All Forum Posts by: Jacob Maes

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $266,000
Cash invested: $56,000
Sale price: $389,999

Bought this on the 23rd of June. This house is mainly cosmetic but does have a pool that will need work, and some foundation. Other than that we will just be putting in new flooring, paint, bathroom vanities, etc. Hoping to have this listed by Sept 1st of 2021.

@Allen L. The EMD is refundable but the option period money is not.

How much money did you give for your due diligence money? Often times people will give 1% for earnest money then 100-150 dollars for their due diligence money. The DD you gave is not refundable. They can keep it as they take their home "off market" for you to inspect and see if you like it. But if you decide to opt out the DD belongs to them. 

"Submit your best offer by 'x date' An offer will be selected after that date" is what I see a lot of successful investors do. Creates a sense of urgency as well as gets competitive with home buyers. Regardless you got what you wanted which is great because a lot of people don't but maybe consider that strategy next time. 

One thing I'm seeing is a lot of people want to get into flipping but often take on a projects that are too big. People also want to do those big "sexy" jobs rather than the lower purchase price. I believe the best strategy is to find flips where the ARV is less than the median purchase price. For example, in Dallas, the median purchase price is 350k which means focus on properties where the flip will be listed less than 350k. This is coming from personal experience, and the reason for this is you will have a larger pool of buyers to come look at the property so it will move quicker. Along with that, you can usually get away with not having the nicest finish outs. This would be my one piece of advice on when it comes to flipping a property.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $266,000
Cash invested: $57,000
Sale price: $389,999

Bought this on the 23rd of June. This house is mainly cosmetic but does have a pool that will need work, and some foundation. Other than that we will just be putting in new flooring, paint, bathroom vanities, etc. Hoping to have this listed by Sept 1st of 2021.

I believe if you are disclosing your license you need to notify you brokerage because they sponsor you. I'm also not a licensed attorney nor a broker myself so I'm also posting so I can follow this thread!

Doing my first AirBnB so following this post!

Investment Info:

Single-family residence buy & hold investment in Arlington.

Purchase price: $266,000
Cash invested: $266,000

4/2/2 Brick home located in Arlington that is looking at AT&T Stadium. It's only a 15 minute walk to AT&T, 20 minute walk to Globe Life Stadium, 5 min drive to Six Flags, and only a 5 min drive to Hurricane Harbor! This property is being completely gutted and renovated to use as an AirBnB which should bring in about 300 a night (on average at 70% occupancy). Hoping to have this project done by Dec 2021 for guests to enjoy some Cowboy games!

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

I used to manage an AirBnB in Kessler Park (8 min SW of Downtown Dallas) and I saw the power of AirBnB rentals first hand. Many guests would stay there then travel to Arlington to go to a concert or the amusement park as well as check out Dallas. I knew if we were going to do a SFR as a rental it would need to be an AirBnB and we believe this spot is prime location.

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

Found this through my brokerage. My coworker had it but it fell through with the previous buyer and was scrambling to get the deal closed, so we walked the property and we decided we would buy it cash and close on it ASAP if we got 10k off (budgeted 10k in furnishing) and it was a done deal.

I agree with Cody and Grant, start locally, figure out what exactly you're looking to invest in, what areas you'll be interested in, how much work you're willing to take on etc. Once you develop a system you can then start looking out of state but in my opinion, start local.