All Forum Posts by: J Massey

In Texas, the age of the roof accounts for about 1/4 of the price of our policies. A basic hailstorm can ruin a 25 year old roof very easily, much more so than a new roof. Age in general leads to more claims (older roof, older pipes, water heater etc.). 

why didn't the existing borrower recover the equity if it was "in-place" and simply repay the loan and cash out? how are you able to capture equity the previous owner did not? good insights and thanks for sharing. 

Easy, get multiple quotes and if the GC doesn't want to pull permits, then buyer beware! If you move too fast, or skip the permits, it may not be any big deal. but at some point, it could come back to bite you. 

also, agree to a payment schedule and do not deviate. any GC that needs cash up front should be a red flag. if materials need to be ordered, then pay for them yourself and have them delivered to you property. 

you could consider areas near entertainment districts. arlington has: Cowboys, Rangers, Six Flags, Hurricane Harbor. Lots of concerts in addition to the football/baseball games. 

Correct on hard money. While I have not done a deal with them, their agreement requires a close timing that simply will not work with conventional lenders (usually 7 days or so). 

My plan was to buy a home warranty for my rental. Is this a decent option or are their too many strings attached? i know this won't cover all capex, just trying to prevent too many surprises. 

Wow, great post. So you have $2K cash net invested ($55K less $53K cash out)? your yield is crazy high. Curious how confident you were in the 125K appraisal? that is impressive. 

I think i like your strategy but i am considering going hard money on my first one. What are you all seeing for terms from HMLs now? I have seen some advertise 90% loan, but not sure that is reality. 

Appreciate it. I may take you up on that. 

Good feedback. I had another person speak highly of New Western. While maybe not the cheapest deal, that person emphasized the learning experience as valuable in getting into a network of lenders, contractors, agents, etc. If you are comfortable messaging me the agent you have worked with I may reach out to them rather than cold calling their office. 

Hello, bumping this thread to the top. I'm in Dallas. What would you say to the first time investor looking to buy, rehab, rent, and refinance in Dallas? Should I reach out to local agents, wholesaler like New Western? I am trying to find a mentor and have a relationship that I think will work out well. I have access to contractors, lenders, and have a very strong balance sheet, so just need to find the right deal and get access to comps. I can run and model numbers and am a CPA so comfortable with the finance side of things. I am patient and can wait for the right deal to come along.