All Forum Posts by: Account Closed

@Windie G. 

Most any of the title companies can get you a list of address' (for free) depending on how detailed you need them to be. They can break it down by owner occupied vs absentee owner and by neighborhoods as well. You will want to get in touch with a title rep as they are the ones who usually handle the delivery of this information. Realtor or not, the reps for the title companies want to earn your business and they are typically helpful in this manner. I noticed your in Glendale, try First American on Central. 

Additionally, many of the companies that produce the marketing materials, will also be able to provide these lists, assuming you are not hand writing them yourself. Check out expresscopy.com or yellowletters.com. 

**Tip: Googling "yellow letter" returns many search results for companies that provide the marketing material as well as lists.

Goodluck and happy investing! 

@Tom Keith

I have an attorney out of Dallas that I am really happy with. I'll message you his contact info!

@Ryan Fitzgerald

Congrats and goodluck Newbie!

One question I have is what type of property are you buying? FHA loans are for properties you intend to occupy. Assuming that's the case here, many large banks such as Wells Fargo or Bank of America offer FHA loans. You may also want to search for a Full Service Mortgage Banker or Direct Lender in your area to compare rates with.

Some local/community banks can offer great Investor loans and some do not offer FHA products. So, before you fill out any loan applications or run your credit, it's important you have a conversation with the loan officer of the bank and ask what they offer. They can tell you what products they have and even give you estimated interest rates and terms such as down payment qualifications WITHOUT you filling out an application or having your credit ran.

Lastly, now that you have had your credit ran, you have the right to request a copy of your credit report from the bank you did that with. You can use this report to share your fico's and other financial information with the next bank or mortgage company you check out to get a more precise idea of rate and terms for different loan products, until you're ready to proceed.

Very cool

Good luck!

@Stephen Lofthus

The links provided by @J Scott are great tools so if you have not had a chance, check those articles out.

It comes down to what return you are looking for. Depending on what market you are in, it should be realistic to the market or you may want to look outside that area. For example in Ca. I'll take a return of 8-10% when flipping assuming I can turn the property in 90-100 days (which is my avg). However, in Texas I am looking for a return of 13-14%.

Once you determine the return you want on your investment you just have to do the math. ROI= Profit/Cost

If you're borrowing money don't forget to factor in holding costs as well.

@Darnell Kramer

Having flipped hundreds of homes, my experience has taught me to *ALWAYS (*unless extremely unusual circumstances) rehab first if I want top dollar. And that rehabbing will *ALWAYS net more. Sounds like you know this already based on your comment "I can update the place for about 15k, my own labor, and selling for 20-30k more."

Now unless you can take that 15k, buy a second property, and the return be greater than your estimated upside of 20-30k, then IMO you should go with your instinct and get to rehabbing.

**Side note....be careful not to spend too much money on an interior designer if you're not in the luxury market.

**Tip...you can visit new model homes to see what's new with everything from paint colors to countertop materials and get great ideas for free ;)

I think that depends on your long term goals, tax strategies, refi costs etc, along with the market the home resides in. That aside, why sell for 25k unless you can take that 25k and do it again a few more times during the year for an ultimate annualized return greater than this initial sale.?.

Otherwise, why not keep until it appreciates some more (or you have more equity) and exchange into a property with greater cashflow. Passive income is Fabulous afterall....(as long as it truly is passive ;)

Hi Stephen!

A bit of a broad question. Are you trying to determine your ROI? Quality of work? Exit time? Before or After?

-Miriam

Howdy!

We can meet at the Remix Lounge or one of the exchange rooms at the Aloft Hotel in Downtown Dallas. Tuesday evening?

Stand your ground John. You have your comps and the home is worth what the home is worth, ya know. ;)