All Forum Posts by: Michael Mathis

@Kenneth Garrett. Yes,  that’s a good idea I was just wondering how to get it all done online without a realtor but like  DocuSign,   but with out the expense of it all while looking professional at the same time.  Thank you sir for suggestion. 

Wanted to see if any of you utilize this method for leads and how it works?  

 Can I just walk in and ask for a list of stressed home owner that need help? 

What do I ask when I walk in to this type of company?    

Do they charge for the leads?

Is this illegal. 

I don't want to look like an idiot when I walk in!!!

Thank you. 

Good evening BP 

I know this maybe a silly question but we are trying to build/send a new Lease to our original tenant for the next year. We live in Aubrey and the house is in Houston. We just want to email it but don't have docusighn account.  Any Suggestions.  We did all this through a realtor the first time which cost us the $1300 deposit.  We want to try this ourselves. 

Just found your Post. I'm in the Dallas area. Put me on your list...Live In Aubrey Texas will go  to Denison and Sherman as well. 

Good evening BP Community,

Would like to meet with a local (Dallas/ Ft. Worth rehab REI, I'll buy lunch....

Trying to learn from an experienced rehabbed .

I have done one, but want to hear from somebody else how not to fear it.

Thank you.

Update, had a meeting with Lifestyles and the property after all the expenses performed really well for all that happened.  I learned also that I should have been paying more attention to the Contractor to avoid all this.

  My Mistake was (again) was trusting the process and assuming that leveraging the name (Lifestyles)  would benefit me while using all their vendors to avoid this costly situation. But as they teach,  I should have stayed on top of the contractor and been aggressive on follow ups.  Lfiestyles or not this was my house.

  I have $5600 in cash flow with $41,000 OOP for the whole deal.  Captured $5670 in capital gains.    Holding cost was $13,500  if it wasn't for that this would have been an Outstanding deal.  Overall it was still better than buying a truck or a boat which is what I used to do with the money. 

My family is still better off going this direction which is what I'm most proud of.  

Guys.. thank you, I used a local company REI Company called Lifestyles Unlimited to help me and this is the end result, I used all their vendors and financiers. I didn't know it wasn't a good deal until the very end. That's why I'm here. I spent 7k in a single family membership with that company to avoid this. The bomb in this project that I didn't mention above is the 9 months of hard money loan is was in before completion at a total of $14,200 OOP of my money. 100sq ft home with their vendor leading the way. I trusted them and stayed out of the way, MY Mistake! To say I'm scared to do this again is an understatement so here I am licking my wounds and learning more before I let another REI company tell me that they will help eliminate risk if I join for thousands of dollars. I just don't want this happening again.

I know this may sound ridiculous but I just did a brrrr in Houston and i am very new,  I used my own money, was wondering how I can do this with a private lender and how they get their money back in a reasonable time.

  The way it worked was after rehab you refi to conventional loan and then you have to let it (season) for at least a year before you can capture the equity which will require you to refi again.  I purchased the house at 61 put 48 in it with hard money loan, which I put 16k down to get this started.

Then when It came to refi the ARV is now 132. I had to put another 9500 down to complete transaction to conventional loan. I did not get to capture my equity and use it because it has to season.

How would this have worked with a Private lender giving me the down payment and then me giving him the money back in a timely manner with interest.

Any help would be appreciated.