All Forum Posts by: Kelly Smith

Welcome and good luck!  Having a marketing background should help with the wholesaling side of the business.  

Welcome!  

The great thing about the DFW market is the plethora of free resources to you by attending the many investment club events.  Most are on meetup.  

Good luck!

Welcome Brendan!  

A client of mine in DFW recently went through this with his father's home as well.  They bought it from the heirs (himself and siblings) using our hard money financing.  We paid for the acquisition and rehab costs.  They decided to flip the house but originally talked about keeping it as a rental using a hard money conversion loan (another investment loan that pays us off and your new debt with another lender is a landlord loan for 5+ years).  

Using this route he was able to get the deal done a lot faster and with far fewer headaches.  Their income situation is better than what you're stating about your wife and brother-in-law, as well.  

Hope this helps!

My personal opinion - you become an investor agent without marketing that effort. It's a track record of proving you know good comps, your market, and searching for 'deals' on the MLS. The other thought if you market yourself as strictly an investor's agent (as someone already said) is that you'll be taken advantage of...

I'd talk to Quest IRA in Texas - they are very knowledgeable.

We have a sales contract with an Investor who is purchasing a property from FHA and the language in the contract dictates the max loan amount the Buyer can obtain. This struck me as odd because FHA is the Seller - why would they care how much financing the Buyer is getting if they (FHA) is getting paid off?

Welcome and the great news about a hot Texas real estate market is that there are a TON of free networking events to meet others in the industry and learn! 

Go to a big house and ask them for their returns, how the vet borrowers, do they service the loan in-house, what is the protocol for foreclosures, are you on the deed, and more. 

When it comes to hard money this isn't always true.  I've recently won loans from private money lenders because of the 'fine print' and because we do not have a cap on loan amount.  For example; one private money lender i was competing with held back 25% of the draws (TX Code is only 10%) in one instance.  Sometimes points are cheaper than profit sharing.  ...there are other examples but the "hard money is bad" isn't always a true statement.  

I have the same advice. Until you have a better idea of how to protect yourself, let someone else do that for you. A great HML will service the loans for you, as well. 2nd Liens/Gap Financing is still steady in Texas but it is a VERY risky investment but working with a HML will allow healthy returns on our money without any effort other than signing some docs and sending a wire.