All Forum Posts by: Collin Bryston Adams

maybe find a BRRRR deal, refinance your personal home and cover down payment and a few months of P&I and use your 70k cash for rehab? There is a million ways to play this, that is just my first thought reading it. You have a very good problem!

You can co-sign for her. Check local laws and ask around. Most places only require it to be her primary residence for a year and then it is free game. Dont trust me on this though, that is just from my experience. Dont be scared to ask your lender about that either. 

the 1% should not make or break a deal. Area's vary so much on rent to home price ratios that I do not believe the 1% rule is much relevant in todays markets. My area is .07-.08% of home prices but still am able to cashflow $200. 

You can do a 203k loan. But many people struggle with getting them done smooth and with no headaches. It can be a nightmare process. I would advise to look more at a private lender or hard money lender to fund the rehab. 

Investment Info:

Single-family residence buy & hold investment in Fort Worth.

Purchase price: $164,000
Cash invested: $185,000

BRRRR deal. OFFMARKET. Currently renovating. Will update when concluded!

What made you interested in investing in this type of deal?

I have been focused on only doing a BRRRR deal! I want to expand my portfolio several times before I graduate college and get kicked out!

How did you find this deal and how did you negotiate it?

The listing agent that found my first ever property, duplex in Fort Worth, called me with this one too telling me it was an estate sell. He called Saturday and said it would go live on the market on Monday. Sunday I went and saw it.
Asking price was 169k, I offered 160k with no option period. They countered at 164k which I accepted as I saw that as a good luck number. It is the same price I bought my first property for!

How did you finance this deal?

CASH BABY! (with a partner too, my bank account is not that big)
I will refinance and bail my partner 100% out of the deal + interest

Lessons learned? Challenges?

How to find off market properties. I found if I offer a $2500 bounty for an off market deal that I end up closing on that suddenly everyone has a friend who might be willing to sell their house. I also did a lot of driving for deals, even though it did not find me this property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent.

Hello all, I am a REI investor with two properties located in Fort Worth, Texas. My question is this I am looking to head down to school about 3 hours away for me in the fall as I am a freshman in college. I am dead set on house hacking a duplex out there. The problem comes that even though it will still be cheaper than an apartment is that I am worried even after I move out in 3 years (when I graduate) the property still wont be a positive cashflow as house prices to rent (even with college rents) make it very hard to find a good deal even if you plan on staying red for the next 3-4 years.

Ill likely still get a duplex but I was curious if anyone has any ideas to help mitigate this potential problem. 

Does anyone know a good service to help you appraise your home and what other homes around it are appraising for and have sold for? 

What area are you in? In my area of DFW you can rule of thumb do (.8 x sq ft) and thats a very reasonable rent assuming average interior. some places are more of a dollar a sq foot. It depends on your area. If there are no homes rented within 10 miles sounds like youre in rural area and if that is true account that into longer gap between tenants and that may hurt your rent. 

I thought cold calling was dead... until I had someone who is dang good at it show me. Now I believe in it. You just need to be more creative with your resources and approach. 

Has anyone ever handled a flip and appraisal with a home built from concrete? It was built in 1934. I have never seen a home built from concrete all the way through and I’m not sure how that will appraise or what else I should know about it before pursing a rehab on it.

Any info helps. Thanks.