All Forum Posts by: Nicole Grant

We use Randy Ivey for property management and would highly recommend!

Giovanni Di Puglia Does San Antonio have a First Financial? They are the local bank I use in Abilene for financing my deals. Definitely keep contacting banks, but gear towards local. Also, find some other investors (through your REIA or ask local agents who the big investors are) and see who they are getting their financing through. Good luck!

Hey all, I'm an investor and agent in Abilene. We have a handful of rentals and flip full time. From my experience and knowledge of Abilene it's always going to be a "steady" market. Vacant rentals have stayed on the market for longer amounts of time this year then the previous years I've been investing. I definitely don't think there is a shortage of rentals in this area. We are still buying several deals on the MLS (mostly foreclosures) and off the MLS. Hope that helps!

Our experience is different with each contractor. For example- one contractor we use will only pay for minimal amount of material and we pay him back during weekly draws (he's paid hourly) and we do phone sales for larger purchases through Home Depot or Lowes. Lumber and such we order through local dealers. Another contractor we use provides all material and we give him half the agreed upon contracted amount at the beginning of the project and half when the project is finished to our satisfaction. You may ask this contractor for references and speak to other people he has worked with to see if this is normal for him and their experiences with this contractor. That will also help you build trust. Projects go much better when you have a good working relationship with your GC! Good luck!

Chris Torbert Hey Chris! I have a 4 unit property in Abilene that I used the BRRR strategy and when we went to refinance the bank used a 12 cap to come up with the value of the property. With residential properties we have always based our numbers off a 12 cap. Good luck!

@Jamie Wooley 

Hey Jamie! A couple things I have started to do with my contractor is we seperate material costs and labor costs on the contract/bid. Also, on the contract/bid I want to see all the details included. For example, on trim work the bid should include caulking, paint, touch-up, etc.. I'm always weary of a contractor that promises the world for the cheapest price. Which I learned from experience. Defiantly the best thing you can do is to get 3 bids!! 

Good Luck!!   

I'm very interested to see how this turns out! Keep us updated! 

I agree with @Anson Young I would shy away from this because of the headache. 

Good Luck! 

I always pay for material... Some of the time I am picking out and buying the material myself and some of the time I am writing my contractor a check for what he needs. Labor is paid at the end of the job. Depending on the size of the job there could be up to 3 drawls.. Hope this helps!! 

Good luck on your first flip! I am currently under going my first flip, as well. I have always used TREC contracts and everything else that goes along with buying a house. You want to  have that security! I have a system figured out with my broker how we handle things when I am buying/selling my personal properties which is the majority of what I do. 

Looks Great!