All Forum Posts by: James Guillot

I am having trouble finding a lease contract suitable to rent my property to a company to house their workers. Can anyone point me in the right direction.

This is a construction company that wants to rent my house to house workers for 1 year in my property. I only have residential contracts and I'm at a complete loss as to how the contract should be structured for this situation.

 I would very much like to have a call to get some insight and advice. That sounds great!

Yes I'm military. I am very interested in talking to a VA Loan specialist. I've been working through Veterans United, but they're so commercialized that it gets a little less personal than I would like.

 Thank you I appreciate that!

I am getting ready to move to Kentucky. I am looking for a licensed realtor to help me with both buying a private residence and other properties there.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $87,450
Cash invested: $50,000

Broker's Open scheduled
Open House Scheduled
Will list over 200k in Oct 2022

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

I live in the neighborhood and had been looking for properties in it for 6 months. I had been studying the home sales in that area to make sure my numbers were solid when I found one.

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

I was actually driving to the bank and saw the For Sale sign. I don't usually stop to check those out, but I had a good feeling. I pulled over and pulled up the listing right away. I was inside for a showing within two hours.

How did you finance this deal?

I financed with the lender my partner introduced me to. He is very good at what he does.

How did you add value to the deal?

I handled the entire deal, running around doing all the paperwork, funding the rehab, and handling the rehab.

What was the outcome?

We are 1 week from completion with a broker's open scheduled and and open house scheduled. We are looking at a quick sale over 200k

Lessons learned? Challenges?

I was in such a hurry, I did not realize that the previous owner was an electrical engineer. The electrical was an absolute mess inside, and downright dangerous. We went 6k over budget fixing it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend Tracy Reed at Red Dirt Capital and my realtor Jennifer Carrol-Medrano. Both have been absolutely outstanding.

I've been running around Lawton for a while and I can tell you, it's a very confusing city. Everything I know about good and bad areas has been mostly trial and error. Google street view doesn't always capture the neighborhood properly. Many out of state investors are active here but they seem to be focusing in the bad areas because they don't look that bad on google.

I would be happy to share what I know about good and bad areas in Lawton if you're interested. 

 That makes sense thank you.

In my location, I've noticed that when I'm trying to run comps off public MLS sites like Zillow and Redfin, there are properties marked as sold for over a million dollars. These properties are never worth more than 60-90k. Is it some sort of error or maybe something to do with investors evading taxes? I guess I could understand if it were 1 or 2 if those properties had some sort of sentimental value to someone who has that kind of money, but it's happening far too often to be isolated events.

I can confirm this. Keep in mind though that there are a lot of out of state investors who are very active here. A couple weeks ago I showed up at a property 4 hours after it dropped and there were 5 other teams of investors from Oklahoma City, local runners for someone in Houston, and Burkburnett there. There is heavy competition and there are a handful of local realtors sending out the same leads to nearly all of them.

It would be beneficial to have someone local to do more out of the box work.