All Forum Posts by: Crit Tyson Williams

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $30,000

I snagged this deal shortly after getting pre-approved for a conventional 5% down loan (owner occupied). After closing I put around 25k-30k and moved into it. Then, I got the idea of renting it out on VRBO for medium term tenants so I can cover all my expenses while I travel elsewhere. This took a lot of minimizing and implementing systems so I can prep the property pretty quickly for a traveler to move in on short notice while I head elsewhere.

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

This was in a phenomenal location right in the middle of Mcallen. I would be getting it well under market value and would have multiple exit strategies.

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

After about 45 offers to other properties I finally found this one on Zillow of all places! It wouldn't qualify for conventional financing, so I got the seller to agree to allow me to make some slight rehabbing (Yes, before I even owned it!) to get it to qualify. Honestly, it was wild but with the help/guidance of a very knowledgeable local lender I got everything good enough for the green light from the appraiser and we were off to the closing table!

How did you finance this deal?

Conventional 5% down (Owner Occupied loan)

How did you add value to the deal?

I did roughly a $30k remodel on the interior. I was able to medium term rent it for a premium when I wanted to travel. This paid for all my expenses.

What was the outcome?

I am able to medium term rent it for a premium when I want to travel. This pays for all my expenses and allows me to get a little taste of financial freedom. Consequently, I have only paid two of the mortgage payments out of my own pocket thus far. Sweet taste of financial freedom!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $30,000

I snagged this deal shortly after getting pre-approved for a conventional 5% down loan (owner occupied). After about 45 offers to other properties I finally found this one on Zillow of all places! It wouldn't qualify for conventional financing, so I got the seller to agree to allow me to make some slight rehabbing (Yes, before I even owned it!) to get it to qualify. Honestly, it was wild but with the help/guidance of a very knowledgeable local lender I got everything good enough for the green light from the appraiser and we were off to the closing table! After closing I put around 25k-30k and moved into it. Then, I got the idea of renting it out on VRBO for medium term tenants so I can cover all my expenses while I travel elsewhere. This took a lot of minimizing and implementing systems so I can prep the property pretty quickly for a traveler to move in on short notice while I head elsewhere. Consequently, I have only paid two of the mortgage payments out of my own pocket thus far. Sweet taste of financial freedom!

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

This was in a phenomenal location right in the middle of Mcallen. I would be getting it well under market value and would have multiple exit strategies.

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

Surprisingly, I found this deal on Zillow. I was bored on a Sunday afternoon and saw it online, so messaged the seller. We went to take a look at it and I helped the seller realize he would be better off listing with me as his agent for more exposure. He then mentioned he would rather just unload to someone like me who had the investing experience to do it the right way. I reviewed my numbers and gave him my price. We made it a win for each of us!

How did you finance this deal?

Conventional 5% down (Owner Occupied loan)

How did you add value to the deal?

I did roughly a $30k remodel on the interior. I was able to medium term rent it for a premium when I wanted to travel. This paid for all my expenses.

What was the outcome?

I am able to medium term rent it for a premium when I want to travel. This pays for all my expenses and allows me to get a little taste of financial freedom.

Hey Nichoals!

I have worked with some clients that are doing STR all across the RGV and my team and I host the biggest BP investor meet up in the RGV. If you are ever curious about market date here feel free to call and pick my brain. I am a real estate agent based in Mcallen, TX. Hope this helps! Have a great day.

Hey Nichoals!

I have worked with some clients that are doing STR all across the RGV and my team and I host the biggest BP investor meet up in the RGV. If you are ever curious about market date here feel free to call and pick my brain. I am a real estate agent based in Mcallen, TX. Hope this helps! Have a great day.

Investment Info:

Townhouse fix & flip investment in Mcallen.

Purchase price: $102,000
Cash invested: $30,000

My first personal deal! Learned a ton and was able to find something I could force the equity increase. Now, I have something to leverage capital on for future deals.

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

This property came across the table after one of my team and I conducted a direct mail marketing campaigns. We sent out about 1,000 direct cash offers to sellers that met our criteria in certain areas. The seller was looking to liquidate after holding this townhouse for a long time and was tired of dealing with tenants at this stage of their investing. Previous owners had done a fantastic job of taking care of the property with a solid long term tenant.

