All Forum Posts by: Brad Thompson

Hey BP - I'll be traveling to London this coming July and I am interested to attend a local REI meeting, conference, event, etc, while I'm there. Does anyone know of anything going on or where I could get some insight into a meetup? Thanks for your time and insight!

-Brad

Hey Lamont - I really suggest you attend a local RE club meeting. We have a bunch in the area...the one I attend is for Tarrant County (Arlington & Fort Worth) that meets every Saturday morning from 9:00 AM - 11:00 AM. It's about $20-25 (to cover the buffet breakfast) but there's never any hard up-sell. They have a variety of great topics, plus it's a great networking opportunity - and in this business it pays to know a lot of people!! My two partners and I are members and just meeting local vendors and contractors has been worth it. Online at dfwreiclub.com.  Good luck and be patient - you'll make money, but it's slow. 

Awesome, James! I'm in Arlington, Texas...appreciate the tip. Thanks so much!

Hey Guys - I got a lead on a rental with a tenant in place, placed by the Tarrant Co. Housing Authority. I have no clue whether this is good or bad...anyone have any experience with this? 

 Hey @Justin S. - thanks for responding...areas are Scottsdale and Tempe...price is well below retail, but again, sight unseen. Interested? Lol...

Hey all - I have another "Sight Unseen" question. Is it EVER common in to wholesale purchase completely sight-unseen? And by that, I mean the property is out of state, occupied, and about to go to auction. I buy it sight-unseen with the intent on wholesaling it (double close) within 48 hours. Most of the inventory I have access to is out-of-state, pre-auction REO and condition is unknown. No walk-through allowed because it's occupied. I need to know if any rehabbers would actually buy wholesale from me without seeing the property. I'm pretty sure I know the answer, but maybe I'm missing something. All insight is welcome. Thanks!!

Hey fellow investment experts - I'm looking on a general idea for earnest money when dealing with cash purchases of property for the purpose of a rehab flip in the Dallas area. 

I've heard $1000, $2000, up to $10k...the reason behind the higher amounts seems to be that selling agents don't want investors coming in with a "shotgun" approach and tying up dozens of properties at a time w/ simple option money, only to back out after 30-45 days. 

Can anyone verify this? I'd prefer to have my liquid cash going into rehab costs, and not earnest money. 

Thanks! 

I'm new to REI, myself, and I would run, not walk, away from this deal. What's wrong with doing a couple of simple 3/2s for $75,000 to get a little experience, first? I'm also suspicious of a partner getting upset at another partner just for being cautious. There's also the not-so-small element of getting a loan for $400,000...I'm in the Dallas area, as well...not a whole lot of people are looking for a home for a half-mil...Too many red flags here, for me.

I recommend Michael Brady. He's in Colleyville, which is in the same county as Fort Worth, just a little north east. Very competent. Just look up MichaelBradyRealty. 

I've been getting some conflicting information lately, so I want to pose a question to the experts here and help me clear things up: 

In the state of Texas, is there a specific length of time you have to hold onto a house before you flip? 

I've heard everything from 0 days to 90 days and beyond... I have a cash buyer partner out of state who has a pocketful of money that wants to get into rehab flips in my area, but this may put a kink in my plans. 

Please help me out with this and I'll buy you some BBQ next time we're out...

Thanks!