All Forum Posts by: Danny Day

Hi Denny

Good 1st post. Welcome to BiggerPockets. This is by far the best resource you will find for these kind of questions. There are a lot of seasoned investors here who will be able to provide some insight onto what you're looking to do.

It sounds like you've got a good concept of what you want to do. Owner occupied is a great way to build equity and still get tax deductions. You can also fix one up while you're living there with some 'sweat equity'.

If you're going to be paying to live somewhere, you might as well get some equity out of it (or let other people pay!).

Just wondering what your plans were for the future 1031. Upgrading to a larger multi-family?

Again, Welcome to BiggerPockets!

Danny

Hi Wes

That sounds great. I would love to speak with you further about what you're looking for.

You can contact me directly at [REMOVED], or email me at [REMOVED].

I will be in meetings today until 2-3pm.

Have a great weekend!

Danny

I have generated both leads and people who were interested in my fix & flip deals on Twitter. Keep people informed about their local market, and follow those who are in your area.

Hi Winniferd

Great to see another Houston face here!

I am an investor friendly, licensed realtor, here in the Houston area.

My contact info is in my signature.

Danny

I've listened to a webinar from Jerry and he knows what he is talking about.

I got some of my cost estimation numbers from him, but like Bill said, those numbers are not the same for here in Texas.

When I was rehabbing multi-family we would trash any appliances that had the smoke residue on them. Some were pretty nasty.

The carpet would go, and we would paint the walls as well.

Smell went away every time...

I had to sign a contract with my HML stating that my property was for commercial purposes only, and no one would be living, or sleeping there.

I found my GC by talking with other local investors. I found out which people to avoid, which people did the best work, and who does the most expensive work.

The old saying I always hear is "You can have 2 of the 3: Good, Cheap, and Fast".

I feel like right now I'm paying for Good and Fast work.. You might want to consider that if you sub out yourself.

Just my .02

Hello all!

I wanted to make a quick post to the people who are thinking on becoming an agent.

I recently just took the required coursework, and took the state exam (passed on the 1st try...I was excited!).

I did all my course work online, and it cost me about $750 total with my classes, finger prints, test fees, etc.

I spoke with a co-worker who told me he has spent over $6,000 obtaining his license! He told me he spent that on the classes alone!

I was baffled. I could not believe how much that cost him.. when I got it for a fraction of the price.

My point to this thread is shop around for your coursework! I saved big bucks on this end... :mrgreen:

Good luck!

Good news. I showed the house today to a couple who might be interested in buying the property, at the price I am asking.

We'll see how it falls together, but if I could have this under contract before the house is finished with rehab that would be great.

Andrew- I funded this deal with a local hard money lender.

We're right in the middle of our rehab right now. We've installed canned lights in the front room, done all the sheetrock repair, sprayed the entire interior, and started working on the master bath shower.

My GC is telling me in the next 10 days we'll have all the tile work (ceramic master bath shower, guest bath floor, slate entry extension, and kitchen backsplash), exterior trim, fence, new appliances, counters, fixtures, windows, and hard wood resurface done.

I'm not expecting this, but we'll see what happens. In my contract we have a fee per day that they do not complete on time.

It looks like my asking price on the house will come in around $132,000 based on a recent CMA I did. The average sales price per sq. foot on sold comps at 6 months was $65.50, but the DOM was usually all over 100+ days. We are going to price the house aggressively and list at $59 per sq. foot, and include a 1 year AHS warranty.

Things are looking good!

Danny