great airport for bus. travelers, relatively low cost of living, highly educated labor pool, etc. As long as these trends continue, I expect energy prices to have a minimal impact.
I predict that holding off a year will result in having to pay ~5-7% more for your property. I'm a REALTOR and investor in the area, let me know if I can help!
38 Replies
- Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes10y
Originally posted by @Jay Hinrichs:
@Hattie Dizmond as I dug into this with this company I looked at what they presented my vendor .. turns out their representation of ARV was off by 10%.. and their rehab budget put together by their in house SUPPOSSED contractors was off by 50%...
Yeah...my favorite deal one of them presented, and I analyzed, was in the Richardson ISD, which is our wheelhouse. The ARV was off by about 25%, and they were trying to sell a total kitchen remodel, total remodel on 3 baths, new flooring throughout (3,000 sq ft), all the other bells and whistles on a full update of a 1970ish home, in an area where designer (not top of the line, but designer) finishes are expected at about $45k. I had to call BS on that one.
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Michael Hayworth I am just started here .. I promise you that..
- Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes10y
You know, what I want to know is...there are always people saying the real estate commissions are going to come get the wholesalers...blah blah blah. But, all the guys that work for these 2 groups are licensed agents. Shouldn't TREC be more worried that their licensees are providing false valuations to people? Wouldn't that be construed as a violation of the long list of ethics rules TREC has? Just sayin'
- Contractor · Fort Worth, TX · Member since 2015 · 379 posts · 740 votes10y
Originally posted by @Jay Hinrichs:
@Michael Hayworth I am just started here .. I promise you that..
I hope it goes well.
Sending you a PM on another topic.
- Real Estate Agent · Fort Worth, TX · Member since 2015 · 48 posts · 12 votes10y
I can't speak for New Western but I can for my company. Are we perfect, no, but we sure do our best to provide the most accurate information possible. We even track our properties that have sold and have been resold and for the last 4 years since we began to track our numbers we've been on the average 100% accurate on ARV. The rehab we provide are estimates and we provide our investors with as much information to make a quality decision, while encouraging them to do their own due diligence. There is a reason my company has been in business for 8 years and continues to grow, we have 100's (yes, 100's) of satisfied and repeat investors. Failure for most investors comes from the lack of doing their own due diligence and then they turn to blame someone else for it (investors of all levels). Like I said are we perfect, no, but we do our best to give you positive information to assist in our investors making a quality decision.
That's all I'm going to say on that, if you would like to discuss further than you can come in for a meeting. HA!!
- Investor · The Colony, TX · Member since 2013 · 283 posts · 205 votes10y
@Jay Hinrichs Glad to see I am not the only one who think those deals the big wholesalers email are total BS. I went to one of their offices when I first got into the business and it was a complete disaster from the beginning. First of all they did not even have their name anywhere, I was not even sure I was at the right place. The receptionist had no idea what was going on and it took forever for her to figure out who I was there to see and then contact him. Once he came out to greet me, he was sweating and wearing jeans and his shirt was untucked and had sweat marks all over it. Once we finally sat down he was as arrogant as arrogant can be. He did apologize for being late, he said he was out putting out signs. Just a word of advice admitting to putting out bandit signs which are illegal is not the best way to start things off. Once I finally started receiving the so called "deals" they were just as you described. Over estimated ARV's and underestimated repairs, on every single one of them.
- Commercial Real Estate Lender / Syndicator · Dallas, TX · Member since 2011 · 888 posts · 309 votes10y
@Jay Hinrichs wish I had known you were going to be in town. I'm looking at building a few specs and would have liked to visit with you. I'll shoot you a PM to see if we can connect.
As for the two big companies referenced in this thread, you're not alone ... complaints go back at least 2-3 years on BP.
- Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes10y
I have a few good stories I could relay about my dealings w/ one of the big 2. One time the new agent of the week was aggressively trying to sell me a property as a vacation rental. I googled the address, and noted that it had been on the market over 160 days, and they had the audacity to jack their asking price $25K over the MLS list price. When I confronted the agent about that, he replied they're adding value by advising that it's a good vacation rental market, and that if I can't see the value, he felt sorry for me. Oh well, my loss! :)
I used to attend their showings, which always culminated in a live auction that usually seemed to result in the "winner" paying well over their asking price. I have a couple of friends there who are cool, but I'd much rather sell to than buy from them, and they even somehow manage to make selling difficult.
