All Forum Posts by: Ricardo G.

It's been rented out since 2009, we have been living in Texas since then.  so it def needs a remodel. I've looked at Zillow And redfin but I'm Trying to find out a more realistic arv without disturbing/tipping current tenants just yet. 

We don't know if we'll do a remodel or sell as is.  So any good agents in the area are welcomed to reach out. 

The address is 9525 dorrington Ave. Arleta California. 91331. 

It's right by the DMV. 

Thank you all in advance

@Charles G. Johnson

Good morning Charles, do you mind sending me the information for those houses you're talking about? I'm interested.

@Brandon Miller Thanks, I just came back from a trip to El Paso about a month ago. This was my first time there and was very pleased with what I could see as far as property costs.

@Brandon Miller Perhaps it was a little bit of miscommunication on my part. I can see the properties that meet the 1% rule, but in my experience they've mostly been rough neighborhoods. I myself have a property that gives me an easy 2% in 78207. But SOME of that area is usually full of trouble tenants without stable income trying to get away with free rent.

And in part I don't even judge them because some of those houses are falling apart and the landlord is not doing anything to provide a safe house for them either, But I know I try to do everything I can to make sure that my tenants are comfy.

Perhaps it's just me but everything has slowed down as far as it being such a hot sellers market just a tiny bit. Houses are not selling for more than the asking price and they have been sitting on the market for longer, and this was not the case not too long ago. I might be a bit more ignorant than a lot of you guys real estate-wise, but in my marginal experience, this might mean that we're at the peak, or about to turn around and go into a small recession, Although I wouldn't call it a significant recession by any means . But time will tell and I'm not willing to buy something that is a tight 1% when Maybe in a year it will be a looser. Now if my market is very similar to the rest of the 49 States, then I might be living in a dream world. but I was just asking to see if I could do better somewhere else.

Just to be clear on everything, If I can find a better market with better properties for the same amount of money that I could get a tight 1% here in San Antonio I would be willing to look into it.

I'm in San Antonio, but would like to explore areas where getting at least 1% rule is the norm rather than the exeption.

I'm looking to expand outside of San Antonio, my main objective is growing a buy and hold rental portfolio.

I'd like to stay under 100k for now due to wanting to do all cash at the moment  (although I'm not opposed to hardmoney or partnership).

I'm trying to avoid areas with a high turnover.  I'm open to any state as long as I can make the right team connections. I've so far heard good things of Florida and Oklahoma.

Be honest guys... am I asking for too much? 

wholesale deals aren't always a bad option, it's just that some big and small wholesalers try to resell you a property they found on the mls. Those properties were seen and looked at by me and a bunch of other investors, and there's a reason why no-one bought it in the first place. Also, I have had wholesalers provide me with horrible rehab estimates where they overlook some important issues (like an $8k electric wiring update). Some won't even mention foundation/leveling issues on their estimates, yet the house flooring looks like a bow.

I'm not here to say I know it all, but that's my 2¢

Tell me the area you're looking to buy, and if I see something I'll let you know. Your realtor might be awesome, but most agents don't know where to look for off the market properties. 

When you say you have visited many homes, were those homes on the mls? If so, it's definitely gonna take a lot longer because that's were everyone is looking.  Try to do a flip analysis before you even step into the house. Kind of guesstimate the obvious repairs and work from there.  

What part of town do you live at? Good luck.

Study your market, go inside open houses, especially those that have been rehabbed. Stay within a small area at first, This way you'll have a better idea of what houses sell for. 

all I can Say is... do not go and invest blind folded. Start going to REA meetups, talk to wholesalers, talk to flippers. Once you think you have a good deal make sure you talk to an experienced realtor for a true CMA, not your or the wholesaler's best guess on the house value. Don't go by the wholesaler's estimated rehab cost, he might be well intentioned, but do your own numbers and double check the property for anything he might have "unintentionally" left out. Over estimate your rehab costs, and under estimate your ARV.

3% goes to the buyers agent and 2% to your seller's agent by the way. If you go the 5% route

In my opinion 15% just to control the GC and the other subcontractors is way too much.  I have seen it in other posts if I'm not mistaken that 10% of their rehab cost is the usual when you have a manager to help you hire the contractors and Supervise and to make sure everybody is doing their job. I might be mistaken though but that's how it is.  I truly don't mind paying 6% to my sellers realtor but if you expect to do more than one deal with him ask him to cut you a deal of 5%

Hello there @Laneit Jones, welcome to BP.