All Forum Posts by: Michael Clevenger

@Cliff T.- Hello, sir. I forget my cost on the staircase however I can lead you towards Lowes retro treads @ $32 each. You can always buy the lumber and makes the cuts yourself just be sure to calculate your time to do so prior to your purchase. 

If you have a straight staircase your job will be relatively easy! Also if you if are staining the wood, I went to Sherwin Williams and they where very helpful!

WOW!!! Way to go, sir! The tile work, cabinets, flooring & EVERYTHING look fantastic. 

@Chris Kelley

Welcome to BP! Glad to have you. Looks as though you are doing great for yourself with excellent goals. Keep up the good work. 

Both Frisco and Arlington are really good cities. As with any city you'll have communities within that vary in class. These two cities have each class.

I'd find the class that I'm interested in and then look in both Frisco and Arlington for the best deal. 

Therefore, I do not believe the city is as much of a concern as the return. Find the best deal that works with your desires. Good luck on the hunt! 

First Multi Family property (duplex) has been purchased, renovated and now occupied! 

Purchase 10-14-2016. Contract Price: $18,900

Started Renovation: 10-17-2016

Completion: 11-30-2016

Unit A rented 12-1-2016 at 1 year lease ( Young mans first home)

Unit B rented 1-1-2017 at 6 month lease (Signed papers 12-15-16 move in date 1st of the year)

Each unit is a small 1/1 with 530 sqft each. Renting for $445 per unit. Larger income VS. neighboring rentals due to washer and dry connection and install during renovation. Most homes in neighborhood use local laundromat. 

Posting this information to encourage the newbies such as myself.  Take a moment to realize where you are. You've set a path to prosper in life. The things we are doing are AMAZING!

Before:

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Welcome aboard! We're glad to have you!

@Ajay Prabhu

Just depends on what areas of these cities you are looking in. Every area/city has its good/better & best. For 200K you can do a lot!

Arlington is a great area as well as Mansfield, Burleson & Crowley. Burleson has tons of new homes being built. I've found a few foreclosures or short sells in these newer highly desired neighborhoods. It appears that these foreclosures are new homeowners whom get in over their heads and only last a few years then need to move. Sometimes you can find them prior to foreclosure when they are needing an escape.  95K-125K for 1,200sqft+ that rents for $1,300+ works for most.

If you are looking for a property that only needs minor cosmetics such as new interior pain and carpet these newer properties are great. The 1%+ properties are still out there. Keep looking and expand your search area.    

@Rocky V. & @Jay Hinrichs

Thank you both for responding. After putting the deal on hold, I came back with a lower offer. They countered and a deal has been struck. Signing papers later this week (hopefully). 

In the future I'll do as yall have done and assume the property does not come with mineral rights. I'm a newbie and would have never questioned it but they had a full page disclosure regarding the reserve.

Thanks again!

Recently placed an offer on a small multifamily property that was off market. Offer was accepted and papers ready to sign. While reviewing documents I see seller is "reserving mineral rights". Has anyone ran into this same situation? Is this or would this be a deal breaker for you?

BP peeps,

Took action and started my free trial with PATLive. Thus far everything has been smooth. I've created scrips for them to follow and have configured the call forwarding to ring their office prior to tenants reaching my voicemail.