All Forum Posts by: Taylor Philley

@Danny Webber hey Danny. I just saw this and cannot make tomorrow but I’ll keep a lookout for your next meetup. I’m hoping to 1031 exchange my Cedar Park rental into a multi family by mid-summer. Hope to meet you all soon!

I am looking for a recommendation for a commercial broker that can help me purchase my first multi-family apartment building  (price range $500k-$1.25 mil) in the central Texas area (currently looking in Austin, San Antonio, Houston and Dallas). So if they have a multi-city brokerage that would be great, but not necessary. I would appreciate any recommendations. Thank you! 

@Andrew Syrios Thank you!

@Will Pritchett Yes that's how I look at it too! Can I go and buy a house of this quality with 20% down for the same amount of money I left in the home? If no, then it's a win! Plus when I read the bank's appraisal, most of the comps put the home worth closer to $165,000! So my equity is even better than the 75%, but they used the lower comp of $150k to base my re-fi limit on which is perfectly fine with me.

@Mark Christopher Javier thank you! And yes Austin is a great city!! Unfortunately, it's very pricey so most of my projects are elsewhere in Texas, though I am flipping a home right now in Del Valle. I go to SA often and have been looking to invest there as well since values are still very affordable. I look forward to hearing how your BRRRR turns out!

@Ryan Kelly I definitely will, thank you!

@Michinori Kaneko Thank you! Yes the $600 cash-flow is after the PITI and putting away money for cap ex, vacancy and repairs (though I am budgeting a little less for capex/repairs than I normally do since everything is brand new and under warranty) and I manage my own properties still since I only have two rentals right now, so I save some money there as well.

Investment Info:

Single-family residence buy & hold investment in Odessa.

Purchase price: $41,000
Cash invested: $104,088

This is my first BRRRR, which is also long-distance and while I was pregnant! Just to make things even more interesting, it was completely gutted down to the studs and came with a squatter that had to be forcefully removed by the police (via shattering a glass patio door). Talk about jumping in feet first! :) While I did leave $30k in the home after the re-fi, it would be almost impossible to find a house this nice for that much and still cash-flow $600+/month. So overall I gave myself a B+.

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

I had been wanting to try the BRRRR method for about a year since hearing it on the podcasts and this home projected very good numbers on the BRRRR calculators.

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

I bought it off Auction.com, so there was no negotiating.

How did you finance this deal?

CASH (my own)

How did you add value to the deal?

Completely renovated it, inside and out. Aside from (only some) of the framing, the entire house is new.

What was the outcome?

I re-financed it for $112,500 (after spending $145,000 in total) and then rented it out for $1795/month (my holding costs are a little over $1100 including PITI plus capEx/vacancy/repair funds etc). Plus- I rented it under-market because I was so motivated to get it rented, so I had 3 applications in just a few days. Next year I will raise the rent another $100/month.

Lessons learned? Challenges?

Gosh where to start? One- I will now ask someone local to go by and peek in the windows for me before I offer OR if I can't do that, I will plan financially for a FULL gut. I planned for a cosmetic rehab and ended up practically building a new house. Second, I will know someone local who can help me BEFORE I decide to go into a new market. Thirdly, I would recommend reading David Greene's book on long distance investing before you invest long-distance! I worked backwards on this one. :)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used FirstUnited for my re-fi who was great and I did not use a local agent but do plan to on my next deal in this market!

Investment Info:

Single-family residence buy & hold investment in Odessa.

Purchase price: $41,000
Cash invested: $104,088

This is the first home I BRRRR'd. It also happened to be long-distance and while I was pregnant! Just to make things even more interesting, it was completely gutted down to the studs and came with a squatter that had to be forcefully removed by the police (via shattering a glass patio door). Talk about jumping in feet first! :) bought and rehabbed the home in cash (spent twice what I predicted on the rehab lol) and then rented and refinanced. I learned SO MUCH on this deal and definitely did not get to take all my money back out, but I consider it a win because I'm cash-flowing $600+/month and was able to take out $112k of the $145k I spent, leaving only $33k in this deal. It would be incredibly difficult (probably impossible) to find a house this nice and with everything brand new (HVAC, water heater, appliances, floors, paint, roof, siding, ETC) for only $30k all-in. So I'm giving myself a B- for this project!

