All Forum Posts by: Melissa Williams

Hi all! Looong story short... after the black swan event (Covid), I took things slow. Flipped a property, acquired a rental, and still learning something new about Real-Estate constantly. For one, I should've bought MORE when interest rates were dang near 0%!

I'm very satisfied that I formed my LLC from the start with the flexibility to be a TX Series LLC. I gain the history under my LLC and am able to separate the financing from my personal credit.

This is a very informative thread and I appreciate all the opinions.

@Victor S. I like that strategy! I wonder if most agents would just try to take your max offer though?

@Bart H. I apppreciate your advice! I'm with you on going slow. Been looking for equity partners, but that's a little challenging (or maybe I just think it is). I conservatively estimated 1 month to close, 2 months for rehab, and 2 months to sale, so I'd be in Spring by then too. My budget did include a little extra holding costs, but I didn't pursue the deal after discussion with another BP member. (Thanks Justin!) I do have house fever, because it seems like it's taking a long time to find a good deal... Thank you again though Bart.

@Justin Aguaze you're right usually they aren't, but this one was listed around $60/sf and ARV is around $110

By the way, I have been searching MLS and the off market deals I get from 3 real estate agents I've established relationship with. I "officially launched" in August with a goal of completing at least 1 flip this year. Now my goal is to at least acquire 1 property to flip this year which is very achievable! I work full time in construction managment (commercial) and have a 16 month old, but am new to real estate investing.

Trying to be proactive in my business despite the available excuses. I do appreciate all the responses this far both critical and helpful. If this doesn't fall through there are plenty of other deals to pursue, but I thought a bird in hand is worth 2 in the bush.

@Cody L. I like the way you think! I'm going to use this for multiple offer situations. Appreciate the insight!

@John Teachout

That's correct John. I offered because it was a really good deal on MLS which I don't come across often. I thought I could raise private money in time and I included an option period, to walk property with contractors. This all seemed kosher to me and worth it.

My offer would've been accepted but I needed to provide POF, so I sent one from my lender. (That's all I have.) Also needed 10% EMD for cash offer which I have to give, but that would affect refinance.

My question is, is anyone aware of any type of creative partnerships to save this deal? Any ideas to acquire property in such short turnaround?

@Jay Sengstacken

I would get the house with the offer I put in. My issue is we are in the middle of refinancing our primary residence, so this would affect that process. With that in mind, I'm looking for creative solutions to fund/finance/partner in order to move forward. Otherwise, I'm out on this deal and any others for at least a month while we're completing the refinance.

Note, I'm aware I need to disclose to my refinancing lender.

@Kris L. Yes agent let me know that 10% is required and I need to view the property.

Correct Kris and Wayne I hadn't viewed the house it was on the market for 2 days and quickly became a multiple offer situation, so I jumped on it the third day. I work full time in commercial construction in Frisco, but luckily the listing agent was willing to let me view the house over the weekend after confirming most of the offers were blind.