All Forum Posts by: Layn Minyard

I apologize if this is not posted in the correct area:

Hello, my family and I are looking for a 4/2 property around Keller/north Fort Worth, Texas. The market is crazy here, as I am sure you know. We would like a light fixer-upper that we can rent out after repairs in a year or so. Nobody wants to pay prime/top dollar, obviously, so maybe something off-market? I have zero REI experience (yet!), but my goal is to begin now, with this next property.

Just before Covid announced it's arrival, we sold our house and bought property to build on. We jumped right into a rent house. Enter chaos- the house we planned on building tripled in cost even with cutting the plan down. We ultimately sold the property and are now "stuck" in a rent house we did not intend to stay in. Obviously, our rent has been steadily increasing in this crazy market, and the next rent agreement will be a crazy increase. This is why we are just wanting to buy a light fixer and ultimately rent it out when we move away from the metroplex. 

Thank you for any information. 

LM

Hello, I have been a member on BP for a while. I have listened to MANY inspiring podcasts and searched many posts on here. I have also read quite a few of the "go to" books that have been recommended. Bottom line, I began to have children, have experienced multiple life events, and focused on my career (Public Service), so I have not pulled the trigger on anything in relation to material on BP, and I still have no "formal" education or experience. 

I am sure I know what type of responses I will receive with this inquiry but it does not hurt to try- I am looking for connections around Fort Worth, Tx, that are willing to meet, network, or mentor IN PERSON (I know, I know...), specifically in regard to MULTI-FAMILY (REI and development), and/or SELF STORAGE- I am open to any other opportunities in RE. (Phone, virtual, and books are great but I learn best, face-to-face, and by doing). As they say, "You don't know what you don't know" so this is me trying to remove the "don't" from that equation.

I am currently on light duty at work due to an accident, but I would like to offer any assistance I possibly can on weeknights or the weekends, in exchange for ANY type of education. I will definitely buy as many breakfasts, coffees, lunches, or dinners as it takes, as well! :)

Thank you for any information.

LM

I sincerely thank you all for your kind replies!

@Curt Davis - Hi Mr Davis, Thank very much for the insight!.. That sounds awesome if  I could put more work into networking to line up potential buyers. I appreciate your reply!

@Wayne Brooks - Hi Mr Brooks, The more I investigate, the more I find HUD homes are a delicious entrée for hungry investors. So, the HUD homes make it to the MLS first? I was under the impression, they went straight to the HUD store. In the case you describe, you're right!.. Everyone and their grandma has seen the listing. But would one advantage be the NAID? Not every realtor has that correct? They have to register with HUD to get that? Thank you very much for your reply!

@Greg Hall - Hi Mr Hall, So I would definitely want a buyer ready to go to closing with? That's great info to receive! I was unaware you could not even advertise! You have to be a rock solid investor to pull off the double close then! Thank you very much for your reply! 

@Morry Eghbal - Hi Mr Eghbal, I 100% absolutely appreciate your concern! To be down right honest with you, I do NOT know 100% how to value a property. I am 30 years old, only work experience has been the Fire Service since high school, I've wanted to be involved with real estate since I was a child, and still have not pulled the trigger. I've had financial setbacks and to be honest, I am the poster boy for Analysis Paralysis. I've looked at properties and could not engage. I figured, HUD homes might be easier on the pocketbook once I commit! Thank you for your reply!

Hello once again all! I'm digging in more and more to all the different strategies and vehicles that can take me down the road of success. Without being able to find a mentor and attending REIA meetings to no avail regarding assistance quite yet, I will lean on you all once again...

I've come across HUD Wholesaling. Now, I do not know much about it but I do know that a licensed realtor has to submit the bids. I've always wanted to be a licensed realtor but not for the sake of being a traditional realtor, mainly for the education and perks with MLS, etc... I know there are fees with association, CE and what have you but I digress...

Question: Do any of you wholesale HUD properties? If so, do you recommend getting a real estate license or is it just not worth it? I'm really trying here!

PS. I want to master each strategy but want to have 2-3 avenues. (Wholesaling to begin, HUD Wholesaling, Fix and flip :), Buy and hold and ultimately commercial and land.) Ok maybe a little more than 2-3. I'm ambitious.

Thank you all for any advice! You all are awesome. 

-Layn Minyard

Oooooh ok, well I was unaware it worked that way. Thank you all for your replies! The condition of the property was fairly impressive. There were minor discrepancies that I noted but I am not even close to an expert on any type of rehab. I did feel as if it was nitpicking. They were asking $250k flat. And I am not kidding when I tell you this but we offered the $250k plus closing. It was on the market for 2 days. The reason we went straight to asking price is because the house was 2,200 sq ft on 1.3 acre with a 1200 sq ft fully built/insulated shop. In my location that is unheard of and anything close to an acre is snatched up in a few days. We still lost. The only thing I can think of regarding the low price is the comps our realtor pulled... Now that I think about it, weve tried a few houses and were declined most likely because of FHA. Fortunately, the last sellers realtor actually disclosed the reason. Might have to go ahead and go Conventional.

The sad part is we don't even have to go FHA but we just had our second daughter and we figured that 3.5% sounded pretty dadgum good. Failed on due diligence. And yes sir, we have been fully qualified with the FHA. Ill go ahead and take that 4.25% Mr Britton! ha

I absolutely appreciate each of you! Thank you kindly for all your input and schooling me!

-Layn

PS There will be more to come! :)

Hello all!

Quick question! I am newer than brand new in real estate investing. Actually, I have not even dove in yet. The reason...?

My wife and I are trying to secure our personal and permanent residence first (And I am ignorant on real estate right now.)

To the question... We put an offer in for a house and we are going FHA. The sellers declined our offer BECAUSE it was FHA. Pardon my ignorance but what are all the reasons a seller would decline a FHA offer?

Thank you for any and all responses!