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All Forum Posts by: Benjamin Christensen

Benjamin Christensen has started 3 posts and replied 15 times.

Post: Newbie from Fort Worth, TX

Benjamin ChristensenPosted
  • Fort Worth, TX
  • Posts 18
  • Votes 0

I am magic what can I say.

Post: Newbie from Fort Worth, TX

Benjamin ChristensenPosted
  • Fort Worth, TX
  • Posts 18
  • Votes 0

@Kathy Armstrong to get the @ sign to work you have to select the name when it shows up at the bottom of the post. Thanks for the invite to the meet up I will dot best to attend.

Post: Newbie in Fort Worth, Tx

Benjamin ChristensenPosted
  • Fort Worth, TX
  • Posts 18
  • Votes 0

Hey @Eric Lasley welcome to the site. And welcome to investing in fort worth.

Post: HUD Wholesale Question

Benjamin ChristensenPosted
  • Fort Worth, TX
  • Posts 18
  • Votes 0

Kyle, Can you elaborate on how you are wholesaleing hud homes out of town. I figure you can get a local agent to submit bids for you, but how are you figuring repair costs, and finding/screening potential buyers?

Also how reliable are you finding the property reports on the site. It seems like some miss big things (such as holes in the roof, or missing water heaters, etc.)

Post: Wholesale HUD Homes

Benjamin ChristensenPosted
  • Fort Worth, TX
  • Posts 18
  • Votes 0

No it does not cost anything you can get one on irs.gov, but there are some restrictions about getting one online if your llc was created online. Worst case scenario you have to call their toll free number and talk to someone about getting a free ein.

Thanks everyone for your help. Here is where i am at with this property. I spoke with my relatives and they all gave me an answer of "we don't have the cash right now". I spoke with the seller and got " Only cash and conventional financing accepted, no seller assist". I started to consider some kind of a micro loan or hard money or something. Does any one have any recomendations to help me get this deal done in Fort worth Texas. I truly think this is a great property in DFW, I just need help getting started. Any thoughts?

Thanks, everyone. At this point I look at it as bring a great success if I can be cash flow positive on my first deal. I am really new to investing and probably spend an hour or two a day learning about it. If I can make this work that would be a miracle. I could use some landlord experience who knows this could be the first step to becoming Robert kiosaki. Lol

Thanks guys. I was speaking to my parents about a possible loan. I was asking a 3 year amortized loan with 7% simple interest APY. $15 k. They are not sure if they have the funds available to do that. They have alot of investment in cash right now (money markets), but it is all retirement stuff and i don't know they can pull anything without a huge hit in taxes.

I thought about doing a 7/1 ARM and only holding the property for 7 years then doing a 1031 exchange into something bigger. I still don't know if that would get me down to only 15K down with closing costs etc. Does anyone know an investor in Texas who would be willing to loan the 15K for about the same terms?

Hey everyone out there with experience investing in real estate. I am looking to purchase my first Multi family home in Fort Worth Texas. It is a 4 unit complex rented out for $450 a month, fully rented through april. The units have been recently renovated and will need minimal repair. It is not in the nicest part of town, but far from the Ghetto.

I did some research and many places in the area are renting for $550 to $600. Each unit is a 2 bed 1 bath with separate electrical, water, and gas meters. The current owner is paying for gas and water. I would change that when the contract comes due and probably increase the rents some.

They are currently asking $97650 for the property. it has been on the market for 156 days now and about 4 months ago they had it on the market for about $89650. When I questioned the agent about this increase in price she said it was because the seller felt they could get more for the property.

I am also working on financing the proprety. I have about $15k liquid funds that i could use. I spoke with my mortgage provider i used for my house and I was told it was going to be 25% minimum down payment. With closing costs and inspections etc. I am looking at needing about $30,000. Does anyone know a lender in Fort Worth that provides investment loans below 25% down. Or is there another way of finding financing without going hard money?

If i have forgotten any details let me know. Thanks for the help!