All Forum Posts by: Chris Bounds

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. 

Congrats on both! 

If you want to be a long-term professional in real estate I'd recommend getting licensed. It can only help you.

Getting out in front of investors? Do you mean private lenders to raise the capital? 

Side note: HMU if you pass on that deal.

Consider working with another investor and possibly JV. It could be a good deal, but if you don't have the resources and/or capital to take it down then it is or can become a bad deal for you.