All Forum Posts by: Marlon Freeman

@Jimmy Wilson

In the podcasts, it is a consensus that good investor friendly GC's are hard to come by. One suggestion in the podcasts was to show up at the contractor center before they open, see who's there. These are to more than likely be the GC's and contractors who are very busy and serious about their business. You may also consider talking to small businesses that supply lumber, plumbing supplies, etc. They'll be more in tune with knowing the contractor than the big box stores.

@Lissa Dear

Looks like a grand opportunity to become that perfect GC for the Fort Worth Area!

Thanks @Sam White!

@Sam White, do you know if Southwest Bank a portfolio lender as well?  I will begin to start establishing lender relationships soon and I know for my long term goals, I will need portfolio lenders.

Thanks, 

Marlon

@Joshua Morris

Running your numbers and adjusting for the new found tax rate of $4183, assuming $10800/yr in insurance and using a cap expense fund of $1500/yr, instead of $2000, i get a positive cash flow of $250 a year (including 10% property management) ...that's hardly close to what my minimum would be, but i think that you did overestimate the expenses just a tad (which is good). Better to be conservative than negative on cash flow. if you could get that same property at 10% less ($135K), you can quadruple your cash flow with the same assumptions i used. (Still wouldn't meet my minimums tho). So all that said, if this were an actual property, i would walk away if i couldn't get the price down much further. (BTW, my minimum is $125/month per door positive cash flow)

Cheers.

@Ann KESSEL I use a company for my small business called XPest. Prior to them I was using Terminix.  I like them, they are a little cheaper than the big guys, but I think they do a quality job.  They service my business 1 per month. Contact name is Fred Raymond, and phone is 817-953-6560.

Brandon,

I'm not sure if anyone has done that many financed properties with homepath, but just be aware, that the financing only allows you to buy fannie mae properties. Plus during my research, i've only seen exactly one lender that will finance them, which leads me to believe that it will be a fairly tedious task to get deals done. Just my opinion.

Marlon

I did hear that in the video. I would think that would be too thick for interior purposes. Maybe half that for drywall. 1/8" or so. It does have great potential i think. Maybe even wood fence protection? Deck coating?

I would think this could be used in very thin coats on interior drywall, keeps kids from knocking holes in the wall, and such, but there could be drawbacks. Can it be cut with conventional tools, for say adding a wall outlet? What's the weight of it? Could it be sprayed on an asphalt roof to prevent hail damage? I do see lots of potential.

@Account Closed 

Be sure you are protesting your taxes yearly...you can get the taxes lowered typically based on comps in the area. A friend of mine protests hers yearly and keeps her appraised values low. The taxes are a hit directly to your cash flow, so it's worth it to protest them yearly. And since you're out of state, I would maybe look into a service. There are services that will protest them for you, obviously for a fee, but it may be worth it if you have a large inventory.

@Zach Schwarzmiller thanks for that tid bit of information. I like the idea of accounting for inflation. I suppose if i use a percentage of income to set aside, then in my rental increases the cost of inflation is automatically covered.

@Justin Case that seems more like coverage for your personal expenses.