All Forum Posts by: Scott Neal

This is 98% of wholesalers in DFW.

I recently purchased a SFH about 4 mo ago. I’m almost finished with rehab and plan to rent out. I want to pull out my cash invested in a mortgage. I’m in for $140k cash, no current loan, Home is worth $225k easy. Where should I go to get this type of loan?

I wrote it myself. It basically says that I'm looking to buy a house in this neighborhood and I'll pay cash, it doesn't matter the condition, no fees, no repairs, close on your time-type of language. I just wrote it from the heart so it sounds like an actual human rather than a slick marketing piece.

A few months ago I sent out some yellow letters to a neighborhood I owned a rental in. I got a few calls, and met with someone who needed to sell. The husband had just died suddenly and the daughter was handling the sale. The house was in pretty bad shape, but very repairable. We bought the house for $110,000 with the intention to rehab and list for $195,000. The seller needed t close in 2 weeks, and my partner bailed in the middle of negotiations (and hasn't returned any of my phone calls for the last 2 1/2 months), so I had to pull in my loan officer and go in with me. We closed and started rehab immediately. About 5 weeks later the house was ready for market. We spent about $42,000 on the rehab. We put in new flooring (carpet, laminate and tile), new paint, new stainless steel appliances, some siding, a new roof, new fence, new toilets, new exterior doors, new light fixtures and handles, new blinds, and lots of deferred maintenance and functional repairs. Since I'm a real estate agent, I listed the property and received an offer for $5000 over asking price the first week. The appraisal was just completed and were supposed to close by the end of the month. After expenses, my partner and I will met about $25,000 between the 2 of us.

I own a brokerage in Richardson, TX called Scott Neal Real Estate. We specialize in working with residential retail buyers and sellers in Dallas and Collin counties. I've been investing lightly in real estate since 2010. Lately I've been coming across more deals and have been involved in 4 flips and a rehab owner finance over the past 12 months. Looking to ramp up and do more alongside growing my brokerage. I recently liquidated one of the properties I bought in 2010 and made a healthy return. I'd be happy to share the details of every deal I've done so far (only about 8-10). A few flips and a few rentals. Looking forward to learning some new things and hone current skills. Hopefully I can be a resource for you too!