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All Forum Posts by: Chris W.

Chris W. has started 3 posts and replied 11 times.

Post: Renting Apartments in Medellin, Colombia

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2

Andres,

I just came across your post and I'm very interested in investing in Colombia.  My wife (originally for Barranquilla) and I have talked about it a lot lately.  I was more so thinking of investing in the Santa Marta area and possibly Barranquilla but I'm open to other other areas of the country.  How has your experience in Medellin been so far?

-Chris  

Post: What What You do with 100K?

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2
Originally posted by @Christopher Winkler:

Great question Chris W, we share a similar name!

We don't like to get dirty, so we either buy REO's or vacant Contract for Deeds and sell to rehabbers, or buy Non-Performing Notes & fix & flip the note, or get a Deed-In-Lieu or Foreclose if they won't repay.

We would, depending on the investors exit time frame;

1. Short time frame of 3-6 Months: Purchase 2-4 Contract for Deeds or REO's for up to $80,000 that we can turn around in 3-6 months and sell as is, or consider light rehab if it helps increase sale price. Leaving $20k in reserves for misc expenses.

2. Medium Time Frame of under 1 year: Purchase 2-4 Nonperforming 1st lien notes, for up to $80,000, and reserve $20k for any legal, workout, or rehab. We would attempt to get repaying the note, and flip the reperforming note in 12 months while we split the cash flow. If not, we obtain a Deed-In-Lieu in 2-4 months, or Foreclose in 4-12+ months. Once we get title we can sell As-Is or consider rehab to increase the sale price.

3. Long Time Frame of 1-1.5 years: Purchase a blended pool of 7-9 Nonperforming Junior liens, and attempt to workout repayment, a settlement, or foreclose.  Time frame 18 months.

Another Christopher W!  To be honest, I'm not familiar with the concepts that you mentioned above but I am interested.  Do you recommend any podcasts or blogs that discuss these types of sales? Also I see that you're based out of Cali while I'm in TX. Are these types of purchases limited to certain states or are they common throughout the US?

-Chris

Post: What What You do with 100K?

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2
Originally posted by @Hattie Dizmond:

@Chris W.

You've gotten some great advice, particularly around putting together a wealth building strategy.

As a local, and assuming you have already determined you want to make REI a part of your wealth building strategy, I'm going to be a little more specific.

Assuming your horizon is further into the future, and you're more interested in building wealth than immediate cash flow, I would buy land along the 75 corridor.  75 is being widened up that direction.  Nebraska furniture is already open.  State Farm is still ramping up.  Toyota will be fully occupied in 2017.  Etc.  Etc.  Etc.  There is nowhere left to develop south of the George Bush.  (I'm speaking of North & Far North Dallas.) Easily 95%+ of all new development south of the George Bush is single house builds from scrape-off projects.  

30-years ago no one could figure out why anyone would want to live way out in The Colony, Frisco was still just a water tower in the distance, and Plano was just another suburb.  Now it is difficult to tell when you've actually left Dallas.  Soon, everything up to Sherman will be developed.  There's still cheap land to be had.  That's where I would focus.  Alternatively, if you are looking for more immediate cash flow, Van Alstyne and several of the other smaller towns up that direction have excellent ISD's, and that drives desirability around here.  

Just my 2 cents

 Hattie,

I agree with you 100%. That's actually one of the reasons why we ended up buying in Van Altstyne opposed to McKinney, Plano, Frisco, etc...I'm not saying that there aren't any deals left in Dallas but there seems to be a lot of untapped potential as you go North up 75.

-Chris

Post: New From Texas

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2
Originally posted by @James Palin:

@Chris W.

Welcome to BP. You will find a wealth of information here.

Also be sure to check out the following local REIA groups.

http://ntarei.com/

This group has a general meeting once a month and hosts a lots of workshops for a small fee. The workshops cover various subjects from financing, wholesaling,, estimating repairs etc. 


http://dallasreig.com/

This group meets once a week on Saturday during the lunch hour. The host Joe Boston is an industry veteran and all aground great guy.

 James,

Thanks for the links. I'm actually out of the country for another 2 weeks but I'm going to look into attending one of these meetings when I get back. Right now I'm sifting through the plethora of information on this site so hopefully by that time I'll have a better idea of what my investing goals are.

-Chris

Post: What What You do with 100K?

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2
Originally posted by @Brie Schmidt:
Originally posted by @Chris W.:

Hello All,

Welcome to BP!  If I had an extra $100k I would use it as a down payment on $500k worth of property for buy and hold

 Brie,

This is a tempting option!  In the Dallas market, prices are going up and this would probably render a big return in the future.  I'm going to definitely look into this.

-Chris

Post: What What You do with 100K?

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2
Originally posted by @Justin Fox:

Hello Chris,

I would take 20k and keep it on the side for fun, and use the rest to put down payments on a few rentals.

Justin

 Justin,

Again, I'm new to this so excuse my ignorance on the matter but is it fairly easy to do this?  Being approved for multiple mortgages?  Or would you use OPM?

-Chris

Post: What What You do with 100K?

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2
Originally posted by @Rod Sanford:

You should look at going to your local tax deed office to purchase tax certificate s or tax deed properties.  This type of investment offers the biggest return on your money right now.

 That's funny because I was just looking at tax deed properties where I live in TX.  There seem to be some good deals but the only thing that concerns me is that Texas has a "right of redemption" period of up to 2 years.  I did notice that many of them are against estates of individual who have passed and I'd imagine that these would carry less risk?

Post: From Sin City to the Country (Van Alstyne, TX)

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2

Hello All,

My family and I just moved to the Dallas, TX area a few months ago. I came across this site and it reignited a previous interest that I had in real estate investing. I currently own one rental property in Las Vegas and a house in TX but I have the itch to acquire more. Though I'm still fairly new to this, I would like to find multi-family properties for sale and possibly invest in house flips or other rental properties. Additionally, it would be nice to meet like minded people in the Dallas area with the same visions of success.

-Chris

Post: New From Texas

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2

Hello All,

My family and I just moved to the Dallas, TX area a few months ago.  I came across this site and it reignited a previous interest that I had in real estate investing.  I currently own one rental property in Las Vegas and a house in TX but I have the itch to acquire more.  Though I'm still fairly new to this, I would like to find multi-family properties for sale and possibly invest in house flips or other rental properties.  Additionally, it would be nice to meet like minded people in the Dallas area with the same visions of success.

-Chris

Post: Anyone on here from or interested in Colombia (South America)

Chris W.Posted
  • Field Engineer
  • Van Alstyne, TX
  • Posts 12
  • Votes 2

Juan,

My wife is from Barranquilla and we've thought about this quite a bit over the past few months.  I don't know if you are familiar with Santa Marta but we are currently looking at properties in that area.  Like you. we see a lot of potential in Colombia especially with the current exchange rate and the recent new of peace with the FARC.  If you'd like to chat, please shoot me a private message.

-Chris