All Forum Posts by: Nick Dunin

I am a future investor in a multi-family property, and I was looking for some information about real estate locations and markets within Texas. I plan on financing my first purchase using my VA loan but have difficulty deciding where to buy, as I am not from Texas and not knowledgeable about the markets. I want to buy into a market where appreciation is likely and there is good cash flow now and in the future. I have my eyes aimed at San Antonio, Dallas, and Fort Worth but I was hoping to hear from what knowledgeable people within the area have to say.

Wouldn’t you want the litigation to be resolved so the owner is paid the insurance proceeds? Or has the owner already received the bulk of the proceeds and the litigation is over the remainder? If paid, those should go towards the repairs. Can’t really collect on insurance, do nothing with the damages and then sell as is…

There is probably more to this than what is in the original post, but in some cases insurance proceeds / claim can be assigned to the buyer and a bond can be purchased to wrap around the active litigation. May or may not be worth the hassle on a wholesale deal…

Investment Info:

Single-family residence fix & flip investment in Longview.

Purchase price: $145,000
Cash invested: $95,000
Sale price: $339,000

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $48,000

My partner and I borrowed 100k Private Money to purchase and rehab this property. We went in with a 6 week timelline. We are now working on the interior. We hope to be complete in the next week. I will update when we close. We have a buyer lined up for 169k.

What made you interested in investing in this type of deal?

My partner approached me with a deal that another investor passed on. They weren't sure if the water well was functional. We took it on knowing that it would just be another expense. We already had a buyer lined up, so it was exciting to me! The water well DOES work!

How did you find this deal and how did you negotiate it?

My partner found it from a wholesaler. We agreed on price, but something came up prior to closing, so we negotiated the price down by 12k.

How did you finance this deal?

Private money with their IRA

How did you add value to the deal?

Found the money, and let my partner handle the rest. We have the same vision, so this is easy for me to just check the progress.

What was the outcome?

We aren't finished yet!

Lessons learned? Challenges?

When buying a property with belongings left on the land, even if it is stated in the contract that everything on the land goes with the sale, is not guaranteed. The seller can not include abandoned property (vehicles, trailers, etc) if they are not the legal owner.

Game cameras are a god send!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My partner is a Broker AND a real estate investor, so he was amazing! Todd Evans at Texas Twisted Realty in Longview, TX finds DEALS

@Nick Dunin @Tyler Lawhorn @Bryan Price
Following up on this post 10 months later.. Any updates? Still in the game? Will be in Longview and Kilgore and Henderson within the next week. Would be up to grab lunch or coffee if any of you are still in the real estate game in East TX.