All Forum Posts by: Brent Fabian

@Marcos Torres We are still plugging along. No real surprises. Everything has gone pretty smooth and we are on schedule to finish around May 20th. Paint was just completed and they are installing cabinets this weekend and then doing flooring, tile, etc. It is looking pretty nice. A house on the street just sold for about $2/sf more than what I was using to calc my ARV so that is good and was on market for little over a month.

@Jennifer Edwards Thanks.  I'll keep this post updated as things progress.

@Julio R Gonzalez It is southwest Houston in the Sugarland area. Wholesaler does provide budget #s, ARV and Rehab but def recommend doing your DD and confirming those numbers. I have visited it, my wife and I drove around Woodlands, Spring, Tomball area, but we didn't end up buying there anyways.

As far as construction goes we are still moving forward and at a pretty good pace. Only been 3 weeks and we have finished demo, foundation repairs, rough MEPs, and a doing drywall right now. I have no idea how this is going to effect selling the property. I was gearing up to buy more using a HML but have since put that on hold to finish this and see how the market is affected.

Flipping is going to be the best thing for you to get in the game the quickest and build some capital.  Hard money lenders will lend sometimes without doing a credit check or don't put much weight on it.  They are more concerned with the #s of the deal.  That is going to be your best bet to get started I think.

We were initially looking to BRRRR out in the North Houston area (Conroe, Woodlands, Spring) area but couldn't find any that really cash flowed where it would make sense. We are now flipping and have expanded into more of Houston and south of Houston which will help. We have been talking to a private wholesaler that found me on here (haven't gotten any deals from him yet), New western, and Networth. Lender we are paying cash right now and are looking to do some lending but haven't gotten there yet so can't make any recommendations there. Contractor I am working with one right now, we just started so I will keep you posted on that as it develops. We are new to investing out there and just got started beginning of March.

We closed on our first flip Friday February 28th.  Here are some specifics on it.  I will chime on here and give updates as things progress.

Where: Houston, TX

Where did we find the property: Wholesaler

Details: 4 Bed, 2 Bath, 2439SF, 2 Car garage.

Purchase price: $189,900

ARV: $320,000

Rehab: $65,000.

We did run into one problem as we were closing when I met the contractor out there we noticed the outlets weren't grounded.  So we are having to rewire the entire house.  I did have some money for contingency but not enough to cover the wiring.  Things are moving along pretty quickly.  Demo and the foundation work is done. Rough electrical, plumbing and framing are being done right now.

LOL!!!!!!

What Bill said.  If this is an acrylic tub, then you are going to have to remove what you did to it, sand everything down nice, use some bondo to fill it in, and then apply the topkote.  Definitely doable.

Hello, we are looking for some experienced and reliable GCs in the Spring / Conroe area of TX for some full house rehabs around $50K size job or so.  If anyone has any recommendations we would greatly appreciate it.

Thanks,

Brent and Steph

On to the next!