All Forum Posts by: Cynthia Ferris

I recently went to one of the 3 day Fortune Builders seminars. As a newbie, did I get a good list of items to follow-up on locally? Yes. Did they convince me that their mastery program was for me? No.

After several days of ignoring their follow-up phone calls, I finally decided they weren't giving up so it was time to answer and get it over with. After rebuffing their sales pitches they tried to call me out for not doing due diligence to find out how great they are. Big mistake on their part! After responding by asking them if they had read their reviews in this community they decided it was time to end the conversation while we were still "friends".

Final Score: BP: 1 FB: 0

@Adam Roberts - I have been working with an agent who specializes in short sales and the 70k was actually above the "list" price. My offer is still working it's way through the process but I feel it is a win even if I don't get it as I stuck firm with my number. I am now working with a hard money lender to expand to wholesale DFW deals.

@Tom Sanders - We did out-of-the-box thinking for our military retirement funding and have a sizable investment that we can borrow against. It is not subject to margin calls but it becomes a taxable distribution if the value hits zero so we have to be conservative. I am also talking to a DFW lender who does rehab to perm financing at an average of 8% for the rehab period and around 4.75% upon refinance into 15 - 30 year loan. Rehab is 70% of ARV & then 75% LTV for the long-term. I still owe you dinner so let's get together soon and compare notes.

Many thanks! The comp range is so broad because I included the full 6 month comp range which had the early comps selling at around 80% of list while the most current comps both sold at 105% of list. My realtor pegs it at 110 - 120 depending on finishings - still leaning towards buy and hold though as it's unusual to find such a good rental return

I am looking at my first property in the Dallas market. The property basics are:

• Purchase $70k
• Rental Comps $1000 - $1200
• Sale Comps: $100 - $130k

Repairs appear to be cosmetic in nature but house is a hoarder house so it is difficult to see many areas. I do have limited experience with helping prepare a hoarder house for sale.

I am pre-approved for conventional financing and I can get additional financing for rehab at under 6%. I am leaning towards buy and hold as the home is in a top school district and has a new major roadway in the area bringing in a lot of new commercial & residential building.

Any thoughts as to buy and hold or flip? Are there other significant items I'm missing? I plan to do PM under an LLC but will also do a personal umbrella policy for additional protection.

thanks!