All Forum Posts by: Jordan D'Silva

Mistake:

Managing contractors out of town. I bought a property about two hours away. I got a great deal on it, needed a lot of work. I didn't have any contractors out there, and I found a guy to clean it up and he said he also did remodel work and gave me a business card. I saw that he had a crew with him, so I rushed into it and gave him the job because I was in a rush and wanted to get people working on it. My first mistake was being lazy there, but my bigger mistake was seeing the progression of his work turn into a nightmare and not taking assertive action to get him off the job. Long story short, after I had paid him 10K over 3 months (he said he would be done in 1 month) he ghosted me and I brought in a guy from where I am at that I have used on many jobs and he basically had to redo everything the guy did and more. Rehab ended up costing at least 15K more because of contractor management. So the moral of the story is to always maintain control of your contractors and thoroughly vet them before giving them any big jobs.

@Ethan G. That’s an option for the ones who are way behind, but most are just marginally behind (can get caught up) or (for some of the fixer uppers) they are up to date, they just haven’t fixed up the property yet. It seems as simple as making an offer and then releasing the lien note upon closing. But i want to make sure it’s that’s simple and I haven’t been able to find much literature.

I have a situation with some notes I own that are either a little behind or where I sold a property that is a fixer-upper and they haven't fixed it and it presents an opportunity for me where I would rather buy the property back because the market price is higher now than when I originally sold it. Has anyone ever done this and is there any issues you see?

Hi, my name is Jordan, I'm a single family investor in Dallas with about 600 units half notes, half rentals. I come to Bigger Pockets for a lot of answers to questions I have, but I would love to create more connections of people that are looking to create a new venture, people who want to discuss new models or talk-thru issues we face during our everyday business activites. Please advise what you think is the best way to find these connections and if you are from Dallas or anywhere in Texas and want to connect, let me know. 

I have been buying single family units in Dallas in lower income areas for a while and I used to just sell them owner finance with high-interest rates, but recently, people have been paying off faster or refinancing, so now I am renting out a few to see how the returns will be, especially compared to owner financing. I want to develop a more scientific, numbers based approach to choosing between owner financing and renting. Does anyone have a spreadsheet formula they use or any suggestions. The rental management part of things does not matter as I have a good team and I will consider the management difficulty/area on a case-by-case basis.