All Forum Posts by: Tammy Patchin

@Adam Jason  Do they have a specific investment area? 

Brian -

How are you sourcing your potential leads?  For those interested in Texas investing, I will tag you in a Marketplace post.

Hello Ravi -

Sending you a message.

Hello -

I would like to connect with anyone interested in expanding or building their multi-family portfolio in Texas, specifically in smaller towns (100k+ population). I am meeting many investors who are either retiring and / or just want to sell their portfolio and would like to connect with potential buyers.

Looking forward to collaborating / partnering with you!

Tammy

Pillars & Pedestals Investing

https://www.pillarsandpedestals.com/

For that area, possibly. I had one listed for Owner Finance in Sherman at $250k and received 4 inquiries within a few weeks. I placed an Ad on Craigslist and updated my description to include Owner Financing. Also, be sure agent updates the financing section of the MLS so it will appear in searches. If you can't reduce the price without a loss by selling outright, you could consider reducing the price for Owner Finance and you will more than make it up with interest.

Investment Info:

Single-family residence fix & flip investment in Sherman.

Purchase price: $147,000
Cash invested: $80,000

SFH, 4/2, 2351 sq feet, 2 car garage, 1.5 acres

What made you interested in investing in this type of deal?

The bones of the home were great! It is in a beautiful area of Sherman TX and I could visualize what the home could be. Needless to say, the numbers were really good!

How did you find this deal and how did you negotiate it?

Cold calling estates

How did you finance this deal?

HML / Personal Funds

How did you add value to the deal?

Opened up the floor plan and remodeled entire home.

What was the outcome?

Home is being offered as owner finance with pending contract.

Lessons learned? Challenges?

This was by far my most challenging flip. This was 1 hour away from my residence and not being on site every day or multiple times week caused project to be delayed 6 months. I also learned the importance of paying based on progress vs. flat weekly rates. Secondly, this house was built into a hill. We had major foundation work done; however, the home will always have some un-level areas and this has been a concern for buyers. Not addressing these areas with floor leveler was a mistake.

Investment Info:

Single-family residence fix & flip investment in Dallas.

Purchase price: $185,000
Cash invested: $45,000

SFH, 3/2, 1960 sq feet, 2 car garage

What made you interested in investing in this type of deal?

This house was previously a rental property with a moderate rehab. It needed a few more touches to make it retail ready.

How did you find this deal and how did you negotiate it?

MLS / Buyer's Agent

How did you finance this deal?

HML / Personal Funds

How did you add value to the deal?

Enhanced the property with new lighter paint, flooring and bathroom / kitchen upgrades.

What was the outcome?

Spent a little more than I planned mostly due to poor contractors. However, still had a good profit.

Lessons learned? Challenges?

Understanding the neighborhood and the level of upgrades it can sustain. I love the design portion of the process so need to be very careful not to overdo. Find a way to make it look expensive without being expensive. Also, managing poor contractors' performance was much needed on this project and I am finding, will be more of the norm than the exception.

Hello Ayrron! 

I invest in the Sherman / Denison area as well.  You are priced right for the area. One challenge with Sherman / Denison is only a very small % of buyers can afford homes over $200k (12-13%).  Feds raising interest rates isn't helping.  And as Davian said, this time of year houses can sit longer.  I have one in Dallas that is having same issue.  Can you offer Owner Finance on this property? 

Thank you @Bernard Reisz!

Hi Robert -

I haven't worked with him yet; however, seems very responsive.  @Kramer Stewart