All Forum Posts by: Dean Weltman

@Mark S. How was the door knocking this weekend, any luck?  

@Greg H. @Mark S. @Jay Hinrichs

DFW is really saturated with people trying to make some money off this market (myself included). Everytime I open my mailbox or open my door there are yellow letters and 'ugly houses' postcards falling out in piles. I put out a FSBO sign on the last two houses I sold and it seemed like half the calls in the first week were from investors or owner occupants that had seen Flip This House and wanted a deal.

There are some heavy-hitting 'corporate' wholesalers (New Western, etc...) that seem to be getting a lot of deals and they're selling many of them at a post-gentrification, add 1000 sqft, tear-down, etc. type of ARV.

Also, was talking to my Realtor today (great guy, investor friendly that primarily works Tarrant county and the mid-cities area; let me know if anyone wants his info) and he was telling me of a company that goes to local auctions with hedge fund money in their account and buys almost everything that falls within its parameters for year built, size, etc. and they don't have a problem going close to 90% of ARV. It can be hard for us small fries with limited experience and even smaller bank accounts to play in this sandbox right now, so going back to working those pre-foreclosure lists is getting more important as little guys get out-priced at auctions. 

Mark S., let us know how it goes, and best of luck!

@jay hinrichs

I posted a question to you above, but it looks like it got lost in the quote I included. It was this: 

Jay, which county did you go to on this trip? DFW is primarily located in four main counties and probably crosses or is adjacent to double that number; and I believe they all hold auctions on the same day.

@Mark s.

I'm not familiar with the area you researched, but I would be curious to know the average home age at the auction versus MLS for the same time period...

There's an Texas auction expert floating around here by the name of @arnie Abramson. You should look up his forum posts.

@jay hinrichs

Congratulations. Try to leave me some crumbs at the next auction!

@Mark S.

Talking to the home owner is the better way to go - if they'll talk to you and be reasonable. Sometimes they get where they are because they won't reach out and they are not reasonable, hence their situation. And if you can bend their ear you don't have a competitor next to you shouting while they're holding up a fistful of cash (maybe literally, lol). 

And when you can't get a deal, or enough deals beforehand, you go to the auction. Or maybe you're too busy or too lazy (like me) and you go to the auction hoping for a little luck...

See you at lunch next week.

@wes brand

You got the nail on the head when you said that if they can't afford to carry the loss is not for them... Exactly. Every investor has a different situation and different needs, so inform everyone about your way of doing things and then let people make their own decisions. Investing is a very personal journey with different risk tolerance and different goals for everyone.

@bob bowling

Calling people fools because they either know less than you or disagree with you is very rude. Surely, you know better.

Gentlemen, have a good night. 

@mark s. I'm still in. 

@Alex M. 

Congrats on your 10th door! I've set this year's goal to add the tenth door, also. I'm trying to skip the SFR and go straight to a small apt building, so here's to a bit of luck.

And best of luck to you. 

-Dean

I have been using Investway for a good while, and I have been very happy with them. I am debating trying a new product called Propelio (I've seen it advertised in the BP Marketplace) for no good reason other than to try something new. Price is comparable. Propelio says it is currently good for North Texas, but looking to expand its area. I have no idea what Investway covers as I mostly am looking at stuff around the NTX area... 

Best of luck!