All Forum Posts by: Jamie Wooley

@Account Closed

Arlington Heights Area...Hillcrest Add Fort Worth

Oh yes, I would be working with an experienced contractor that deals with the city and pulling permits often.  He also deals with additions often.  So that I am not too concerned with but it is something to consider of course.

Thanks @Donald Capwell

@Mark Nelson

Thank you for your opinion and no I have private money at 8%.

@John Thedford

I would be flipping the property.  

Taxes are in original post at $7137.00

Holding cost are harder for me to pin down correctly.  

It is around 77%.

Yes, I have looked at the comps on MLS and they check out, solid.

I will be selling so 3% for the buying agent.

Hey BP,

I am interested in a property in Fort Worth.  I like the numbers and the area.  

Here are the basic numbers please tell me your opinions.

$245,000 Purchase Price

$115,000 Rehab & Addition of 600 sq ft

$468,000 ARV

Taxes $7,137

The addition would make it a 4 bed, 2 bath and 4 car garage.

@Jay Hinrichs

Thank you Jay! 

Eddie,

Would you be willing to share what an average remodel cost would be for a 1500 sq foot home in the $175,000 ARV range that needs a complete gut job. If you would provide a breakdown that may help people understand what the cost associated with a turn key provider is like.

@Jay Hinrichs

I do appreciate the advice and definitely some very good points made.  I think right now I am just trying to focus on one thing at a time.  Once I get the business running smoothly which should be soon I could see that making a lot of sense.  I know you are truly successful and will use the advice you have given me for sure.  Thanks again Jay!

@Jay Hinrichs

Honestly, if I put the effort into being a RE agent as I have REI I would probably be killing it. The reason I don't is the love for REI. My broker thinks I would do very well with luxury homes and I could see that. I know this sounds cliche but there is something to be said about loving what you do. I have done things in the past that I did not care for but made money and that is not what I am after. I love finding the deal, I love rehabbing homes, I love helping people and I love the potential income that can be made if done correctly. At this point in my life I want to be crazy successful and go to bed knowing I am doing what I absolutely love. There are always ways to make money but I am in it for way more than that! The passion that oozes out of me for REI is overwhelming. REI has endless possibilities which all incorporate loving what I do, being successful and having the passive income for the future. To me it's a no brainer! : )

@Jay Hinrichs

I am definitely the little mom and pop operation as of now.  I am working very hard to make it a very successful mom and pop but do know it takes time and hard work.  I have put in the time educating myself and have got my feet wet too.  I am ready to take it to the next level and actively doing so now.  I will have my website up next week, social media and then following that up with a direct mail marketing campaign.  I hope with these things in place I can work extremely hard and not recreate the wheel.  Thank you for your advice and suggestions.  Talking to successful people like yourself only reiterates the fact that if I work the system and work it hard there is no reason I can not have the success I am looking for. Luck and capital do play into it and I have capital only time will tell with the luck, lol.  : )