All Forum Posts by: Maurice D.

do you have her phone number? call her and ask.  it could be she has a friend/relative in town with the key. 

If that fails, snail mail with a return envelope?

there is a large Sprinter van group, for those DIY builders.  what brand van are you building?

Also check https://sprinter-source.com/fo...

Full disclosure, I am building my Sprinter :)

LOL "He wasn't there when I threw the cup at HIM"..

put the utilities in your name, pack a sleeping bag and sleep there from day 1  and you will be safe..   Seriously, not sure what would happen if you take your time to move in as in, paint the place and make it nice and move in 30 days later?  I doubt you would get in trouble if they come after you when you live there..    maybe someone will chime in from experience.

I have a heat pump mini split in my ADU in Dallas, works great. with gas prices set to soar this winter, I'm happy to have the option. quote it both ways to see if there is a price difference. you will save on the furnace part of the system and add a valve and some circuitry for the heat pump to the outside unit.

you might also want to join the "Dallas real estate investors" group on facebook.  there are several groups with the same/similar name look for the one with 35k members.  good place to network and find fellow investors, contractors (or hear which contractors to stay clear from) in the DFW area.

There are also classes out there where they teach fix/flip and coach on your first house (or something similar). Also, there are podcasts here, and books and videos on BRRR that should cover the basics. I would recommend getting the basics of the basics on the process before approaching a mentor, save them for the advanced stuff :)

This being said, you shouldn't have a hard time picking this up if you know how to manage a project/crew.

- find a home that needs repair, preferably off market so you don't compete with retail buyers.

- walk the property with a contractor or specialty contractor(s) (electrician, plumber depending on the issues) to get an estimate(s) of the rehab.   Being new to homes, you will want at least 3 estimates to get the number down.

- Buy the home below market value with the appropriate as-is value, presenting your low offer based on x,y,z repairs.

- close, break ground and start rehabbing!  Dumpster outside on day 1!

Don't go with anything too old or too broken on your first few flips.

Real life example: A couple not familiar with investing bought an old house on my street to "fix". I got to talking to them (after close), and they had NO idea how much it would cost to fix and were asking me. This cost needs to be factored into your purchase price! Turned out the house was so old and broken, it's a demo and build lot. now they re-sold it at a loss, because they bought it off the MLS at retail price and didn't realize how bad it was.

the commission is paid by the seller, he would have to fork over the commission cash at closing out of his pocket!  yes the realtor(s) involved get paid, but why would a seller fork over a chunk of change in exchange for a note? as mentioned above only in some circumstances a seller would do that, most want CASH at closing.  A downpayment higher than the commission would be needed to overcome this.

I think in today's Market you won't make any profit on something that just needs a little facelift.  too many buyers paying above list, will kills most simple flips.

Also, going after MLS properties will further erode you profit and will be competing with 100's of other investors and retail. read up on off market properties and how to find them.

follow the forums here daily, read up on what works and doesn't for other people and certainly listen to the podcasts, round this out by reading a couple of books.

For example, I read yesterday this thread, and really liked the key bullet list that @Bill Brandt put together in the reply.

https://www.biggerpockets.com/...

The other basic, you need to build a team.   reach out and talk to hard money lenders, realtors, contractors and they can answer questions about their loan products and real estate areas in your town etc.  

in reading the upstairs bathroom repairs, a big flag goes up.  this old house very like has mold behind the walls from the running water.   how much is your earnest money and can you walk away from it?  there is a risk that other concealed damage and difficulty working on the older portions of the structure bring about way more than 25k in repairs aka money pit.

The seller didn't disclose the old knob and tube wiring, maybe he new about it?  hard to say from this end of the keyboard but as it is, maybe walking away is a cheaper option.