All Forum Posts by: Rocky V.

Great to see everyone's goals for this year. Keep strong!! I had a kickass year and started the year with this check which involved BRRRR on a portfolio loan of 5 single family residences. The first 12 days have been phenomenal: purchased a sub 2 deal, purchased a property on courthouse steps, purchased one from a wholesaler and just put a wholetale deal under contract. My biggest dilemma is finding more good, reliable and affordable subcontractors but I'm determined to find one able to handle my work load. I will be getting to 50 SFR rentals this year. Kicked 2017 in the a** and going to CRUSH 2018!!!!

@Matthew Paul See pic for a $30K property located in the suburbs of Dallas/Fort Worth market.  I definitely say these are great money makers but they more then likely will not appreciate much.   I would also make sure to properly vet management company if you are investing out of state on a sub $30K home.  We have had great success with ours.  Here are the numbers on this particular deal which we finished a couple months back.

Purchase Price $14K (cash)

Rehab $18K (cash)

Leased $735/month

Taxes/Ins $150/month

I primarily purchase Trustee Deeds here in the dallas/fort worth area but concentrate on SFR. I've known other investors that have had their sales rescinded after a couple weeks but not after Deed has been filed. I'd hold off until you speak with an attorney. Hopefully, one can chime in here on BP.

You are now the legal owner of property.  They need to talk with Trustee or Bank that filed foreclosure.  Are they still living in residence?

In my experience it does not matter the time of year.  Who does it matters most.  Go with a reputable company that has been in business under the same name for at least 10 years.  This does not imply the company that charges the most either.  Typical cost should run around $200/pier.  My foundation contractor typically goes down 8-15 piers depending on area. 

I don't get why we as a society tend not to discuss money.  You should be thrilled at what you do and how much you make.  If your friends are not comfortable with your accomplishments maybe they need to strive for more.  I'm not saying to start out a conversation with the amount of money your making but if it comes up don't be ashamed of it.  OWN IT!! 

This is why I insist on a large option fee which is not refundable.  Too many loopholes with EM.

Being a Dr you do not get passive cash flow.  You are exchanging your time for money.  I'd recommend to google David Phelps.  He helps Docs realize passive income while they live the rat race.  I personally decided a long time ago that I do not want to work for all my money but rather have my money work for me.  Rentals is what helps me realize this dream and live life not work it.

@Cody R. You need to get on a couple of wholesalers list for your area.  Also look a little further from the city.  I invest in the DFW area but concentrate on rural areas outside of the metroplex where 2% is common.  These areas won't appreciate much but then again I'm not a speculator so cash flow is king.  Best of Luck!!

@Ericka G. How are your 8 units performing compared to your other investments?  I am 90% real estate in rentals and self-funded flips and could not find a better return elsewhere.  I say fund the max amount where your company matches and buy more real estate with the remaining.  Invest in yourself.