All Forum Posts by: Brad Turner

 Cool. That's on my to-do list for today to check out. Thanks!

Congratulations!

What were the numbers on it?

 That's reassuring, thank you. I'm actually planning on going to my first Meet Up here in Houston on 3/30 and it's definitely on my question list to get addressed. Thanks!

Good morning everyone! Rookie investor here - no properties yet but I hope to change that in the coming months. My partner and I are in the NE Houston area and looking to get started investing in this area. We've settled on the BRRRR method to start off with, unless something else ends up making more sense.

We currently have $100K cash (purchase power) and hoping to close soon on $50K HELOC (rehab power). From everything I've researched, all-cash offers seem to be the way to go if we want to have a chance of standing out and not paying over asking price. Since we don't have a ton of capital to compete for some of these exorbitantly priced homes, I understand that to mean we need to find the highly-distressed properties that more established investors aren't wanting to spend time on, then get well-priced rehabs done to get the ARV where it needs to be to cash flow and do the cashout refi. All for under $150k.

From looking at available properties, this seems to be a very tall order. I would be interested to get other perspectives on this. Do these homes exist? Homes I can get under $100K that can rehab for under $50K and end up with an ARV at-or-better-than 80% of the all-in cost so we can pull all our cash back out? If we buy and rehab all-in at our max $150,000, we would need to have an ARV at $188,000 to pull it all back out on a cashout refi. Or am I too focused on pulling it all back out? How common is that? Should I expect to leave money in most of my BRRRR deals?

I understand I can "simulate" all-cash offers with private money and/or hard money loans. My concern is that without having a track record of success, convincing a lender to invest with us could also be an issue. Is that accurate?

I understand I may be WAY off-base with these presumptions as well. And maybe I'm off-base with thinking all-cash is the way to go and should re-double my efforts in looking at conventional lending to secure the more-readily-available properties.

Thanks for reading!
Brad

How is the market up there in Huntsville, AL? My partner and I go there once or twice a year for training at the Arsenal and we were considering branching out up there one of these days. We're currently in the Houston, TX area.

Hi everyone! I'm a new (brand new, no properties YET) real estate investor in the NE Houston area... Humble, Kingwood, Atascocita, Huffman, Crosby, etc. I've been feeding myself through a fire hose the last few months on real estate investment, mainly the BRRRR method. One issue I keep running into as I practice running analyses on the calculators is estimating rehab costs based on photos of properties I find on Zillow, Redfin, HAR, etc. Are there any accurate and/or "legit" mobile apps available that I could use to plug in things like "drywall 700 sqft" or "roof on a 1500 sqft home" or something like that? Or maybe hidden-gem websites that could shed some light on this? I've found a couple sites that will break down costs based on "national estimates", but when it says "average kitchen remodel is $4,000 - $18,000" that really doesn't help much.

The only other thing I can think of is dragging a contractor out to these locations each time a house strikes my fancy, but that seems counter-productive since 99% of houses aren't going to be investor-friendly deals. Eventually I hope to gain enough experience to look at the images and guesstimate the rehab costs, but I'm not there yet.

Thanks!
Brad Turner