All Forum Posts by: Patrick Ellis

Justin, give me a call.  I'm available to help.

Michaela,

If you're still looking for an agent with rehab experience, let me know.

Patrick

Jackie Bravo @ Bravo International Real Estate 

Krishna,

If you haven't found a plumber yet, give me a buzz. I can give you a couple names.

Patrick

Maria,

I think you need to ask yourself the question, do you really want to activate your license? If you are not planning to conduct normal agent business with buyers and sellers, you may want to consider keeping your license inactive and seeking a MLS source outside of FREC and the local Realtor group.

As you read, you have to activate your license through a broker. If that's the route you decide, I would advise going to a smaller broker that may be more flexible given your intentions. I have a friend that is a broker in Miami and would probably be happy to help.  Just remember, as an agent you are required to keep your broker apprised of your real estate business transactions. If you stay inactive, you can don't have to worry about that. 

Just my two cents of advice.

Patrick

What kind of handyman work do you need? You should be specific as many of these guys don't specialize in more than a few different things.

Patrick

This is a rent-ready property with a 4/2 home and a 1/1 bedroom detached apartment. Everything has been redone on the property. There is parking for both the house and the rear apartment. Rents in the area support a great net income.

Everett,

There are tons of wholesalers in Dallas.  Many uninformed REAs, especially the ones right out of school, think wholesaling is illegal because it looks and smells like a brokered deal.  The fact is that wholesalers are usually a principle to the transaction which is what makes the transaction legal. Your friend is correct in that Texas does not allow someone to broker a deal for money with having a license.  

Happy wholesaling.

Abdul, I think you may be missing the point these guys are trying to make. While the definition of equity may be calculated by taking the market value of a property and deducting any amounts still owed, most investors tend to look at equity as profits (increases in equity) gained from making wise buying decisions.  If you pay full retail at 20% down, yes you will have equity in the property. But it's investment equity, not profit equity. If you do that on a few properties, you'll end up out of cash.

Do the math on your investment. if you're putting up $20-25k on an investment, are you getting back at least 10% ($200) monthly on your money? If not, I'd consider a different strategy. 

Good luck. 

Greg,

If you unsure about how to review these deals, you may want to consider working with an investment friendly realtor (shameless plug).  Andrew was spot-on about the risks in a deal like that.  You have to be careful in evaluating these deals or you'll end up working for free or losing money.

Good luck,

Patrick