All Forum Posts by: Danny Day

Ended up listing on the market at $135,000 and got an offer the first day at $125k. I didn't accept, and I asked them to make another offer.. didn't even counter. Bad idea, because it was the only offer I got the first time on market. Did a 30 yr refinance and ended up leasing out at $1350 / month and cashflowing $400 per month.

Fast forward to today, have released at $1400 / month, house is in good shape. Market is heating up and house will be listed & sold next year in the $130-135 range.

Don't have the time any more to flip houses so I might end up keeping it as a rental property

When I first started rehabbing I was trying to save cost on every corner.. after the first few houses I realized that the DIY "don't" is landscaping.

That is manual, hard labor. Moving 2,000+ lbs of stone + 1,500 lbs of mulch, digging, planting, and being in the heat isn't worth saving $200-500. This is my biggest DIY don't !!

Good thread, buying all the books in here

Welcome to BP Arun Balakrishnan , I would take $100k up to Austin / San Marcos area and buy some multi-family student housing units.

Sam Craven did you get the location sorted out? That last place we went was nice. Keeping it up north this time around? Maybe Market st?

I'm in

Like J Scott said the 90 rule can be a problem if someone is going to use hard money to finance a rehab on this home. If they have cash out of pocket they can fund the rehab themselves.

I'm wondering how you handled the floor plans, Rich Weese. Did you buy a general spec floor plan off floorplans.com, hire an architect, design it yourself, etc?

www.hudhomestore.com to search hud homes in your area (free)

Got involved in land development w/ my father in high school. More of a hobby than a business. Went through college, got a BBA in business administration. Enjoyed courses on professional selling, real estate finance, advanced economics... during college I connected with a national student housing developer who rehabbed / rented multi-family complexes. Became project manager for one of their complexes in my college town. My first rehab experience I did 93 3 bed, 2 bath units.. 1 club house, 2 pools, and a dog park... in 90 days. Graduated college, left for Houston and got my real estate license. Became a licensed agent and connected with alot of investors off BP. They would fly in and meet with me to discuss buying properties in Houston. Lots of fun, great people. I started my own company and started flipping houses in Houston. My girlfriend (now my wife) and I found out we were having our daughter, and I had to put my dreams on hold with owning my own business. After 1 year as a RE agent I had made $15k net ($30k before my broker split), and $0 from flipping houses (they all were refinanced into rental properties). Took a job one of my college buddies offered me as an analyst at an energy company. Spent 6 months realizing that I was born to work in real estate, and sitting behind a desk in a cube was not for me. Decided that things had to change but I couldn't work in what I was passionate about, supporting a family (age 25) on 100% commission (RE agent). Was recruited by a national home builder / developer to work in sales / build homes in their communities in Houston. I am now working my dream " job " loving every minute of it. Earning potential went from what I made my 1st year now making in 1 month. Now have 3 rental properties and no longer flipping houses. Looking to build a nice nest egg then might be buying multi-family complex one day. My father is now to the point where he is starting his first land developments. Helping him analyze deals as well.