All Forum Posts by: Hattie Dizmond

First, based upon the size of the house, almost 3,800 sft, I would guess your rehab estimate is low.  Second, you need to get an inspection and have a contractor look at it.  Third, I can assume it is a flip, but you don't tell us what your exit strategy is.

First, congratulations!

Second, you're in MO, so I sincerely doubt you're going to experience a true "bubble" in the market.  People "lose everything", when the market crashes - usually - do to financing.  Here's the deal...

If you finance the property in a sensible manner and with a fixed interest rate, it doesn't matter what the market does, as long as you can keep renters in it.  As long as your rental income at least covers the financing and cost of ownership, you're golden.  You may not be making money, but you're not losing it either.  Now, if the property values drop far enough, you may not be able to sell the property without taking a loss.  However, if it isn't costing you anything, why would you HAVE to sell?  Generally, you would only be forced to sell, if you had gotten into financial trouble in another area and needed to get your equity out of the property as a life raft.

I don't know what your market is like or what your financial situation is like. However, unless you are sitting on a ton of capital, I would use flipping to fund your long-term hold acquisitions. Personally, I would see if I could do a couple more great flips. Then I would set aside enough of the profits to provide a down payment on my next flip and fund the rehab. That way I'm not paying high hard dollar rates. I would use the rest to put a down payment on my first long-term hold acquisition. Then just lather, rinse and repeat. Get yourself enough SFH holding and use them to leverage up to multifamily.

Don't look at it as either/or.  Figure out what your goals are and then leverage the different strategies to reach them.

There are any number of ways to get into long-distance investing. You need to decide a few things first, like whether you want to be an active investor or a passive investor. If you just want to get into REI and are fine being passive, you could always look into any number of the turnkey investment groups. You can find them right here on Bigger Pockets, but (I'm not affiliated.) Memphis Invest would be one group to look at.

If you're looking to be more of an active, hands-on investor, you need to decide whether your situation is going to allow you to travel to a market(s) for acquisitions or whether you would rather have boots on the ground in those markets.  

There are any number of approaches you can take.  There are also any number of ways to locate the properties you're looking for.  In the Midwest you may be able to work remotely with an agent to locate properties.  In the Dallas area, it would depend on what class of property you are looking for and what your acquisition parameters - financial targets - are.  If your numbers are aggressive, and you're looking for B property, it's unlikely you will find those, using a traditional agent, in Dallas.

So, there's a lot of detail you need to fill in, before anyone can do anything more than simply suggest a market you might want to check out.

No one is going to seriously spend time answering this question.  There are, quite literally, thousands of threads on wholesaling and tons of educational materials on it, all available free, right here on Bigger Pockets.

Read the Beginner's Guide https://www.biggerpockets.com/files/329/download

At a very high level, wholesaling, its legality and how/if you can do it differ greatly from state to state. If you are asking how to complete a wholesale transaction, you're not ready to do a deal. And, if the property has already been foreclosed, it is an REO property of the lender, and there is no way you're going to be able to wholesale it.

You need to get educated, before you cost yourself and others money.

Unless your state has some weird or obscure laws, the only restriction would be based upon the type of financing you have. If you've got an FHA loan on it, you're probably going to have to stay for 1-year, before renting it. Bottom line, just your purchase contract.

See previous question regarding copper and electrical.  I don't see any duct work, so I'm assuming you are without an A/C unit.  And, we can't see the roof, so there is no way to know what the condition is.

Are you doing the work yourself?  If you are...DON'T.  Why?  Because, if you can't estimate the cost and duration of this project, you're not qualified to do the work.  This is way beyond the point of just putting lipstick on a pig. 

Get some recommendations for contractors in your area and get some quotes.  You've asked a question that can't possibly be answered, with any degree of accuracy, with the information provided.

Turnkey opportunity with stable renter in place.  Property has been renovated.  Cute bungalow, built in 1920 in transitioning area, just outside of Winnetka Heights and Bishop Arts.

Contact me for additional information.

@Nick D'Alessandro

In Texas you have to be an Agent to be a property manager, so the agent avenue is probably good.  You can work at being an Agent as a part time gig, while working a normal 9 to 5 as you build some momentum.  But, as was mentioned, lenders will basically ignore job changes as long as you are within the same industry and/or field of work.  When you make drastic changes, they see it as additional risk.

I'd go McKinney or head a little farther north...Prosper, Van Alstyne, etc.  Great school districts up there and still very close to all the new development going in around Frisco.

 I think you will see a "burst" around liberal arts centered schools.  It's unlikely schools like A&M, with their top flight engineering programs and billion $ endowments for research are likely to see much of a decline.  The folks that are leaving school with massive student debt, a degree and an unemployment check tend to be in non-technical fields, at least that's what I'm seeing.  When I first entered the workforce, companies like EDS and IBM required you to have a degree.  They didn't care what the degree was in.  I worked with several developers who had English and History degrees.  The companies didn't care.  They just wanted the degree.  Now, those roles don't require degrees.  People with an Art History degree have no leg up on John who simply has skills.  What they do have that John doesn't is $125k in student loans.  Just sayin.  Bottom line, it's my opinion that some areas dependent upon schools with large liberal arts programs are increasingly likely to experience a decline in rental demand as enrollment in those programs decreases.  Just my opinion.