How did you finance this deal?

I financed this deal with leveraging private money to help with the purchase and then I had cash for the rehab.

How did you add value to the deal?

So, when I picked it up most of the work was cosmetic (paint, flooring, fixtures, etc.). With the purchase price so sweet I was able to go a little more upscale and modern on the rehab to force approximately $50k in equity right from the start. SLAM DUNK!

What was the outcome?

Now, I'm able to live in it with a low payment and lots of equity in a very appreciating part of central McAllen TX. My next step is to possible Air BnB proof it with certain locked cabinets and locked storage space that will allow me to easily prepare it for AirBnB on the weekends. I'll live there during the week and pick a few weekends a month to get some cashflow and help pay for the mortgage.

Lessons learned? Challenges?

I've also looked at my ability to refinance and pull out my equity to use for my next property. With rates so low right now it's a no brainer to get some long term cheap locked in at a low rate.

Lots of options when you buy right!

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

I am an agent in McAllen, which helped have the market knowledge to know how good this deal was.

Investment Info:

Townhouse fix & flip investment in Mcallen.

Purchase price: $102,000
Cash invested: $30,000

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

This property came across the table after one of my team and I conducted a direct mail marketing campaigns. We sent out about 1,000 direct cash offers to sellers that met our criteria in certain areas. The seller was looking to liquidate after holding this townhouse for a long time and was tired of dealing with tenants at this stage of their investing. Previous owners had done a fantastic job of taking care of the property with a solid long term tenant.

How did you finance this deal?

I financed this deal with leveraging private money to help with the purchase and then I had cash for the rehab.

How did you add value to the deal?

So, when I picked it up most of the work was cosmetic (paint, flooring, fixtures, etc.). With the purchase price so sweet I was able to go a little more upscale and modern on the rehab to force approximately $50k in equity right from the start. SLAM DUNK!

What was the outcome?

Now, I'm able to live in it with a low payment and lots of equity in a very appreciating part of central McAllen TX. My next step is to possible Air BnB proof it with certain locked cabinets and locked storage space that will allow me to easily prepare it for AirBnB on the weekends. I'll live there during the week and pick a few weekends a month to get some cashflow and help pay for the mortgage.

Lessons learned? Challenges?

I've also looked at my ability to refinance and pull out my equity to use for my next property. With rates so low right now it's a no brainer to get some long term cheap locked in at a low rate.

Lots of options when you buy right!

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

I am an agent in McAllen, which helped have the market knowledge to know how good this deal was.

SO EXCITED! This is going to be awesome!

Hey BP, 

I am currently analyzing multiple deals in my area every week, including single family and duplexes. Each time I get more and more insight on my local market as well as continually get more sound in quickly understanding how each individual property looks as an investment. My only hiccup is not having total clarity in how tight my numbers are for the properties I am looking at. Little aspects such as rehab budget, insurance, and closing costs could be more or less than what I originally underwrite. How do I improve my analyzing and get tighter numbers? I really appreciate your feedback and I'd love to hear any other great tips that young investors such as myself need to know. Thanks!

@Dylan B. My biggest roadblock, as with many young investors, is capital. So, my biggest opportunities at this season of my career are knowledge, skills, and relationships. With that being said I created my first W.I.G. (Wildly Important Goal) to be graduate debt free (Done!) and get one deal by December 31st with the intent of accruing some sort of starting capital for post-graduation. So, I'd love to find a potential win-win opportunity with an experienced investor/agent/landlord in the area. To answer your question I would be looking to make some cash quickly as well as some experience. 

@Cassi Justiz Thank you so much for your feedback as it is priceless to me. Since capital is my biggest roadblock and the Edmond market is currently difficult to cash flow, what are your thoughts on finding a flipping or wholesaling opportunity? Obviously wholesaling is a bit more difficult to execute due to all the red tape to get through as a newbie investor, but I would love to know your thoughts on the possibility, as well as anyone you might know that could be a partner in that sort of endeavor. My goal is to graduate in December with no debt, have a small stockpile of capital ($10,000?) put away to hit the ground running, and a large amount of pertinent investing knowledge to get creative with. The relationships I can cultivate now, including yourself, are incredibly important to me, especially if there is a way to create a win-win for all. Thanks again!