All Forum Posts by: Angie Shires

We are looking at an older home (probably late 60s), that is basically a gut job, so we are wide open on what we can do. The home is 1600 sf, so we've got some room, but it's only 2/1 and no feasible way to make it a 3 br. There is a converted one car garage off of the kitchen that we could make another bedroom, but it doesn't seem to be a convenient place for a bedroom, honestly. 

This will be a buy and hold, and we are thinking about just leaving it as a 2/1. Should we just leave that room and make it more living area or dining room, or should we just make it a garage again? Where is the most bang for our buck. We have a little room in our budget if we get the property for what I'm estimating, don't want to waste it doing something not necessary. 

Geri, 

Looks like there will be, found this on Eventbrite

https://www.eventbrite.com/e/east-texas-rei-mixer-...

@Patrick Jackson

Relationships are everything! Get that sphere of influence done asap (if it’s small and you need ideas of how to increase it, just message me...I can give you some ideas).

Make friends with the other agents in the office and show up daily! Don’t even think about working from home at first. Go to all the meetings, at least in the first year!

Take floor duty and offer to take others floor duty...keep good notes on every single lead and FOLLOW UP! So many agents (and people in general, have no follow through or work ethic. Put in the time and effort and you will succeed!

Good luck, and shout if you need anything!

Was thinking about starting a lunch time meet up here in Tyler, TX. Wanted to get some feedback to see if there was any interest? I know there is an evening meet up every month, but its difficult for some of our schedules to meet in the evenings.

Also, any advice on starting one would be great. Was thinking we could have different presenters, if we have enough people to justify. 

Hey Shea, 

Sorry it took so long to respond. Let's just say I'm glad the holidays are over! 

There is a meet up the first Friday of each month at True Vine in Tyler. Haven't made it to one yet, but plan on going to the next one. 

I love the idea of a lunch meet up group, if you are still interested, we should talk about it! 

@James Call 

I would be interested in checking into those lenders! I've spoken to a few lenders in Tyler, however I'd be interested in talking to someone who does more on the line of investments. 

@Tom Keith I'd be interested in attending myself! What time do y'all meet and have you moved to Jason's? 

I am really starting to focus on building relationships and building a network. I've been in a business where I've been pretty isolated the past 10 years...time to get into the mix again! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $45,000
Cash invested: $2,000

We purchased this small 900 sf home from a friend that was building. He replaced the carpet (had three dogs that weren't house trained). We sealed the floor first, painted inside and out, did some minor repairs and it was move in ready. My elderly parents are in the home currently, when they pass we will rent the home out from around $650 per month.

What made you interested in investing in this type of deal?

It was really a need to move my aging parents closer to us. They could not sell their home, therefore had no money to relocate (terrible money managers). My sister and I live in Texas and they lived 12 hours away in Missouri.

How did you find this deal and how did you negotiate it?

The home is 1/4 mile from my home, so the owner was a neighbor and friend.

How did you finance this deal?

Bank Financing

How did you add value to the deal?

Minor updates and removing the dog pee smell was major! We cut down some dead trees from the front yard (that my step daughter called the Halloween trees). My parents have since done quite a bit of landscaping that greatly adds to curb appeal.

What was the outcome?

My parents make the house payment, we make no actual income from it, however it is in a great rental area and will continue to appreciate.

Lessons learned? Challenges?

A little elbow grease and paint will go a long way toward making a house more appealing. It doesn't take nearly as much money as you might think to make it rentable! As long as the structure is solid, the deal is probably doable (at the right price).

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No agent involved, we used Texas Bank and Trust in Tyler, TX. They were made the process simple and painless.

@Christopher Phillips I completely agree, if the only reason you are getting your license is for MLS access, it will cost you dearly. If that is the case, I'd personally just find an established realtor that you could build a relationship with.

Are you are planning on listing and selling and making it a part of your real estate career? If so, then go for it! It can be very lucrative. 

You MUST disclose that you are a party to the contract though, and you must by law tell a seller if the property is worth more than your offer.