All Forum Posts by: Henry M.

I like the site and how it lays out, but unfortunately, there are too many properties from NW. Not to mention, many already sold. I have nothing against the Realtors of NW as they seem like a bunch of good people just hungry to make a deal like anyone else... However, their pricing is off. 

Example: Let's say they send you a property for sale, as the say, "off market" or "pocket listing" and it is selling for $110K... I will see that same deal two to three other places and one of them will be much cheaper. In the example I used, it was for $100K *. 

* Wholesalers, please negotiate with the sellers and incorporate it within their pricing and not add on top of a price that can be found much cheaper online or via MLS.

I don't want to pay a premium membership if many of those properties are from NW when I can get those on my own for free. 

I believe it would be worth paying for the premium membership if you have liquid cash... This way, when they present the deal on site, you can pick it up.

As for wholesalers in general, most (as in 97%) truly don't know what they are doing... In San Antonio,  gentrifying is coming on strong in the East and West sides of town as well as towards downtown. However, there are many pockets that are not strong enough and are still in transition. It is catching on, but there are too many who are trying to use comps that do not hold up. 

The ghetto is the ghetto is the ghetto. Hence, many skewed ARVs. I even had a Realtor question me when I passed on a foreclosure that to me, didn't have enough meat on the bones... The ARV came back at no more than $180K (S. Lonestar area) - Of course, they were befuddled as they thought it would be closer to a $350K ARV. Which yes, there are properties for sale in the area that project that price and some which have sold in the north part of the area near an historic (King Williams area).

NW is sometimes guilty of that.

I believe MHD website seems to be running with integrity, but like anything else, early bird gets the worm.

I would say, keep in mind, not every investor has the same criteria... My criteria is the 70% rule as in not only Purchase Price and Rehab Costs, but acquisition, resale costs, and holding costs (PITI, Utilities, etc.). Or I am an investor who doesn't mind foundation issues... So where most will shun away, because they want the light or lipstick properties, I am more aggressive with my rehabs/restructuring of flips.

So my method will most likely come from distressed properties such as pre-foreclosures or in Auction status.

I have had a free account with MHD for quite a while, but again, different strokes for different folks.

In the meantime, I will still use their services, but will always be cautious with anyone who brings any deal, proven or not. 

So if you are new to investing... At the minimum, look at that site or any other site in areas you are familiar with and do your own analysis and see if it jives with what you already know. This will give you an indication on the deal, but more specifically, the wholesaler providing the deal.

Just my two pesos.

"Big" Henry

As of today (November 2018), special is $1,500 and $97/month.

Hmm.

I believe their price point is still too much. If you are confident your software is the end all, then I believe your price should reflect it for the common investor. 

Still way too high and not to mention, I've tried the software for Texas and nothing pulled up. Not sure why? Why bother with the webinar if there is no valid sample with the access code they provide.

Not to mention, they give you a three day window to retrieve any redundant or your money back.

To me, they are not just proud of their software, but it seems they are trying to retrieve as much money up front as possible. Which sends the message that the $300/month or $977/month would cancel fairly quickly after the three day trial period is surpassed.

Believe it or not, I truly was interested, but not at that price. I even called their phone number to speak to a live person to retrieve the mini sample for the webinar I had to sit through twice (1st one 3/4s of the way connection broke).

I remained on hold too long. Hung up and called it a wash.

I'm over it and will move on.

Just my two pesos.

"Big" Henry 

$3K down and $300 per month... Hmm.

If I can he of any help or if we can partner, let me know. Colleague me so we can exchange info.

"Big" Henry 

Joshua Top,

So were most of these buy and holds?

What were some of your exit strategies?

Did they all make money?

What has been the lesson you've learned over the course of your career?

Why did you decide to do real estate from the crash and on?

Most people would be cautious when a market crashes like it did... And there are others who see opportunities... What was the deciding factor that made you take that leap?

Where did you retrieve your knowledge from? Example: In the mid 90's, mine was from Barnes & Noble... True story, Lol.

What has been the hardest part about real estate?

How do you stay motivated in a tight market?

Is your market saturated with competition?

How many deals do you have to go through to find a good deal?

What has been the most gratifying thing you've have learned or experienced since jumping into real estate?

Licensed or Not Licensed? What benefits has it brought you choosing one way or the other?

What strategies in structure of a deal or creative financing if any do you prefer using? Or are you just a straight forward traditional?

I thought I would probe for dialogue...

Just Curious,

"Big" Henry 

Excellent for Passive Income!

Anyone thinking about buying or investing in self Storage in Texas? I would be interested in speaking to you.

Hands down my favorite subject. If you are a new potential or want to be owner, I can be a wealth of experience on the day to day operations and more.

"Big" Henry 

Let's presume that your numbers are accurate... What is the exit strategy?

If the goal is to flip, what is the avg days on market (DOM)?

Take control of the deed and understand your Aquisition Costs, Closing Costs (Realtor Commission, which to be Frank, can eat up quite a bit of equity), Holding Costs, and in regards to seller costs... I would never give up anything up front unless it is for simple moving costs (under $1K post move), if beyond, make an additional agreement that you can attach to retail sale of home.

Seller will have to wait for his $ just like you do.

$430,000 (ARV)

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$310,000 (Balance could be plus or minus several thousand)

-

$20,000

-
Holding Costs (insurance, utilities, PITI, etc) about 6 months... Be conservative.
-

$43,000 (closing costs and Realtor fees unless you are the Realtor, use 3% vs 6%)

-

Seller Costs ?

Also, are there other liens which can cloud title such as judgements, IRS, child support, installment loans, etc.

Usually the payoff from lender will provide an itemization of HOA (if applicable), PITI, Attorney Fees, and all other fees that will drive up that debt.

Is the title still in seller's name, if not, it will have to be reinstated in seller's name.

This is but a fraction of what you will have to deal with when dealing with preforclosures.

On the surface, it sounds promising, but there has to be more time, so the clock will have to be stopped by a TRO or Bankruptcy or even a possible contract from buyer.

Could you pay what is in arrears and try and modify the loan? Sure, but it is a longshot. Possible and much better than a Shortsale... But if you stop the foreclosure via a TRO... That is like spitting in the face of the lender, then asking for help.

This answer is a very limited response as there are so many intangibles. But if you do your DUE DILIGENCE, and can be creative, have your contracts in place, there is money to be made...

The clock is ticking... Good luck.

Just my two pesos.

"Big" Henry 

Regardless of market saturation and the limit of true great deals, you will always have a plethora of wholesalers.

 YB,

Send me a message and maybe we'll grab a cup of coffee.

"Big" Henry