All Forum Posts by: Luke Moses

This house flooded in Hurricane Harvey. Needs a complete remodel. I paid cash for it several months ago but multiple other project going and wont be able to get to this one for at least 3 or 4 months. I dont have up to date ARV figures but I believe this house should sell somewhere between 90 -100k after fixed up. Needs extensive repairs.

Well that was helpful.

I just received a letter from Neal & McDevitt, intellectual & marketing attorneys. They say that my business name "Principal House Buyers, LLC" raises a likelihood of confusion for Principal Financial Services Inc and Principal Life Insurance Company and many others. Evidently they are registerd in Des Moines, Iowa and I am in Texas. I did a name search with the secretary of state before opening my LLC in the state of Texas and was given the green light.

They are requesting detailed information regarding goods and services offered.

Exact dates for use of "trade name."

The geographic extent of use of "trade name"

Samples of advertising...

Should I respond to this letter or be concerned or are they just saber rattling?

@ Benjamin Blackburn if you want to be a landlord I would focus on finding cash flowing deals that make sense for you.  I would also focus on small local banks and asset based lenders who are willing to assist you in growing your portfolio.  If wholesaling is not your "end game" I wouldn't spend too much time chasing after it.  

Having said that... in order to be a great investor or wholesaler you need to be able to consistently find good deals.  If you can figure out the marketing / deal creation end of the puzzle I believe you can be successful in any area of real estate. Landlord, wholesaler, flipper, etc.  

Finally, if you figured out a way to make money with vacant lots I would see if you can't amplify that and seriously build up your passive income this way.  Less risk, less capital and potentially greater rewards. 

Best of luck! 

@Edith Penaloza

Welcome to BP.  I'm in the Houston area and always looking for deals.  You can add me to your buyers list if you intend to wholesale.

Get out there and do some deals.  Nothing is a better teacher than experience.  It will all be scary at first but this dies down over time.  Good luck and feel free to reach out if you need anything.  

Hi @ Darris Singleton,

Welcome to BP.  I'm in the Houston area myself.  If you find a great deal I'll buy it!  

There are several large networking events in town.  I would try to go to one or two a week and meet other local investors.  There are also tons of meetups.  If you have a handful of serious investors and you have a really good deal you should have no trouble wholesaling it.  

Don't let the guru's fool you.  Finding a wholesale deal is one of the hardest parts of the business. Wholesalers have to buy even lower than flippers if they expect to turn a profit.  Don't let this discourage you but be realistic in your expectations.   

In order to get  deal under contract you will need to have a contract and seller who is willing to sell you their property.  If you are going to assign the contract it needs to have language in the contract that allows it to be assigned.  Its pretty common to see a contract that says "Chris Ahlemann and or assigns" or something else in the contract or special provisions that stipulates this contract can be assigned to another name or business entity.  

Hope that helps.  Best of luck!

I have a friend / business associate who is becoming very active the the Greater Beaumont area.  I think he is in the process of buying multiple properties in Port Arthur.  I'll send you a personal message.  

@ Nick Martino,

Welcome to BP. I guess it depends on what you want to do in REI. Gary Keller's "Millionaire Real Estate Investor" or "Millionaire Real Estate Agent" are worth looking into. I would also check out "FLIP" by Rick Villani and Clay Davis. I use the part on estimating rehabs regularly. Finally, "The Beginner's Guide to Real Estate Investing" by Eldred. I have all of these books and find them useful.

Best of luck!   

Texas Pride Lending is in the DFW area.  I believe they handle a lot of RMLO transactions for investors looking to sell with owner financing.  They should know some of the big players in town and be able to put you in touch with a few of them.  Best of luck!