All Forum Posts by: Jamie Wooley

Hattie,

Thanks,  I didn't know if it would still work with today's market so thanks.  No problem, I totally understand.  Just keep me posted.  Thanks!

Hello All,

I am a new investor in the DFW market.  I am looking for a house to purchase wholesale as we speak to rehab and having trouble doing so.  One because I am new to the industry so my contacts are slim and two because the homes that are being sent to me do not come close to meeting the 70% rule.  The dallas market is by far a sellers market right now and I just don't know if it is even possible for this rule to be followed right now.

Please any investors (Rehabbers, Flippers) let me know if this will still work in my market or if I am going to need to adjust this a little bit to be competitive right now. If so, how do I need to adjust it, and what are your suggestions? Just to give you an idea of where I am at... I am looking at properties around $250,000 ARV or below and anywhere in Plano, Garland, Wylie, Sachse, Murphy and parts of Dallas.

@Mark Ferguson Well, that does make me feel better about not finding anything yet, although I hope it doesn't take me two years.  That is quite a long time.  I am however learning to be patient.  When first starting out, in my case was taking my RE classes I did not think that finding the home would be my hangup but that is actually the case.  I have had some cross my path but the deal was not solid enough for me to take it especially for my first.  I will continue to learn from others, network and hope something comes my way that meets my requirements.  Thanks for the input!

@WillPritchett Thanks for the input... I feel the same way about not finding any good deals with them yet.  They are however the one's that have sent me the most to look at.  As you I am looking to use my own money and not theirs which may be a hindrance when it comes time.   Good luck to you as well!

@Christopher Uhler

Thank you for explination!

The problem I am running into is the properties are so hard to come by that by the time my GC can go look at a home which is a few hours or that evening they are GONE! I am not knowledgable enough to know and it seems I am stuck between a rock and a hard place. This is really a tough position. I guess I just have to be patient and one day it will happen.

Hello All,

I am new to the REI world. I live in North Garland and would like my first property to be somewhere in the vicinity around that, meaning the surrounding cities. If the deal is right though I will not pass it up. Since this will be my first flip I would like to be conservative and stay around $250,000 ARV. I have my RE license and have my company established and ready to go. I will be an all cash buyer as well. Although I am new I have done my homework so please do not send me something 50 other investors have passed along. I want to build solid relationships here and I will be a repeat client as I plan to do one home at a time until I get my training wheels off and then multiples a month once established. I know the market is fierce right now but I also know that there is still a great opportunity to be had by all. If you are out there, hit me up and let's make this happen!

Thanks!

Thank you all so much for your opinions and insight as it is much appreciated.  I am going to run all of my own numbers and have my GC go with me to give me repair estimates as well.  I know I may miss out on a few opportunities by not jumping on them fast enough but I would rather be safe than sorry especially my first year out of the shoot when I am not knowledgeable enough to walk through and do this on my own. 

Also, not to sound like a rookie but what is a "desktop appraisal"?

@HattieDizmond Thanks for your reply. I have been ready to buy for over 3 weeks now. Although it is more than tough, I am being patient. The last thing I need is my first deal to go wrong, there may not be another if that is the case. I have been reading your post and you seem to be very knowledgeable on REI. I will keep educating myself and networking. It has to be right or I won't do it. I am just eager to get out there and start my dream! Thank you again for your words of wisdom, it is reassuring. I know it will happen, I just need to relax and let it.

So I have seen mixed reviews here on BP....

If a wholesaler calls, emails or text a property with all the information and I feel it is the right deal...What next?  I was under the impression from reading the book from J. Scott that you would then let them know you were interested and then get your inspector and GC on the phone to go out with you and double check the numbers the wholesaler has given you.  I mean, you can't go off the wholesalers numbers can you??? I am confused by post I have read.  Please let me know your thoughts and opinions. I don't want to do the wrong thing here and purchase with the wrong data.  I also don't want to get passed up because I am doing it all wrong.  Please HELP!