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All Forum Posts by: Steven Mitchell

Steven Mitchell has started 32 posts and replied 128 times.

Post: is there a super good sales agent everyone uses

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

So we have a house we cant sell which is sitting right outside of dignowity hill.  It hasnt sold for six months.  My agent doesnt know why, we are out of ideas here.  Its 607 saint james.

Does anyone have a sales agent theyve used that could move this house quick? 

Post: Wholesaler or distress agent in SA?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

We have been searching for a consistent wholesaler in SA for a year...and havent found one yet.  The good ones get snapped up by an investor who then solely uses them.  Do not use the two large shops here.  I love @Rick Pozos response, lol.  Everyones looking for what youre looking for.  Sourcing an appropriately priced deal for your strategy is most of the fight in this business.  

Post: What is a good ARV Formula to use

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

also be wary when using the opinion of a RE agent for your arv.  Remember, most are salesman and do not have a brain.  If they knew value, they would have long moved on.  When we were first starting out we assumed they were all competent since they were licensed....she steered us into a property and we overpaid by 50k.  You have zero recourse.  You just eat **** and move on.  

Moral of the story, do not start playing in RE till you can form your own educated ARV opinion.

Post: Best Way to Invest a Large Lump Sum of Money ($100-$300K)?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43
Originally posted by @Andy Thoms:

I would consider 20% down on a $1m multi-family unit, in a good secondary, tertiary market. Class B, rent ready, leased up, if you can find it. Look for cap rate north of 10%. Then hire a solid property manager and collect passive income. Save 50k for reserves. Hold the remaining 50k and short the stock market. TVIX

    Good luck finding this consistently.  If you have a method, I will pay you 10k for it upon the purchase of my first property.  10% cap rates is going to get you in a D neighborhood with deferred maintenance.  I will also bring you the money while wearing a clown outfit and toting balloons.  

Post: Best Way to Invest a Large Lump Sum of Money ($100-$300K)?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

I am surprised at all the posts about syndication.  I just spoke with a large syndicator who tells me they are crap right now in this market as prices are too high.  

Post: How much money should I be expecting to make from flips?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

@Patrick Philip Most realtors opinions are **** and they cannot be held accountable legally when you make financial decisions based on their advice. Our realtor used comps from a historic district a few blocks over for our purchase which over estimated the ARV by 100k. She made her commission, we were stuck with the massive loss. You have got to learn to do your own CMA before you start doing this. My two large losses this year happened because of bad, fluffed CMA's that we went by because we bought before we had access to comps ourselves and had a general knowledge of the neighborhoods.

Like you, we were looking for an easy button. Push it, and out comes an accurate ARV and rehab estimate. We never found one. Its a skill developed by the investor.

We have never found a wholesaler who could source a good deal.  If youre going to use one, find and meet in person three people who have used them first.  This simple step would have saved me months of my life and thousands of dollars. Do not be in a rush to get started! It will color your judgement.  

Post: How much money should I be expecting to make from flips?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

I would find three investors who successfully flipped with the wholesaler before you commit to them. This simple step would have saved me tens of thousands last year.  I paid for my laziness.  

Post: Difficulty Selling My Flip

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

if you decide to stage, make sure you lock it up in a storage unit and not in one of your current flips.  Lost 3k that way.

Curb appeal

We hire a professional to take pictures for the ad

Post: What exactly IS earnest money ?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

After further digging, it seems my project manager fibbed.  She didnt tell me the deal fell through because she didnt have the repairs done on time.  Thanks for the responses everyone.  

"If you want it done right you have to do it yourself".

Post: What exactly IS earnest money ?

Steven MitchellPosted
  • Investor
  • san antonio, TX
  • Posts 133
  • Votes 43

@David Michael it was the day before closing.  Im asking to get a copy of the purchase agreement so I can share here.  We are in Texas FYI.