All Forum Posts by: Stephen Salerno

Dallas, TX 75206 is a 3,500 sq ft free standing, 2 story Commercial Office Building Zoned CR - Community Retail District (this is the type of zoning you want for this type of building and use). This building has been FULLY renovated and upgraded both cosmetically and with regard to electrical, wiring, fiber cable, super high speed everything (package has breakdown of most of the specific upgrades but follow up if you need more information). Basically everything in this place has been updated to current or higher than needed standards to support any type of tenant office use (designed to handle the needs of the high tech audio and visual design company that the owner occupant of this building operated). The building will be vacant at closing, so a tenant does not come with the purchase of this property.

Pull it up on a map but you will see it is in a very desirable location for commercial/office use. Just one building off Mockingbird in between 75 and Greenville. Diagonal across the street from the Mockingbird DART station.

Just think of this building as a giant rental property with anticipated rental rate of between $23.00 per square foot (super low conservative for the quality and finish out of this building) - $27.00 per square foot (A Tenant with high tech needs would pay a premium because most office space does not have the features and capacity to handle those types of tenant use properly). @ $24.00 per square foot on a Lease agreement that would generate $84,000 per year. Typically with the type of Lease a Landlord and Tenant would enter into for a building like this the utilities and exterior upkeep would be at the expense of the tenant. Property Taxes and Insurance would be an expense incurred by the Landlord/Owner. Last page of the info package has breakdown of the Utility and Insurance expense for the last 3 years. Property Tax for 2013 is right at $10,000. 

Selling for $890,000. 

Call Stephen Salerno for more information and showings  

Stephen Salerno
Licensed Real Estate Agent #624451
NetWorth Realty of Dallas/Fort Worth# 587060

5057 Keller Springs Rd Suite 300
Addison , TX 75001
(214) 373-9000 Office
(214) 793-1246 Direct
(214) 373-0900 Fax

There is nothing wrong with wholesaling. You are providing a service for an investor or who ever you sell/assign the contract to while helping that seller who need/wants to sell. I have been wholesaling for a couple years now and I have seen a lot of different situation where they need to sell and you make that happen for them.  Each deal is different but I have found that being honest is the best the best approach. Do not spin a web if you do not want to get caught in it.   If you are going to assign the deal then tell them.  If you are double closing, I guess the seller doesn't really need to know but you are going to be running people through the house to find your buyer. It is up to you how you want to handle it. 

If you double close you will need some sort of funding and a good title company to handle the transaction. 

@Hattie Dizmond Is gives some good advise. Learn an area and then hit it hard. Direct mailing, Knocking on doors, ect take a good amount of effort and time but can be  lucrative but it is something that takes  being consistent. Dont expect to send  out a couple letters and get a house. You may get lucky but I doubt it.  When the phone rings answer it. 

Tom,

I apologize for any confusion. I am a wholeseller. I am not apposed to doing the work but I rather just sell it and keep the ball moving. That being the case I have co-workers in Fort Worth who are doing the same thing and we share resources. I help him to sell Fort Worth deals he may acquire and vise versa in Dallas. On the whole there are 20 of us wholeselling under the same umbrella. 

This house is dirty but structurally good. It needs work to the tune of 23,000. 

From your point of view it maybe easier to assign the contract. 1) you wont have to incur any costs costs 2) any points and interest from that Transnational funding.  I know both those costs will eat into your profit as assigning it will free you from those costs. 

From my understanding passing through funds is not common practice. Depending on the title company and if you disclose what you are doing you maybe ok but I avoid it. I would consult an attorney to be 100% certain. 

@Tom Keith 

Hi Tom. Yes this house is old, built in 1946. We are a brick house in an area of mixed brick and frame houses.  The bathroom is a decent size.  Are you wanting to rent this house? 

I have a satellite office in Fort Worth that acquires deals. Initially  the rehab is done by that agent who get the property.  But we do work quickly to get a GC out there to verify the numbers. But ill break down the rehab below.

HVAC- 6  Paint-4 Flooring 3- The house has a lot of tile that can be saved. it just needs a good cleaning, Kitchen 4- New counter top and refinishing cabinets.  Bathroom 2.5 Gutting. window 1  MISC 2 electic 1