All Forum Posts by: Michael Vargas

Fred,

As everybody has said, this site has the most and best information for investing in real estate. Tell us a little about what you want to do and what skills/experience (if any) you have to help you. Then tell us what your goals are so we can point you in the right direction. You made the first step of joining BP, now keep going and start learning the business.

If you have any questions about the DFW area, please let me or anybody here know.

Regards

Mike Vargas

MNV Properties, LLC

Hok Lai,

My guy is in the DFW area and he is pretty good at fixing up flips. Give him a call and ask him for a quote. The HR Group. I have Scott, the owner's number (214) 676-6891. He does the quoting. His team does really good work. Tell him I sent you.

Mike Vargas

Ray, welcome. I just finished a flip in NRH and just listed it. You will learn a lot on this site. Keep reading, and listening to the podcasts. They have quite a bit of information and have helped me tremendously. 

Good luck on your progress and don't be afraid to reach out for help if you need it. There are literally hundreds of experts and people from all ranges of prospective to those with hundreds of flips and investment properties.

Nick/Alberto, I appreciate the info. I do budget 6 months just in case, but at the price I'm looking to buy, Its not a lot, but it sure can add up after while if things go south.

Troy, great info. I'm always looking for more options and I'll look into that option. In TX, foundation issues are always a concern, but inspectors out here specialize in that because they can get nailed if the miss that. Certainly, I'd love to find that 65% deal, but I have to be realistic unless I get real lucky.

Thanks again for all your input.

Mike Vargas

I have been looking in the Ft Worth area for quite a while and I have about 5 houses that are available for purchase. Some on and off the market. They are all 75% or better. The sell prices are between $60K - $150K. Repair costs are between $5k - $30K.

I have $20K in cash and have $10K available in credit for the repairs.

What cost should I expect to pay for HML in rate and points lately as I have seen the number jump around and change greatly from when I was in CA.

Any advise would be greatly appreciated. Thanks.

Does anybody have experience with portfolio lenders and what are their requirements?

I had an opportunity a while back to buy 5 properties at a great price, but had no cash on hand to have "skin in the game". Now, I have the cash. I know HML will cover up to an amount, but I was curious as to portfolio lenders and how that works when purchasing multiple properties at once.

Thanks in advance.

Mike Vargas

Had a cabin in Crestline for a few decades and watched the level of the population change from owners of a vacation home to those that bought because it was all they could afford. Still, after all that time, it was neat to see the neighbors take care of each other and help when needed. 

One of the things I saw when living there were the SB County sales. There were a lot of houses and plenty of empty land for a very low price. I would check there to see if there is anything that fits your criteria.

Vacation rentals near the ski resorts were going to be our niche before we moved to TX.

Good luck!

I moved to TX from southern CA and with the lower cost of living, I am ready to start investing in lower cost condos and townhomes. I created my LLC and got business part started. Now I have selected my properties, locations, and my niche. Now, I am hoping to pull the trigger once i get the financing I need to buy the first few units. I want to start off as a buy and hold, but I was told to try flipping to get my feet wet in that process and fall back on buy and hold if it doesn't work out.

My background is in analytics, my wife is a Realtor and sold new homes in CA. I know how to run the business and she knows what buyers want and we can hopefully share in our experiences to build a successful business. We rented out our old home in CA and it will be the core part of our business as it has a lot of equity and we are looking to purchase much lower cost properties.

My networking here has given me a lot of motivation and desire to get started as soon as possible. I am glad there is a site like this to help with questions I have and to read the questions and answers from all the others. I look forward to the podcasts and articles here and for any hints and pointers from the more experienced investors at this site.

Mike Vargas