All Forum Posts by: Lindsey Hughey

West 17 or East 17th, East means it is in Arkansas West means Texas. That would be around Grim stadium if you are talking about W 17th this area depends on the block.  Has potential.  

It looks like you are in the research phase, narrow down to 10-15 areas book a flight and put feet on the ground.   If you have time walk the a couple of blocks out and that will give you a good feel for the neighborhood. The top 3-5 areas you like drive by at night and in the morning.  

 You need wholesalers like you need trash men, plumbers, and title companies.  It doesn’t matter that they are making X amount on the deal they are apart of your funnel system.  If you take them out of the equation your funnel for new properties will shrink.  All of this is market dependent and how good your relationships are in your community.

Get your hands dirty, theory is good but experience is better.  Don't just go out and get the first thing that comes to you.  Take your time but jump in within the next 3-5 months and make something happen.  The deal is made in the purchase price, not at the end or during refinance.  Learn new skill sets and make plenty of mistakes and you will eventually get better at what you are doing. 

In my experience it is best to find a community that you like and drive around.  In your case i would reach out to wholesalers since you are having a hard time finding these properties.  Find an older community that will be your best bet.  Depeding on your contractors and skill set start off with late 60's and earlier 70's built homes.  A 40's build is 80 years old and will more than likely need major electrical and plumbing.  you will have to put yourself out there.  I can drive around my city and find plenty of ugly houses.

Started 10 years too late.  Missed out on several homes that could have been purchased at a good price but hindsight is 20/20.

A lot of the people posting in this post (myself included) only know low interest rates for the last 20 years rates have been low.  My father doesn't think of 6.5% interest as very high.  My parent's 1st house was at 9.5% during the Reagan years and they had good credit and was considered a really good rate.  We needed rates to go up in order to slow down the housing market, it was too crazy out there.  The good thing many people were on the sidelines due to only having traditional financing can now compete with investors.  Yeah, the size of the house you can afford is smaller but how much house do you need? Most families can function between 1800-2000 sq/ft.  We may have to get used to money being a little bit more expensive for the next couple of years.  That may mean everything isn't turnkey and you have to pick up a paint brush and learn some skills to keep your costs down.  The sky isn't falling because rates went up to correct itself.

Keep the ceiling fan in the room,  its nice to have just a little moving vs nothing.  I like the idea of having a ceiling fan with the remote.  

I purchased some lots in the city around 2020.  Think about maintenance of the lot.  It will needs to be twice a week in the spring and will taper off in the summer.  If you don’t keep it up other people will notice and you will notice more trash on the property.  If you do purchase it have a pretty good zero turn mower and knock it out when you do your yard.  A GC could probably build for $120 -140 sq/ft if you handle the general contractor in you could shave that down to $110-120 sq/ft.  If you can paint and install cabinets, trim and other light finish work you could probably do it for a $100 sq/ft.  Don’t underestimate the the desire for new. You just have to make the numbers work.