All Forum Posts by: Michael Lewis Lee

Hello Relando!   I have much experience on the construction in Dallas.  I would recommend you talk to your main City Inspector before you start to make sure you do not get any surprises once you start.  Ask all of your costs items to make sure your budget includes all of possible headaches and get a taste for any lenience you might get and the things you do not have to worry about them and those that you do.  My experience of that goes back to 20 or 25 years and it might be run a little differently now but you might get a sense of their strictness.  I found out that will tell you what about the new construction as well as the existing conditions.  The only thing I had to do in Coppell when I pulled a permit at my home purchase in 1993 was to install a few more smoke detectors.  That my experience in construction was for about 30 years in the Dallas area.  Just be honest about your improvements and what you should look out for.  Good luck to you!

Hello Jacob!  I'm not sure what you are asking so I hope my answers will work for you. If you do not have a good credit score there are other ways to qualify for a loan.  One way comes from your experience, it might matter on your lender requirements or what type of lender are they might matter.  There's owner financing which could help you.  if you own other properties you could use their equity that is that could be used towards your new property down payment  That could make your financial statement look better.  Your equity could be used to loan payback or a down payment.  Positive cash flow can be used the same way like equity can.

  You could find a  "cash rich" Partner whose funds could make your deal work but you will have to give up part of any profit. It may have to be a Hard Money lender that is usually has higher loan rate interest, points. and total fees but also a short term loan so make sure it's a "value add" property that should help you get long term financing.  There is nothing wrong with more dent if that property will give you  each month.  Hand them clearly stated  with your applications.  it's location might help you or the more motivated the owner/seller could help.  Just be as creative as you can.  The better the deal looks, the easier a loan could be.  Good luck to you!

Hello Jared!  That was some good advice.  I don't know if that experience has something to do with it but your experience might and I'll probably always remember someone saying to not trust anyone until you have some experience with them is built up and that will tell you never to assume anything that you are ultimately responsible for and that all referrals are not always going to be good.  Things can change overnight.  Believe that I know what I am talking about.  Don't be fooled by a good salesperson.  Best wishes Jared!

Hello Patti!   Demand, location, positive cash flow whether you are financing it or not, area growth, amenities, repairs, seller motivation, is it in a flood plane  economical pluses or minuses, property age, layout, historical issues, future projections, neighborhood issues, weather issues that are negative or positive, distance from an existing public protection, if provided, storage area, and property taxes.  I may have missed something.  and it might effect their personality.  What are they looking for?  Good luck to you!

Hello again Fili!  Believe it or not that question is discriminating and you probably will not get many answers.

Hello Timothy!  There are several ways to do this but do whatever is popular there.  I've been studying for a long time and most say it's Direct Mail.  Send out an unusual size.  Handwritten envelopes and on that lay out what all that you'll do using different contents until it works.  Do not work on the average pricing.    Try above the average price.  You'll likely have less picky buyers.  Be a problem solver.  Try to do all they'll need.  The more you can do, the better.  Use pictures or short videos and make them simple and non-professionaL.  Have an interesting website that teaches them more and be on as many Social Media sites as you can that have a link to your site.

Good luck to you!  

Hello Fili!  Offer them the ways you can pay and then let them decide.  They may accept later payment depending on how desperate they are.  You might offer a higher payment through resell.  Do not do what you are not comfortable with.  You do not want to borrow money to do that.  They might like that higher payment, especially  if they can provide more services if you trust them. You might to not do anything out of state unless its a turnkey with property management.  I've heard many say to invest within an hour drive even if you plan to hire property management.  It might depend on how good the deal is and that might effect your decision.

Hello Casey!  I agree with  not try to be your Agent.  Your goals  If you could go into debt and still have a positive cash flow really matter as well as the risk you are willing to take.  What Angie said but I will try to sell myself.  If debt fits into your plan, I would use your case as a thing that you could use for a cure, loan payment backup, and if it takes all cash to get the deal at a lower price and to close quicker.  Take it on a deal by deal consideration.  Use it as a backup solution where it can make a difference for you.  I kind of. know what I'm talking about is that I was a broker around Dallas for about 30 years and the last 9 years I have been handicapped which left me without walking, driving, or working for about 9 years, since I was 54. I was also a Construction Manager for about 30 years too.  That has made me able to read a lot, listen, and watch a lot.

Making mistakes is normal but learn from them.  Do not pay attention to those who do have experience in what they are talking about.  Your happiness is what matters.  Know the difference between assets and liabilities.  They are what puts money in your pocket or takes money out of your pocket.  Don't be The Millionaire Next Door.  Do not try to impress others.  Do not let your emotion to make any decisions.  Sleep on them.

Good luck to you!  

Hello Ann!  All Cities or States have different laws usually.  You need to ask a subject area building official like a building Inspector.

Good luck to you!

Hello Chris!  You can't rely on most what you see on the internet because they are mostly liars.  The best way to go is to call local building departments, Tax Assessors, county clerks, experienced and successful real estate Agents/brokers, lumber supplying stores, local real estate associations, City councilors, or City Building Departments, Local popular newspapers, and popular cellphone companies.  your price range is average or 2 to 3 times higher.  the more expensive homebuyers are less picky.  I agree with what Annchen said.  ask all local in the know people and be ready to possibly move to be in a high demand area.  Population growth and job growth are important as well as demand type, renters or buyers.  Fix and Flip needs the future growth outlook.  Are there other sources of financing there besides Banks?  Offering owner financing could help you as well as its location.

Good luck to you!