All Forum Posts by: Ryan Blake

@Lillian Pintaro I write about 5 loans a month for NWA deals. Great place to start working to get into the business.

@Zoltan Cserni Welcome to BP. A great place to learn and research. Be sure to vet all info you get. I like to go with the motto, Trust but Verify. Lots of posts on different companies so be sure to check out what people have said about vendors you are considering doing business with.

@Lillian Pintaro I have a few borrowers who have done flips in Birmingham I could connect you with. Not sure if they will be wiling to give away all their hot markets. I would look for DOM, % of homes that have been rehabbed, and school feeder patterns.

@Rami Refaeli I am on the Fort Worth side of the metroplex but the company I work for is based in North Dallas.

I have been investing since 2009 and have done a lot of flips. I had a STR for about 4 years before Fort Worth gave me a letter to stop. I only ever had one noise complaint so a little disappointed that happened. It was a cash cow. I was profiting over $20k annually.

Feel free to reach out if you want to connect.

@Matt Smith You can find lenders out there that lend at 100% just like Jay said above. Some will require experience some will not. We do not if the rehab is under $80,000.

100% of rehab is common and 100% of purchase is much more rare. But 100% lenders will still want the loan fees up front (origination points and document fee) and they will want you to pay for the title fees. Reserves requirements will vary greatly. All I am saying is that 100% LTC and 75% LTV exists and is meant for people just like you doing the BRRRR method.

@Bruce Lynn Thank you for the recommendation (Longhorn Investments Hard Money Lending). @Abby Chapman We have a 5 star rating with 255 Google reviews.

@Paul Washington Below are the meets ups I typically go to.

IMPACT Grapevine - https://www.meetup.com/DFW-REI-Network-Investing-Meetup/ - Started in Bigger Pockets this group meets on the 4th Monday of each month. Just straight information and super friendly atmosphere. Great speakers that won’t try and sell you on a program. Meets at the Dave and Busters in Euless. Free dinner provided. 6pm to 9pm. Typically gets about 50 – 60 attendees.

West DFWREI - https://www.meetup.com/West-DFW-REI-Group/ - This is a smaller group but provides tons of information. The leader is a pro at sub-to deals and is very giving of his time to help out new investors who are serious. The group meets 1st Saturday of each month in the Southwest Fort Worth area. There is also 1 or 2 other meetings throughout the month. It costs $25. 9am to 11:30am. Typically gets about 10 – 20 attendees.

1RE Club - https://www.meetup.com/1REClub/ - This group is led by a former Rich Dad coach who has been investing in DFW since the 1980’s. Super knowledgeable and takes integrity and his Christian faith into all the deals he does. He also offers coaching where you joint venture on deals. This meeting is the 2nd Thursday of each month at the Fort Worth Botanic Gardens meeting rooms. It costs $25. 6:15pm to 8:30pm (everyone goes out to dinner together after). Typically gets 15 – 25 attendees.

Texas Tuesdays Mastermind - https://www.facebook.com/events/the-sogio-building/texas-tuesday-fort-worth-real-estate-mastermind/1830836547025917/ - meets 1st Tuesday of each month and is completely free. Has info from a variety of professionals with no sales pitch. Meets in a room at Hyenas Comedy Club in Fort Worth. 7pm to 9pm. Typically 40 – 60 attendees.

 @Kobe Carr I haven't seen prices take a significant drop. They are on the market longer and are not going at asking prices but some people are still being very aggressive with their asking prices so it really isn't a great indicator. I do feel that rents are probably going to catch up over the next 3 - 5 years. I am still personally buying rentals but I am not expecting much in the way of cash flow at the moment. Also something to note, I live in the North Fort Worth area and be aware that there is some school district drama brewing in Keller ISD that covers much of 76244 and 76248. This may change some valuations but nothing will likely be finalized in the next 12-months.

@Kobe Carr I am in no way an expert but I could definitely schedule some time to walk through them quickly. I will be quick to admit I have only had experiences with small rentals (6 units and smaller) so if you are looking for help on larger apartment complexes I would not be a great resource. I do have two really good mentors / coaches I work with that would be able to provide more input but they do charge for their time. I also have a close friend who only deals in large apartment complexes. I will let you know, it is rather difficult to make rentals work in the DFW area. Our home prices soared over the past 5 years and rents have only gone up incrementally creating an imbalance.

@Sherry Patterson is a great investor and agent in DFW. I have used her multiple times and have had borrowers I work with use her. She is professional and will work harder than probably any other agent. She also runs a meet up every 4th Monday of the month in Euless by the airport. Strongly recommend showing up to that to meet other investors.

I suggest staying in the $300k to $450k ARV range in Tarrant, Denton, and Parker Counties $350k to $550k in Dallas and Collin Counties. This is just above the median home price in each of these areas but you should still have a large buyer pool for a well rehabbed home. Work force housing is the key. Don't go high-end right now until the market adjusts more.

To give you some key metrics beyond ARV - I closed 141 loans for deals in DFW. The costs vs ARV on those deals averaged to 73.2%. This means the purchase + the rehab / ARV is 73.2%. If your costs come in higher than 76% of the ARV, then you are probably paying too much.

Hope this all helps.