All Forum Posts by: Kami S.

Congratulations @Willow T. on how your persistence and confidence paid off in your successful end results.  I have a question, you mentioned:

"There are ways to avoid capital gains taxes, which I certainly did for this project"

Can you elaborate on that please?

Thanks.

Hi Greg, first things first, you said you did ARV from MLS, is this based on actual sold comps and current listings? Don't forget to do DOM in your calculations. Also check the flood zone which can increase your insurance premium.

On your numbers, I think I came across this deal which I received from one of the wholesalers, here is what I see:

1.What is your exit strategy, flip or buy and hold?

2.Rehab cost, this goes back to my question number one but have you actually walked the property? "Never" trust wholesalers rehab cost, even when you come up with your rehab budget add 10-15% contingency to it, if you don't end up using it, it's the icing on the cake but if you ended up needing it then its the difference between making it or breaking it.

3.purchase closing cost seems low, I would say around $4K-$4500 specially if you are buying from well known wholesalers in town.

4.Your holding cost seems high, unless you are financing the whole purchase with hard money.  if it is hard money make sure to put enough holding period in your equation as first rehab may take longer if you don't have the right contractor in place.

5.selling closing cost should be around $4500-$5000 for the $250K

6.On agent, find one that will save you some money on percentage of commission but keep in mind you get what you pay for, don't use flat rate agents (this is just my opinion)

At the end make sure you do your numbers, also keep this in mind you can go to tons of guru classes and they will teach you how to do things in theory but until you do them in real world they worth nothing.  You took a big step to make your offer.

Let me know if I can be any help and good luck with your project.

Google Jerel Ehlert, he is good!

Wow! That sounds like a lot of bumps to close. I have a house from wholesaler under contract that is being sold by the heirs and wholesaler is saying we will be able to close by Friday, however until I see the title Insurance and close the deal I won't be relaxed.

Also start attending local REI meet ups, there are plenty good ones in Houston, but be aware of sales pitches and do what you think is right for your development.

James Syed out of all list providers you mentioned which one was the most reliable?

@Joshua Martin it seems you are getting pretty good start on this.  I have a question do  you answer all your calls or let them go to VM to screen the motivated sellers?

Thanks.

Joshua Martin good luck with your campaign, I am at the tipping point too, need to figure out few things and finalize my letter and list. I subscribed to this tread see how you will do over next few months, good luck again!

Look up Jerel Ehletrt law. He has done some work for me and he knows his stuff. By the way add me to your cash buyers list for west Houston, and if you came across any wholesale deal between 100k to 250k ARV rehab please let me know. (Contact is in signature)

Benjamin Blackburn that's great idea, add me to your cash buyers list for deals in West Houston areas. Thanks.