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

I had been wanting to try the BRRRR method for about a year since hearing it on the podcasts and this home projected very good numbers on the BRRRR calculators.

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

I bought it off Auction.com, so there was no negotiating.

How did you finance this deal?

CASH (my own)

How did you add value to the deal?

Completely renovated it, inside and out. Aside from (only some) of the framing, the entire house is new.

What was the outcome?

I re-financed it for $112,500 (after spending $145,000 in total) and then rented it out for $1795/month (my holding costs are a little over $1100 including PITI plus capEx/vacancy/repair funds etc). Plus- I rented it under-market because I was so motivated to get it rented, so I had 3 applications in just a few days. Next year I will raise the rent another $100/month.

Lessons learned? Challenges?

Gosh where to start? One- I will now ask someone local to go by and peek in the windows for me before I offer OR if I can't do that, I will plan financially for a FULL gut. I planned for a cosmetic rehab and ended up practically building a new house. Second, I will know someone local who can help me BEFORE I decide to go into a new market. Thirdly, I would recommend reading David Greene's book on long distance investing before you invest long-distance! I worked backwards on this one. :)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used FirstUnited for my re-fi who was great and I did not use a local agent but do plan to on my next deal in this market!

Investment Info:

Single-family residence buy & hold investment in Odessa.

Purchase price: $41,000
Cash invested: $104,088

This is the first home I BRRRR'd. It also happened to be long-distance and while I was pregnant! Just to make things even more interesting, it was completely gutted down to the studs and came with a squatter that had to be forcefully removed by the police (via shattering a glass patio door). Talk about jumping in feet first! :) bought and rehabbed the home in cash (spent twice what I predicted on the rehab lol) and then rented and refinanced. I learned SO MUCH on this deal and definitely did not get to take all my money back out, but I consider it a win because I'm cash-flowing $600+/month and was able to take out $112k of the $145k I spent, leaving only $33k in this deal. It would be incredibly difficult (probably impossible) to find a house this nice and with everything brand new (HVAC, water heater, appliances, floors, paint, roof, siding, ETC) for only $30k all-in. So I'm giving myself a B- for this project!

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

I had been wanting to try the BRRRR method for about a year since hearing it on the podcasts and this home projected very good numbers on the BRRRR calculators.

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

I bought it off Auction.com, so there was no negotiating.

How did you finance this deal?

CASH (my own)

How did you add value to the deal?

Completely renovated it, inside and out. Aside from (only some) of the framing, the entire house is new.

What was the outcome?

I re-financed it for $112,500 (after spending $145,000 in total) and then rented it out for $1795/month (my holding costs are a little over $1100 including PITI plus capEx/vacancy/repair funds etc). Plus- I rented it under-market because I was so motivated to get it rented, so I had 3 applications in just a few days. Next year I will raise the rent another $100/month.

Lessons learned? Challenges?

Gosh where to start? One- I will now ask someone local to go by and peek in the windows for me before I offer OR if I can't do that, I will plan financially for a FULL gut. I planned for a cosmetic rehab and ended up practically building a new house. Second, I will know someone local who can help me BEFORE I decide to go into a new market. Thirdly, I would recommend reading David Greene's book on long distance investing before you invest long-distance! I worked backwards on this one. :)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used FirstUnited for my re-fi who was great and I did not use a local agent but do plan to on my next deal in this market!

Hi @Stephanie Banno! This sounds great. I just attempted to join the FB group (is the admin Andresa? I hope it's the right group lol!). I'm a Broker but I only keep it active for friends/family and personal investments, I work full time in corporate healthcare but am making my exit from the corporate world by this summer. I own a few investment properties, some around Austin, and am currently rehabbing two flips as well. I"m interested in owning larger multifamily properties and SFR flips moving forward. Would love to meet everyone!

Can anyone provide a recommendation for a Realtor in Odessa, Texas? I have purchased a property there and would like to talk to a local Realtor about my options (selling on MLS v rental potential). Thank you!

I purchased a single family home in Cedar Park three years ago. While it didn’t meet the 1% rule then (of which I wasn’t familiar with at the time anyway!) it ended up being a great investment. I raise the rent every year, it constantly stays rented to good families and the appreciation has been incredible. It’s located in Buttercup Creek. Good luck!