All Forum Posts by: Dusty Warner

@Jay Hinrichs That is a nice Cirrus!!… Its not mine… My little 172 is to the left out of the picture…lol.. Not a copa member, but i am an AOPA member and I did stay at Holiday Express a few times;)

Great idea Jay…. I was actually saving up for that… I can handle a small Rehab at the present time...Do the Hard money terms seem OK?? I also met that lender at the meeting.,

DW

@Will Barnard 

10%!!! Geez… I guess it is true… everything in Ca. is more expensive!!

DW

Gotcha!! well worth the $400.....

@J Scott , Im curious, if I plan on estimating the rehab with an experienced contractor, why would I still pay for an inspection??

@Bryce Y. ,  @Todd Plambeck found a comp on the same street for $172k.... Im thinking it probably has a little meat on the bone.. This guy is a regular speaker at this REIA, so I would think he's not totally ripping people off.... I figured he was wholesaling it because he didn't want it for one reason or another... He also did joke about using a double close because he didn't want to disclose this assignment fee..

DW

I agree @Greg H. 

Thanks @Will Barnard  I will definitely use that

Ha, I know.... I was wondering how he had the time to come speak to a REIA meeting of 7 people. I took everything he said with a grain of salt. Before I went I googled his name and found his YouTube channel.. His videos are hilarious!

If anyone is curious, Google: Joseph Irons real estate investor

Foundation repair quote was $8500 and not too sure about the rest, I actually never inspected the property myself. The REIA speaker figured the timeline and costs.... I figured there was a catch, he kinda seemed like a used car salesman..... From what he said he flips and wholesales 60 deals a month. I figured this was probably a project he didn't want to deal with.... Im not planning on making an offer on this deal. I just wanted to get some feedback on the numbers because this was the first real world deal ive been offered....

I never even took into account the selling season!!

100yr old house, $40k rehab, and a 4 month timeline seemed way too complex for me to attempt on my first project.

@Todd Plambeck Do you have an idea of closing costs here in Texas??

You guys are great!! I will be copying and pasting this info to my personal notes..... Thanks for the fast reply..... Thanks J & Bill!!

DW

I went to my first REIA meeting the other day.... I was surprised to see that there were only 6 other people there.... The guy speaking was a wholesaler/flipper.... After about an hour of casual conversation about this ladies experience with her wholesale guru the speaker offered a couple of deals... Im still in the learning phase of marketing for deals and preparing for the possibility of a potential rehab project. Ive bought @J Scott 's books on rehabbing, but I was hoping to get some feedback on the amount of fixed costs this deal would have and what Net would be.... The Speaker was advertising a $45k-$50k profit, he obviously wasn't talking NET....

1011 Hays St. San Antonio, Texas, 3/2 1400ft

$163K ARV

$40K repairs

Price-$69,000

3-4 month timeline

Hard Money Loan

• A $175.00 Inspection Fee will be charged for each Draw Request
• Loan origination fee of 3-5% of the loan amount
• Appraisal fee of $350.00
• Loan processing fee of $825.00
• Attorney fee of $300.00

PURCHASE COSTS??_________

HOLDING COSTS??_________

SELLING COSTS???_________