All Forum Posts by: John Collins

It does seem like an amazing value. I was wondering why they were on the market for so cheap. To be fair, the two houses on either side of the lots are HUGE 3k+ sqft houses, but even the 2k sqft houses on the same street are in the 400k range. I'm not too worried about the time, as I have a fairly big chunk of cash sitting around that I've been wanting to invest in something. If I can turn a good profit on this it would be a good place to put it.

I'm still debating on whether a duplex or SFH would be the right idea. I could obviously get more cashflow with a duplex, but as you said this might not be the right neighborhood for that, and maybe a build and flip (with a SFH) is the smarter way to go.

The town I live in has gotten quite expensive, with the average home price around $350k, and rents at around 1200. However, land is fairly cheap, and I found a pair of half-acre plots for 50k each. I'm thinking about building something on them and either holding or selling and wanted to see if anyone here can share their experience and insight.

The land is in a primo area, and the houses directly next to the plots are 600k and 750k respectively. I got a rough estimate from a home builder website and it was around 200k before electrical, plumbing, etc. for stick built. Modular is obviously cheaper. I could build a duplex or fourplex, which may be a smart idea cashflow-wise, but might hurt the resale value. Also the land is on a slope, but I imagine that wouldn't be too hard to level out and build the home(s) on.

Overall, does this sound like a smart situation to take advantage of? Would you build single family or multi? And would you buy (build) and hold or flip? Let me know your thoughts.

Thanks! Yes, I'm a big believer in secondary or tertiary markets as a place to get started, both in SFR and MF. The construction phase was at %6.0 interest only, and the perm was at 4.75%. Much cheaper than HML.

No worries, I know it was a long post! The property is in Shreveport, LA. Returns and CoC are technically infinite because I invested $0 into the purchase or rehab (just the carrying costs). The property is currently rented out for $1,500 and all of my expenses, including management, are about $1300.

I loved Grants first podcast. He is such a motivator! I probably listened to it 15 times. I couldn’t listen to Dave Ramsey again after that. I loved how he talked about creating and expanding - not contracting or keeping things small. I guess he is using some smoke and mirrors to keep his name out there. He said in that podcast (paraphrase) If you can get half of the country to hate you, you could be president!

@Will G.

Grant cardone knows what hes doing. Smartest man in real estate I've ever met. Growth conferences are frkn amazing!

Greetings all! I am active duty military relocating to Wichita Falls, Tx, just north of Dallas by an hour or so. The area seems to be thriving in the sense of growth and I'm considering buying this home and I'm unsure whether to use my VA loan or wait until I find my forever home. There are no rentals in the area so it almost seems like I'm forced to buy. I would really appreciate any feedback on whether this is a good home to invest in, initially as a home to live in for at least 3 yrs and then rent out. Help is needed and greatly appreciated.

Full disclosure: I’m a novice to the rental investment game, but the plan is to live out of the home for three yrs and then turn the property into a rental.

https://www.zillow.com/homedet... and cheers

Freddy J

Hey BP! So my current strategy is house hacking. I plan on buying a home that is livable so I won't have to invest much in it and rent it out while I live in a camper in the back or front of the property. Has anyone done this strategy/ or is currently doing so? I would appreciate any tips or heads up about this. My original plan was to purchase a multi-family but in my market, these are tougher to come by; single-family homes are much more abundant. For instance, I am currently looking at a property that is $295,000; move-in ready (It is close to me and I saw when they started the remodeling process). It has 4 bedrooms and 2 bathrooms. I was considering a rent-by room scenario but this home is not located near any universities and I feel like it would rent mostly to families.  I know I am all over the place but I want to hear what everyone thinks based on their experience. Thank you in advance. 

I think he's a blowhard. Think about it. If you are really such a hotshot investor why do you need peanuts (10K) from uninformed and poorly educated investors? Why aren't sophisticated investors like accredited investors, family offices and institutions chasing your deals? He's a ******** sales guy. Any sophisticated investor would see through is aggressive used car sales pitches. Anybody can buy assets at list price with the dumb money and offer 4% to investors(which is what he was doing.. check out youtube videos from his victims). 

@John Collins

1). How did this buyer learn of your property being for sale?

2). There is typically a clause that if you sell the property within x period of time after termination of contract you will owe a fee. Whether or not they try to collect the fee is on them. Have you reviewed the contract?

3). There should be a clause if the agent is representing the buyer and seller what the fee is. If the fees are the same regardless of who bring the buyers, that's poor contract management for you.

4). If you were unhappy, why not immediately address the concerns, whatever they were and give the agent an opportunity to succeed?