All Forum Posts by: Bill Tyler

How did you find the property? Was it listed on MLS or Loopnet? You should be able to find property information on your County appraisal website. Usually that will include the ownership information, tax appraisal values, etc. I like to use that number as a basis for property worth - but always understand that is not a number that should be written in stone.

Go back to the complex and talk to some of the residents.  I usually will go by with a friend (both of us dressed in business casual) and just chat with the residents.  Let them know that you're interested in possibly buying the property.  Ask them what they like about living there, what they don't like, etc. Also ask about the current owners and property managers - do they make repairs quickly and correctly? They residents are also a good source for crime stats (along with the local police department websites), quality of life, etc. 

This technique worked really well for a friend that was looking to invest in a multi-family.  After we did this - we learned that between code violations, vandalism, and non-paying renters the property would have to be purchased at HALF of what they were asking.  It had multiple owners and property managers over a 24 month period and tenants were having their rent checks returned to them from former property managers (no on-site property management).   We ended up walking away from the deal. 

You might also try visiting the "Pro Counter" at your local big box store.  Many times they will have a place for contractors to place their business cards.  Make sure you also ask the employees if they have someone they can refer.  BUT - don't rely solely on a business card, make sure you perform due diligence.  

Homewyse.com is a pretty good at estimating some repairs, but can be WAY OFF for others.  While playing around the other night, I decided to see what the estimate for replacing an electrical outlet switch plate would be...$69.88 - $148.49 PER SWITCH PLATE.  Sometimes it's better do some of the things yourself.  Grab some more books such as Home Improvement 1-2-3 (from Home Depot) and study up.  Most big box stores also offer free classes on home improvement (usually on the weekends). They are typically pretty good hands on experiences.  BUT - don't ever try to do any repairs yourself that will put your safety or others at risk.  

Is this a 1 piece stretch of duct work?  If there are multiple pieces in that run, definitely grab some of the silver foil tape and wrap around the connections.  It is about $8/roll is heat resistant to about 260° F.

http://www.lowes.com/pd_225505-98-3381___?productI...

@Michael Hayworth Thank you for the insight. I guess maybe my experience is a little different from some of the "newbies".  I have lived in DFW since 1992 (after getting out of the Air Force) and have been finding deals for friends for many years.  Many times I would just drive neighborhoods, find the properties, run the numbers and if it looked like a money maker - I would present them and they would cut me in on the deal.  Little did I know I was ALMOST wholesaling...I wasn't charging my friends unless the deal went through.  Of course now I realize that has cost me some money - but I've also kept the friends. 

Having always been a "numbers guy" and having lived here 20+ years - I'm pretty realistic in my evaluations.  I've also been "hands on" in both of my personal rehabs, as well as those of my friends - so I know going in that if I say a property needs $20k in rehab - you'll be pretty spot on.   I usually detail what I feel needs to be done that way a potential investor has as much information as possible to add to their due diligence...AND I'm really big into taking lots of pictures of the properties.  

I need to develop as many contacts as possible for when the deals are available.  Over the years, I've had realtors refuse to show me properties "because they were too scary and in a bad neighborhood".  True story! 

@David Shihadeh Thank you!

@James Wise Thank you.  Although many people dream of calling their boss and singing a Johnny Paycheck song to them - realistically you should only do that when your investment income has consistently replaced your "normal" income.

@Thomas Malone As a fairly inexperienced real estate investor, I have not had any dealings with Lee Arnold or his inner circle.  A quick internet search led to quite a few complaints by people claiming to be ripped off, had deals fall through, or simply getting the run around each time.  A big question is do you have the $25,000 to gamble?

Hello,

I am a relatively new real estate investor living in the Dallas/Fort Worth, TX metroplex. My interest in real estate began around 1991 as I was leaving the Air Force, as I looked at how many single family homes one of my friends and his family owned. It took me YEARS of constantly hounding the family patriarch to teach me HOW they owned over 70 homes with the majority being mortgage free.

Fast forward 20+ years and I've realized that my few transactions need to become MANY more to generate the income and lifestyle that will allow me to have both the time and money to spend with family and friends when I choose – and not just on days off from my employer.

I am currently seeking to network with wholesalers, flippers, investors, contractors, investor friendly title companies in DFW (preferably Tarrant County), and well as hard money lenders for certain deals. I am new to the wholesale aspect of real estate – so a partnership with an experienced wholesaler in this area would be great until I become comfortable completing the deals on my own.

My investment goals are similar to many other real estate investors. I will be seeking wholesale deals and some flips/rehabs to build cash reserves. I would like to build a portfolio of multi-family properties for passive income, preferably starting with some triplexes, quadplexes, or small apartment complexes before purchasing large apartment complexes (50 units or more). I prefer investments in the Dallas/Fort Worth area, but am open to other areas throughout Texas. If you have opportunities outside of Texas – feel free to contact me. If you have contacts that you feel could be mutually beneficial – please introduce us.

Thank you for your time and sharing your knowledge and experience.

Bill Tyler

Don't forget to check for rebates from utility companies, as well as local, state, and federal rebates.

The longer warranty water heaters usually are made with better quality components. Look for the most energy efficient models and shop for the best prices. Sometimes you can put Lowe's and Home Depot against each other for the lowest prices.  For areas with hard water, a few times a year you should turn off the water supply and the gas, connect a garden hose to the drain connection and fully drain the tank. That will usually remove sediment buildup.