All Forum Posts by: Jared Clark

I purchased with a hard money loan, got rehab funds on that hard money loan as well. It was a full renovation. Rented out after rehab, got DSCR at new appraisal value. A BRRR deal.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000
Cash invested: $8,000

Long Term Rental property in Small Town TX

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

Leaving least amount of money in deal. Two rental properties on the same street.

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

Direct to Seller by text then met at properties negotiated deal signed contracts.

How did you finance this deal?

Hard Money and then refinanced into DSCR

How did you add value to the deal?

Found the deal, negotiated the deal, rehabbed the property, property management

What was the outcome?

Long term rental that cashflows and small amount of money left in the deal.

Lessons learned? Challenges?

Partners, Seller signing additional contract with a wholesaler.

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

Yes

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $8,000

I ended up leaving $8k in this deal after refinancing out of HML.

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

Leaving the least amount of money in the deal.

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

Text was first contact then met with homeowner at the properties agreed and signed a deal for two properties.

How did you finance this deal?

Hard money and then refinanced into DSCR after rehab and rental.

How did you add value to the deal?

Rehab and property management.

What was the outcome?

Got most of the money back out of the deal and am cash flowing with long term tenants.

Lessons learned? Challenges?

partners, this property was a long way from my home so managing rehab was hard. Put a lot of miles on my truck.

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

Yes

I’ve been in Pace’s subto community for one year.  I joined after hearing him on biggerpockets podcast when Brandon was still on and he basically blew Brandon away with his strategies of taking care of due on sale clause and other issues.  Biggerpockets brought me into real estate and introduced me to another great community.  There are a lot of good people within subto many of them doing a ton of deals.  There are also a lot of them not doing many.  A lot of newbies too who joined to get the fast trac.  I do not suggest joining unless the money is no issue or you do a deal to make the money for the program.  Partnering with a subto student is also a great idea.  Like everything what you get out of it is if you do the work and this is regardless of having a big community to support you or not.  The price of admission is worth it but it is not necessary.  There is also more to the group than just real estate.  If anybody wants to chat reach out I’m happy to talk to you.

@Jared Jernigan I'm in the Houston area and interested.  Please include me.

@Matthew Rolf No I have not done any deals as an agent yet still taking classes.  Should have classes done by next month.  I'm on my third deal as a buyer two of those were homes I was buying to live in one has since turned into a rental.  Closing on first investment buy on 9/1.  Appreciate the offer for help may take you up on it at some time!

Ben,

Here are the meetups I've found. Super Investor meeting tonight at Stampede, tomorrow there is an REI on tap networking event at Pinstripes and next week there is the Super Real Estate Social at Heights House. Links below. I'll be at these. Also willing to meet up some other time I am in Alvin.

Super Investor Meeting with Jet Lending, LLC and Renters Warehouse Tickets, Multiple Dates | Eventbrite

REI on Tap | Houston Tickets, Thu, Aug 19, 2021 at 6:00 PM | Eventbrite

Houston Super Real Estate Social 8/25/21 Tickets, Wed, Aug 25, 2021 at 6:30 PM | Eventbrite

I can't make these events below but will be going to Dylan's event next Month and probably the BRRR's & brews as well.

Houston househackers/ networking meet up (biggerpockets.com)

BRRRR's and Brews | Houston Meetup | August 2021 (biggerpockets.com)

Jared

Hello Corey welcome!  I am in the Houston area and am just getting started as well.  We'll get this figured out!  

I'm in Alvin and interested.

Welcome Marissa.  I very highly recommend listening to the podcasts they are gold.  That is what brought me here.