All Forum Posts by: Lance Wakefield

My advice for your first flip with zero money would be to find a partner that can bet on you as a person rather than your skills as a flipper. There is going to be a very very sharp learning curve that will end up costing more time and money than you anticipate (most likely) If your partner believes in you as a person rather than just the deal they will navigate those difficulties with you. 

Best of luck on your first flip let us know how it goes. 

I did not find it on MLS

I have been doing a lot of research at the city and it looks like even though it was once a duplex they may not let it continue to be a duplex. I am doing further research and also looking to see if it is still reasonable as a 3/2. I am just having a difficult time determining rents for a 3/2 in the neighborhood but I dont think it will cashflow the same, maybe 1200 a month best case. 

Ill keep you updated. 

Wow thats more positive feedback than I anticipated! Any ideas on how to finance the deal until I can get the bank to give me a mortgage for it?

I am looking at a duplex in the North Dallas area. I would buy for $50,000 then rehab for $15,000 

It would be around 1100 sqft total space or 525 sqft per unit plus 50 sq for laundry and utility (shared) 

We would be renting for $700 a month per unit

I would buy cash and mortgage out after rehab. 

Monthly

Mortgage $280

Taxes $180

Vacancy $65

Repairs $104.00

CapEx $104.00

Insurance $50.00

Management $130.00 (this cost wouldn't be incurred but we budget for it for future)

Total $926.95

Monthly Rent $1400

Cash flow $474

those are the numbers I was looking at, I think!

I am curious if this is a decent deal? How much a bank would usually lend on the property if the market value was 100k? Any other advice etc anyone would recommend?

Good luck on your first flip!

Are you all set as far as boots on the ground go? Do you need any help with contracting subs etc? Do you have a good real estate agent already?

Thanks for all the great support!

The purpose with my license is to buy and sell residential real estate and to flip and resale. Once properties are picked up I will rehab and use the license to sell the properties. 

Good to know that I should avoid the big recruiters!

I am familiar with New Western, but i am looking for a brokerage thats not exclusively involved in wholesaling. My understanding is that is what New Western does. 

So to be more specific I am looking for a brokerage that focuses on flips or has agents that do that I could work with/ assist in order to learn. Thanks again for all the help!

I just moved to McKinney TX and I am almost done getting my real estate license. I need a brokerage in the area that focuses on real estate investment. If anyone knows of any, or works for any I would really appreciate it if someone could point me in the right direction.

THANKS