All Forum Posts by: Eric Gabriel

@Chris Reed

Thanks, I'll hit you up on that tour.  I'm looking for as much feedback as quickly as possible.  I need to get over that learning curve.  I'm interested in hearing your idea.  

I didn't mention it in my initial post but I'm also interested in mobile home parks if you know anyone doing that successfully.  I'd be interested in partnering.  I'll also need a JOB or might be able to serve another investor until I get a better feel for the territory and local trends.

@Steven Loveless

Thanks for your personal analysis.  My wife will like reading your opinions.  My mind is totally honed on investment strategies that keep me capitalized and cashflowing.  She's looking at uncomfortable prices that we can afford, but like I said, I like to be capitalized so we can play the game.   I'm most comfortable around the $200,000 price point.  She is looking around $300,000.  We'll probably end up in the middle and hopefully with some equity by adding value to whatever we buy.

What is the general hourly cost for general contracting work around Dallas?

My wife and I have finally decided on Texas.  I have 2 requests.

1. For our personal residence, we have identified areas that have good middle and high schools, which include Frisco, McKinney, Prosper, Plano, Providence Village, and Wylie. We have only chosen those places because of the presumably good schools and house styles. We are also open to anywhere else throughout Texas in a decent metro with a good middle and high school. Since I'm an investor, I'm looking for a value-add 3-bedroom house to buy (in said good school district). We have cash for a 75% purchase + rehab price to ARV up to $200,000 is our target. All in $200,000 cash that will appraise at above $266,000. Of course the better the deal the faster my cash flies out of my hand.

2. I'm looking to purchase twenty (18x) 4-plexes in the next year. I can purchase with cash. I'd prefer value-add so I can continue my strategy from 2004. The purchase and rehab needs to be below 75% ARV for my refinancing to work out the way I want it to. Easy to rent B-C neighborhoods are ideal. If you know anyone looking to sell their plexes, I'm looking to relieve their burden.

Thank you in advance for any help or for directing me to someone that might be able to help meet my needs.

@JR 

@JR Hinds , 

Send me your PM company info too.  I'm looking for a good one.  I pay 5% right now for my 7 units.  The more units you have the greater the discount.  The most important part for me is access to affordable contractors and the ability to communicate via email.  I also thirst for a property manager with some vision as to how to maximize the performance of the property by providing a better product to the tenants without breaking the bank.

@Cody Jurgens ,

I have a 4-plex that I'm considering selling.  I've gotten bids for work that needs to be done.  It is fully rented.  I'm interested to hear what ideas you might have.  My goal is passive income.  I'm not eager to sell, but am open to hearing about your ideas on how I could take a more passive position.

@Brad Hammond , 

I have a 4-plex that I'm thinking about selling.  I need to take care of some deferred maintenance and I'm out of country.  It's not impossible, but finding the right contractors and management company are becoming a chore.  Message me and I'll give you a P&L so you can shoot me an offer.  

I use Podio, Google Docs, MightyText, and a web script. It's not perfect, but it's all FREE. I can help others set something up or you can give me access and I could do it for you with the help of my VAs. I'm glad to help.

MightyText does have the ability to schedule a message.  I could set that up for you.  It costs $5/mo for the service.

Watch the automated text/SMS message blast in action: https://youtu.be/4y0k3lvU-No

I use Podio, Google Docs, MightyText, and a web script. It's not perfect, but it's all FREE. I can help others set something up or you can give me access and I could do it for you with the help of my VAs. I'm glad to help.

I use this system in South Korea because my Korean ability isn't great. I hired and trained a woman that is bilingual to respond to messages for me. She translates everything that I want to say and responds for me.

I like this MightyText because it works through my cell phone number which other services are linked to. So when a realtor puts my number in their phone, I will automatically connect to them on other platforms.

Watch the automated text/SMS message blast in action: https://youtu.be/4y0k3lvU-No

I'm going to throw this out there.  I've owned a 4-plex in Portland, Oregon for about 10 years (message me for the address).  It's fully rented and in need of a little rehab.  I'm thinking about partnering with an experienced service provider to increase revenue and value to the community.  I contacted the Residential Assisted Living Academy and they just shrugged their shoulders at me via email.  They said,

So I'm going to be rehabbing my 4-plex next year and if you want to work with me to turn it into an assisted living facility, I'm all ears.  We can rehab it to accommodate the older population.  It's a single level.  Total 8 bedrooms 4 bathrooms with a private yard that wraps around the back of the units.

I've had similar results.  I'm thinking of giving hiring a guy (haven't found him yet) and allow him to stay in the garage while he fixes it up then provide him free rent for his efforts.  I'll probably ask him to just pay utilities and taxes.

I'm looking for reliable contractors in Portland Oregon to bid on a remodel job.  I want to know how much it might cost to turn my garage next to 36 NE 53rd (https://goo.gl/maps/cvK4A1FwtrF2) into an AirBnB apartment equiped with video cameras & cloud locking system so it can be managed remotely.

If you know an affordable contractor that can accomplish this, let me know.  If you have experience doing something like this I'd be really interested in hearing it.  It's already zoned for an extra unit so all I need to do is figure out how much it would cost to get the water connected to the other 3 units and get the electricity separated at this point.

Here are some examples of what it might look like:
1. https://www.airbnb.com/rooms/10638312?s=XUnco5kJ&sug=50
2. https://www.airbnb.com/rooms/14772665?s=XUnco5kJ&sug=50
(Nice finish work)
3. https://www.airbnb.com/rooms/14319174 (Maybe each garage bay could be the entrance of 2 studio apartments)
4.https://www.airbnb.com/rooms/2950282?s=XUnco5kJ&sug=50 (efficient and affordable design)
5. https://www.airbnb.com/rooms/13375109 (THE BEST MOST SIMILAR)