All Forum Posts by: Jeffrey Bland

Anyone have a good relationship and/or recommendation for a qualified REI attorney in the Fort Worth area? I am looking to begin a working relationship with another counselor.

Please understand that I searched daily for 90 days for a property that would cashflow on MLS. I also had cards made and joined a local REI group that meets monthly and told everyone I know what I was trying to do. I listened to podcasts by Brandon to keep me motivated and probably ran 100+ properties through the BP calculators before I finally found the one property that would work. I got lucky but only as lucky as someone who was keeping focused and motivated can be. I am now looking at wholesaling to get cash for my next buy and hold. After I've had this property 12 months I can also refi and use the new value to try and get cash-out for my next purchase.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $185,000
Cash invested: $75,000

Duplex that was in need of a couple of big items but mostly just a facelift and new appliances. I probably invested too much cash because I did conventional financing with 25% down but this was my first investment property and I bought it because I knew it would cashflow nicely. Monthly cashflow shown is after all expenses, including property management, future expenses, and vacancy. Each side rents for $1100*2= $2200 and PITI is $1105.

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

Two rents and cashflow made me jump into this one. I also wanted to get started somewhere.

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

I actually found this deal on MLS, believe it or not, and negotiated down from my $205,00 offer during the option period.

How did you finance this deal?

conventional financing
25% down
used money from a whole-life insurance policy

How did you add value to the deal?

We ripped out all of the carpet and had the concrete stained/polished and then painted the interior and exterior. We replaced one side with new HVAC and replaced all appliances. We updated the plumbing issues and added screens to all windows.

What was the outcome?

So far, so good. I am hoping to hold onto the property for a while anyway.

Lessons learned? Challenges?

When you are estimating costs of rehab it is better to overestimate costs.

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

Sure...
David Coker, local RE Agent (Ft Worth)
Worthington National Bank

I've got mine listed with

All County Group with Kim Miller

Boat Club Rd

The only contact I ever have with them is when they put my money in my bank account every month.  They do it all.

@David Hildebrandt, ever had a claim with NREIG?  There's a thread on here somewhere about them not paying a claim.  It got very ugly.   Just wondering?  I know that you can't please 100% of the people 100% of the time.  Cheers!

I'm collecting quotes for Landlord Insurance on a duplex in Fort Worth.  Does anyone have a recommendation based on experiential quality/cost?

I would like to send out a great big THANK YOU to @Kuba F. for spending some time with me this morning and showing me in detail how his REIKit works.  I would say if you're trying your hand at wholesaling or fix n flipping then his REIKit would be one of the first things in which I would invest.  Again, thanks bunches for your time @Kuba F. !

Can anyone tell me the approximate costs in Fort Worth area TX for what a Title Agency should charge for a purchase transaction?  Is it different for a Refi?  

Oddly enough @Joe Splitrock , this is/was my thought process all along.  I'm obviously trying to make certain I buy right and with my final offer being around $100k I was hoping for a little better counter than $128k.  Being that it was the first day the unit was listed though, I thought if it was still available in a month I would then re-offer to get a feel for any negotiation room.  I set up my reminder on my BP Calculator results and Voila, it has come time to offer again.  Thanks for the tips! 

TY  

@Jackson Pontsler, @Aaron K., @Ryan Blake