All Forum Posts by: Nick Brown

@Blake Washington

I am in Frisco as well. So a couple things without knowing that market. You seam to be relying on Zillow for your valuations. Zillow and any none real estate agent driven tool is always off. Some times as much as 10%. Don’t use them.

Obviously I can’t comment on you rehab numbers being right or wrong. But the reality is a discount from family is is still not enough to make the numbers work. It’s not coming close to 70%. It looks like your getting them at what’s left in the mortgage.

Maybe some mortgage brokers on here might chip in and suggest if it’s possible to take over the mortgage to save some origination costs etc.

What if your mum keeps them in her name. Redo the numbers You rehab them and you split the profit? Win win.

As I said I am in Frisco and a rehabber if you want to get a coffee and discuss let me know happy to brain storm this with you.

@Suresh Kannan

I am no financial advisor. But if you have a relationship with a lender already, use them. It makes no difference if they are local or not. They have their criteria for lending. So as you already have made an offer and it’s accepted, for times sake use your current leader. They have your information. Or go hard money but again makes no difference where they are from.

@Suresh Kannan You made an offer without knowing how you were going to fund it? Are you looking for a conventional mortgage?

Hi all,

I am looking for recommendations for a lawyer that can put together syndication contracts. If there is anyone you can recommend in North Dallas that would be great. Frisco, Plano, McKinney, Allen, Prosper

Thanks in advance for your suggestions.

Nick

@Andy Xu. Your setting yourself up for a long long drag with little tangible results. You will be asking yourself why are you doing this within 6 months.

It kind of sounds like you banking on the market improving rather than the effort of your house hacking to make it work.

I would suggest you need to rethink your strategy. Your mixing your personal and family life with a business model. They truly don’t mix. There are other strategies in property investment that you could use while maintaining your kids in the same school. And it then does not interfere with your business.

I live in Frisco. If you want to grab a coffee some time I am happy to run through some ideas with you.

Cheers

Nick

Thanks Dmitriy, Always good to hear people comment.

Investment Info:

Single-family residence fix & flip investment in Frisco.

Purchase price: $300,000
Cash invested: $350,000

House predates Frisco when it was originally called Emerson. Built in 1902 by Dr Rogers who became the first Mayor of Frisco in 1908. A lot of work on this one. Foundations right to the roof. Everything is being fixed and repaired. Pictures are work in progress. Hopefully complete in March/April

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

What a real challenge but also restore a historic house and prevent its demolition

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

It was actually on MLS

How did you finance this deal?

Private money and Self Directed IRA

How did you add value to the deal?

It was a complete gut so everything we did was adding value

What was the outcome?

Completed the outside and sold just before starting the inside to a person who wanted their own touch.

Lessons learned? Challenges?

make sure i get compensated for the tenants still in the house for the first month.

@Arun Kumar I am in the Frisco area. If you want to get a coffee some time we can talk about your thoughts and I can point you towards where to get some information. To answer your question Frisco is a tough area to find quality investment a lot of new build. Not impossible.

@Sidney King Hi. Maybe COVID Killed it off. Don’t know if Kevin met up. Kevin came out to my house in Mckinney early last year. That ones sold and just about to close on the second that I just finished. Take a drive by if you like it’s in old town Frisco. 6974 Oak st. Built 1902 needed everything. Complete gut. If you want to meet for a chat some time l can fill you in on that deal.

@Craig Hurdle

If your in the historical part of the city then you will need approval form then on top of the standard building regs. Guy will come out and discuss with you what your plans are before you submit so your not wasting your time. It might not be Guy he’s retiring soon. But best to check if you are in that area.