All Forum Posts by: Nick Bitz

@Nick B. wow another Nick B. Its www.pprtx.com

@Shawn Ackerman thanks for the response. 

I would buy before the house is renovated. I assume they would give me all that information, although its not something i asked in the meeting. The thing I'm really liking is that i would already have a decent amount of equity in the property. Without making the rookie mistakes that i would inevitably make doing it on my own. As far as finding renters DFW has no shortage right now. And the friend that introduced me to this company has only used them for property management on his property with nothing but good things to say. 

I like what they say in Missouri! I usually go by "If it sound too good to be true, it is!" thats why I'm asking Yall. Hahaha

So I found this company through a friend and met with them last week. I want to break down their model and see if there are any issues some of you seasoned veterans may be able to point out. 

Here goes,

What they do is buy houses wholesale using Hard Money and have their team do the rehab (i would pick from a list of houses), then refinance at 75% ARV conventional. They find renters and do the property management for 10% and you're locked into that for 1 year. All said it would cost me roughly 15-20k to get into a rented out house cashflowing a couple hundred bucks and do realistically no work other than fund it. Anyone heard of anything like this? Thanks in advance.

ALSO I'm a newbie so if i left out any important figure let me know lol

@Antonio Marte I actually bought mine in Bedford. No property management yet, I'm living in it for a year or so. 

Congrats! Just bought my first house last month (about 5 minutes away from DFW airport). Im curious about what specific areas you have in mind?

@Andrew Cordle 

Thanks for input! I would love to do flips. It just seems hard to find opportunities in my area(that's probably just me not knowing where to look). The 40, 50, 60k deals I read about on here I never see.

@Mike H. 

Wow, that's very interesting and something im defiantly gonna look into now. Thanks!

@Jeremy Tillotson 

I've lived with my girlfriend for 3 years now. So I cant really leave her at the apartment when I move out......or? NO! I cant. As for my brother, I have lived with him before no issues. Plus if **** hits the fan I can just kick him out lol. That's brotherly love. Also I can afford the mortgage and then some on my own so im not worried.

@Mike H. 

I see what your saying. Hard money just scares me. I think if I do one or two without and actually see the profit I'll be much more comfortable looking at that route. If you don't mind me asking what does a typical deal for you using that method look like? 

@Triston Murray 

I defiantly need to look into cash out refinance. That would certainly speed up the process.

So I posted a thread yesterday about finally pulling the trigger and buying a house. (inspection is this afternoon, wish me luck) I have my goals and a plan set in place but I'm interested to know what the more experienced investor would do if they were in my shoes?

Here is my current situation. Buying my first house now under an FHA so 3.5% down on 136k. I live with my girlfriend who pays half of bills and am going to rent a room to my brother for $500 a month. I'm fortunate to have a great job that pays good money with little hours allowing me to focus on real estate. At 24, I have zero credit card debt and zero student loans. My only real expense is my gas guzzling mustang lol. That being said I have the ability to save roughly $2500 a month. Also a future business partner who works in the oil field and has more money than time. He is willing to go in as a 50/50 partner with me on any deals. Buy and hold rentals is my current strategy.

Taking all that in to account. I'd be interested to see how you would approach a real estate career?

Thanks for all the help BP!!!