All Forum Posts by: Chris Kates

Good day, can anyone tell me how to do a rough repair estimate without physically seeing the property, please? I have a feeling my numbers are off due to over pricing the repairs. I was told that a 3/1, 1000 SQ FT complete rehab is "roughly" around 30K.

Thanks guys. That's why I asked. Advice well taken. So, should I be using the ARV formula for small multi-family property?

Thanks in advance, @Chris S. and @John Cohen 

Hey all, gonna make my first offer today on a multi-family duplex 3/2 X 2 in the Waco, TX area near Baylor. Asking price is $249,900 and has 100% occupancy. Revenue is $23,400 yearly, expenses are $9,200 yearly, NOI is $14,200 and purchase cap is 15.8% at asking price. I was unable to get an accurate market cap, but seller says it appraised for $271,000. Seller is a realtor/broker. If seller takes my offer of $219,900, it will have $51,100 in free equity. Minus my WP. Is this a good deal for a end buyer?

Thanks for the advice everyone! 

Are there any wholesaling teams that I can possibly join? If not, anyone looking to start a team in the near future? 

Chris K.

Newbie in Houston, TX looking for REI mentors for guidance and to be a bird dog in the Houston area. Im extremely motivated and ready to hunt for deals.

Thanks for the welcome to my, Houston peeps. Looking forward to great things!

Hello, my name is, Chris Kates and I'm a newbie in real estate. The only experience I have is the purchase of 3 homes, 2 of my own. 1 of the 3 homes was a rehab and flip almost 10 years ago and I broke even. That still bothers me to this day, now I'm back with a vengeance.

I'm currently in the health care industry and I'm ready for the excitement of real estate. I'm here to learn all there is to know about wholesaling, FLIPPING and flip and holds. Also, I've found out that marketing and networking is very important as well. 

My short-term goal (90 days) is to close my first deal, wholesaling a multi-family property. I'm currently in the process of starting an LLC, which is also exciting.

At the end of the day, I want to be able to give back, by mentoring newbies just like myself....