- Investor · Tampa, FL · Member since 2016 · 1 post · 2 votes10y
Gotta say I’m in Tampa and even I know about this Hattie lady. I remember after seeing her leave a really spiteful comment on BP against someone I looked at her profile and she had admittedly never purchased an investment property. I almost never post on BP unfortunately but I feel like I need to speak up since there are likely a lot of new investors on here genuinely seeking guidance. I was following a thread awhile back where she was just tearing apart this deal that some local wholesaler was showing. She was saying how bad the deal was and how some idiot investor overpaid. I happened to be at that showing with an investor friend in Dallas and he knew the buyer as one of the most prominent flippers there and had done something like 100 rehabs and owned a rental house across the street. She couldn’t have been more off on all of her comments.
Anyhow I think on BP they should post next to the persons name how many deals they have actually done because it seems like the people who are jumping up and down all the time have ZERO real experience and have just read a ton of RE books. I read on BP all the time and there are some familiar names I see that just tear people apart on here unnecessarily and they are the ones with the biggest opinions but no experience. They have a right to free speech but if you are new I would highly recommend that you qualify people before you follow their advice. This Hattie lady is more dangerous to a new investor than the shadiest wholesaler in this country. She had NO experience and has almost 2000 comments on BP. I think what she is doing is highly irresponsible.
- Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes10y
Originally posted by @Greg Varco:
Gotta say I’m in Tampa and even I know about this Hattie lady. I remember after seeing her leave a really spiteful comment on BP against someone I looked at her profile and she had admittedly never purchased an investment property. I almost never post on BP unfortunately but I feel like I need to speak up since there are likely a lot of new investors on here genuinely seeking guidance. I was following a thread awhile back where she was just tearing apart this deal that some local wholesaler was showing. She was saying how bad the deal was and how some idiot investor overpaid. I happened to be at that showing with an investor friend in Dallas and he knew the buyer as one of the most prominent flippers there and had done something like 100 rehabs and owned a rental house across the street. She couldn’t have been more off on all of her comments.
Anyhow I think on BP they should post next to the persons name how many deals they have actually done because it seems like the people who are jumping up and down all the time have ZERO real experience and have just read a ton of RE books. I read on BP all the time and there are some familiar names I see that just tear people apart on here unnecessarily and they are the ones with the biggest opinions but no experience. They have a right to free speech but if you are new I would highly recommend that you qualify people before you follow their advice. This Hattie lady is more dangerous to a new investor than the shadiest wholesaler in this country. She had NO experience and has almost 2000 comments on BP. I think what she is doing is highly irresponsible.
I don't know who you are. You've been a member for 1 day. (Member since February 11, 2016 (last active about 1 hour ago)) However, I've never been spiteful in any post, even those directed towards the 2 big wholesale outfits. I'm sure not everyone on BP likes me, but I don't think you will find an experienced BP member who will say I am anything but consistent in my dealings with everyone. As for my profile and experience, I don't know what you read, but you should read it again. You were obviously confused.
I'm sure there are some "deals" in an among the junk and MLS retreads being presented. If someone wants to do business with these companies, that's their business. However, when a deal is posted with obviously inaccurate and inflated numbers, it is the community's responsibility to call that out. Particularly here in Dallas, where there are newbies flooding BP every day, and deals are so difficult to find, many of them are desperate. They've not yet learned that no deal is better than a bad deal. If my posts can keep just one of these folks from getting into a bad situation, I'll gladly keep posting them.
- Residential Real Estate Agent · Miami, FL · Member since 2013 · 195 posts · 138 votes10y
Originally posted by @Greg Varco:
Gotta say I’m in Tampa and even I know about this Hattie lady.
First post on BP and you're going to use it to troll?
Hattie has over 1400 votes in just 1900 posts. Obviously this community appreciates her insight. If your goal is to spread some pointless hate, go do it elsewhere. The internet is plenty big enough....
- Wholesaler · Fort Worth, TX · Member since 2009 · 39 posts · 16 votes10y
I was in Houston this last weekend. The Super Bowl is coming to Houston next year. I am looking for condos, town homes, and small homes around the stadium area. The super bowl is like a mini olympics. People will start looking to relocate especially if they are getting a job transfer. Apartment complexes were being built all over. I dont see Houston a down market.
pam
- Investor · Houston, TX · Member since 2014 · 242 posts · 81 votes10y
Originally posted by @Pam Cleary:
I was in Houston this last weekend. The Super Bowl is coming to Houston next year. I am looking for condos, town homes, and small homes around the stadium area. The super bowl is like a mini olympics. People will start looking to relocate especially if they are getting a job transfer. Apartment complexes were being built all over. I dont see Houston a down market.
pam
Hi Pam. Sellers are over asking and not motivated in that area because they know the Superbowl is coming and they are looking to take advantage of people who don't know any better. I would caution you on that but there has to be a good deal in there somewhere. I just haven't found it yet. Row houses and town homes in the area are starting sit for longer. It's not a down market yet but it's not as healthy as it once was.
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