All Forum Posts by: John Steffen

I don't use an app, but I read Mike Michalowicz's book, Profit First, and it was an absolute game changer for my business. Would highly recommend

As Elliot said, go over the TREC 1-4 family contract for familiarity as that's what you should be receiving. Definitely welcome wholesalers and investors to sell it in reasonable time for all cash and have them cover sellers title costs. To assure your time is not wasted I would not give them more than a 7-10 day option period, a serious investor or serious wholesalers with legit buyers shouldn't need more than that. 

A quick phone call with their suggested title company before accepting (or suggest your own reputable one) to familiarize yourself with the escrow process isn't a bad idea either and you want to make sure the transaction is in good hands. 

And references are invaluable - no problem whatsoever asking your potential buyer to share a few contacts of those they've closed deals with in the past. If all sounds good and the price is right, go for it! Good luck.   

Hey Lei, I personally think so! There's no sign of slowing down for DFW, so placing your long term investments in the direct path of growth is a solid play, this could be any of the outskirt towns along 75, 35, 45, 30, and 20 for example. I like where your head is at with these two cities; good luck!  

@andrew postell at Guranteed Rate is awesome!

John Teachout's last sentence is gold. Deals are out there; as long as you are actively hunting you will find one. Once you do, be sure to capitalize efficiently because someone else is right behind you. 

Secondly, the lead gen strategies you're using are awesome; but I'm sure you have figured out that most of those leads you're cold calling are already bombarded with wholesalers/flippers. Two helpful tips that are commonly expressed, but not commonly put to action: 1) separate yourself from the pack; build a genuine relationship with those leads and don't underestimate the power of follow-up. 2) The more players in the game you know / the more people who know what you do (other flippers, rental buyers, lenders, contractors, etc) the higher probability an off-market opportunity falls in your lap. This is valuable on a number of levels, of course, but in doing so you're throwing yourself in luck's path. 

I'd re-read the above comments 100 times. Money towards rent vanishes. Your couple hundred bucks towards a house-hack mortgage does not go away - it's forced savings. Money created and pushed back into the asset is retained and grows...especially if you are investing in the Dallas / Fort Worth market. ROCK ON! 

Hey Shirin, the 1% rule is an excellent rule of thumb, but certainly not an end-all-be-all. It is tough to meet the 1% rule in the DFW, but that does not mean there aren't great deals available. Think of it as paying a premium to invest in one of the fastest appreciating markets in the country; yes, you will have to sacrifice some cash flow, but you'll see serious appreciation. 

Good luck on the move! 

Distressed real estate investing at it's finest. This is not uncommon. Good thing is you'll have the 5k holdback. I agree with Eric in building a relationship with the seller or tenants, whoever is living there during that time, and see if you can start some exterior work or offer to help them move some of there things or offer trash haul off..or simply agree to park a dumpster there that they're welcome to fill. If they're hoarders this could help their clean up process along ultimately saving you time when you finally get in there. More time's than not, hoarders are going to leave their mess for you to clean up anyway so a dumpster couldn't hurt? Food for thought, best of luck! 

I take Alex's' approach and I'd recommend you do the same. Start a spreadsheet with all necessary items of a home (you could even include sub-lines of high, mid, low grade) and spend 30 minutes on homedepot.com just to get an idea of what things cost these days. You don't want to go off a general rule of thumb for repairs. Having a general idea of what things cost will allow you to recognize a reasonable quote by your contractor from an astronomical quote.