All Forum Posts by: James Stevens

Hey @Andrew Glenn, ok let me go at this one piece at a time (from my perspective).  First off, like you said, as far as the structure of the house is concerned your typical homeowner's policy should cover it.  As for the materials inside the house, and any and all improvements that have been made up to that point, this is where you need to be fully talking with your insurance agents all through the process.  I know, that when I've received quotes on insurance policies for houses that were going to be vacant and under construction, my agents tailored the coverage to that particular situation.  They have even asked if materials or work vehicles would be stored or left at the property.  So, I'm going to say, that as long as you have the right coverage, everything is covered up to this point.  Now when it comes to a Hard Money Lender, they will not only want back the money that you have drawn, so far.  But, they'll want the interest on top of it.  As far as any unused portion of the loan, I'm sure that could be negotiated.  But, the interest on the used money will be coming out of your own pocket.  So, the way I see it, that becomes your only REAL monetary loss, at this point.  But, after it's all said and done, you still have the property that can still be built upon.  So, it could be worse.

It would also be nice to get some people from the Milam County area that would like to attend some meet ups, as well.  I'm living in Rockdale now, which is a good central location for anything in Central Texas.  People in Cameron, Thorndale, Thrall, Milano, Gause and even Lexington might like to join us and be able to bring in the views from each different area.

As a GC myself, there is absolutely no way I would accept a deal like that.  If I want my earnings to be based upon the profits from a flip, then I'll do the flip myself.  

That's where the BRRRR strategy comes into play. Buy, rehab, rent, refinance, repeat

I can say that I pretty much started the same way.  I've worked construction ever since I got out of the Army back at the end of 1997.  Remodeling houses is what I did.  Then once I became a licensed electrician, that just widened up my skill set.  I have worked for flippers before and really enjoyed when I worked for a particular mother/daughter team.  I was there GC and they would, pretty much, just buy a house, hand me the keys and tell me to, "do whatever was needed."  Obviously, by that point, we had a good working relationship and new what each other was expecting.  Now, I am a General Contractor and my end goal is to purchase buy and hold properties in my real estate investing company's name (J.S. Properties) and have my construction company (Stevens Construction & Remodeling) doing the rehabs

@DeEtte Harrington  I am a real estate investor (in the beginning stages) and general contractor from Rockdale.  I am approximately 45 minutes north of Austin, but our coverage area extends further than that.  We, typically, cover anything within 1 1/2 hours of us.  If there is anything that I might be able to help you with, in the future, or even if you just have a few questions, feel free to contact me.

I can't give a direct answer to that question, but I'll be happy to see the other responses. But, if you're using the BRRRR strategy as it's intended and steadily growing your portfolio, it won't take much time at all before you reach the point where traditional financing is no longer an option anyway. At that point, your credit score won't be as large of a determining factor either. The lenders that you'll be using at that point will be more focused on your reputation and track record.

I know that Randy Harrell is a very experienced attorney when it comes to real estate transactions as he is also a local investor. He is one of the principal shareholders at Harrell, Stoebner & Russell, PC in Temple. Their offices are located on Birdcreek Dr. 

zillow and trulia are NOT going to provide you with accurate numbers to run comps. Unless you thoroughly know an entire neighborhood, real estate agents are the best source for accurate comps

@Barry Ratliff is an investor and Realtor. He can help you.