All Forum Posts by: Chris Bounds

Welcome Tyler! You're in the right place!

This is not intended to be rude. 

These questions are so 101 level it seems little to no self-education has been done. Be a sponge and soak up information in the forums, podcasts, networking events, YouTube, books, etc. 

The answers are there. It does require work to find them.

Passive income & passive investments - how important and powerful is it?

Brokers, agents, and business owners -  join reHacking Live as special guest Steven Pesavento shares his thoughts on the biggest benefits of passive investing, what those opportunities look like, and how you can take advantage of them.

Date: Tuesday, September 1st
Time: 7pm CST
Where: Live on Zoom
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About reHacking

reHacking's mission is simple: provide an environment where real estate agents and investors can learn, network, and collaborate with other professionals in the industry.

reHacking started off as the monthly real estate investing meetup Fort Bend Real Estate Investors (FBREI) in Sugar Land, TX. The mission was the same, only restricted to those who could attend locally. 

We hope you find the content and experience beneficial to your business. 

IMO the two biggest considerations are:

• The market. What do other homes and rentals in the area look like? 
• Appraisal value. If you're planning on refinancing out of a short-term loan this is important.

In general for rentals I'll delay unnecessary expenses as long as it doesn't prevent me from getting target rents & appraisal value and more damage won't be caused by the delay.

Congrats! It seems like you made a profit and got a priceless education on the flipping process at the same time. For a first deal - that's a huge WIN!

eMyth Revisited is the updated book from the original. I'd start there and then venture out into some of the specific industry versions if desired.

I currently live in Houston, but Waco is my hometown. I have MLS access in both markets. Texas in general is still very strong with low inventory and high rents. Waco is not an exception to that.

Welcome! It's a crazy, but fun business. Soak up education and seek mentors. Persistently evaluate how you can add more value to the marketplace and you'll do well.

As an agent you can still act as principal in a transaction. Disclosure is key. Disclosure that you're an agent and that you're intention is to make a profit. 

The homes you're likely buying need work. Sellers already know that and that you're looking to make a profit. That's likely why they called you. 

Focus on helping them solve their problem the best way that works for them. Doing that, sometimes they'll be happy with you buying it. Other times they'll want to maximize their profit and put it on MLS. Either way, you'll benefit.

Be careful when structuring a deal that way. What happens when the rehab schedule gets extended and the other party's costs go up, but yours didn't? That's when partnerships sour. Find an agreement where the financials are known, agreed on, and split appropriately.