All Forum Posts by: Mylan J.

 Do you know of any builders at that cost? I would love some contacts.

Yes. I plan to rent it for at least a year.

Colin, thanks for the reply. I will be building in existing South Oak Cliff neighborhoods. 

Any idea of cost per sqft on construction with lower end finishes? 

Any building resources would be appreciated.

Finding a duplex in OC for your price range is much easier than you might think. My Dallas rentals are all in OC and I live and grew up in the area as well. OC is large, so in "gentryfied" OC, you're right around SFR range at $340k, but in other parts, (& safe) you'll be fine.

I would suggest, if you care, to consider a fixer. Almost all parts of OC is welcoming to that activity. I'd go the HML route, add the value, then refi out with your pre-approved status. You'll save a whole lot over buying retail. #my2 cents.

I suggest this, because I've done it. Reach out if you would like the resources, ( HML, rehab co, etc)

I am researching new construction prices (per sqft) for new small  (2/1) (3/1) 900-1250 sqft homes in Dallas. Any insight will help. I am looking for builders.

If I follow your question, I am in the same situation ( I think). 

First, ONLY the courts (in Texas) can give a 3 NTV You can give a 30 NTV if the tenant is on a month to month or at the end of their contract term. If they are within a contract term...basic eviction rules apply & you're looking at a month or so top to bottom.

My story. I bought a place w/ an existing MTM tenant. I need them out so that I can do repairs. I a 30 day NTV sent cert. mail as well as hired a serving service ($30) to place it on the door. ( not necessary, but great for documentation). They haven't left yet, & the courts will serve the 3day NTV in a couple of days.

I've done about 6 fix/ hold deals in the past year. I want to get into new construction & ANY inside info would help. 

I've bought 2 residential lots in established neighborhoods that I'm holding onto. I have general knowledge of how the construction deal (ACV, LTV) etc is set up

How much (more than actually build costs) should I fund for?

HML vs bank for funding?. I've used HML on most of my buy/holds

references for builders in DFW area

references for funding sources in Texas

Hello Steven. 

Be patient for the right deal, but don't pass up a so-so deal either. The so-so deals offer experience. 

You WILL totally miss something & it WILL cost you. So, always build contingencies (plans & finances)

Most of all, don't be scared. Flirt with the edges of your risk tolerance.

Thank You all very much. I will get a police report later today & file a claim.

1. Fix & hod property has a lease signed with tenants to move in 3 days later.

2. Property on a hard money loan with documents currently being drawn upo fir a long term refi with a credit union

3. Insurance is still for a rehab, not yet changed to occupied

This property was burglarized. Hot water heater, stove, heating HVAC and kitchen sink were taken.

Questions

Should I file a claim with the insurance ? 

Will an insurance claim at this time effect the refi ?

Will any of this cause for a new appraisal?

et-al