All Forum Posts by: William Kelly

During our option period we are buying a duplex as is. We originally offered 205k but after foundation, plumbing, electrical and mold found our new asking price is 172k. The seller is now requesting to see the estimates from our contractors and foundation specialist. 

Should we give them these estimates or no? (The estimates aren’t super expensive and come out to around 15k so I also don’t want the seller to know how much profit we are going to make on this duplex once we turn around and rent it.)

https://www.meetup.com/DFW-REI...

Here is the link for the official rsvp. It says the 4th Monday of every month at “The Dive” in Denton. 

I go to the Denton MeetUp that’s held once a month and is very informative. 

I will be attending, looking forward to this!!

@Xavier DiSousa If the sisters would be willing to sell them individually I would be open to looking at one of them in return for a wholesale fee for you for setting up the deal?

@Robert Fulton How much are you renting the property currently and what is the sqft of the home? 

My first thought on this is as such: Why are you only raising the rents $25 a month? Could you market the rent for more than just $25? 

The north Dallas market is HOT and just like home prices, rents are rising as well. Id be curious to see how this pans out. 

Repost* 

My apologies I saw you sent the numbers at the bottom 

@Kim H. I personally have not due to not having a lump of cash in my hand at closing, but I do plan on attending a few and seeing how smoothly they run. I can let you know once I attend! 

@Brande Gilbert I just got finished reading your post and the biggest question since you are debating on whether to fix and flip or purchase a rental property is: What are your goals? What do you want to accomplish? Once you determine exactly what you want you can begin to start working backwards. Clarifying this point is extremely important in the route you decide to take in Real Estate. In regards to the extra money, there are tons of ways to find new ways to make money. It sounds like you are wanting to get out of your 9-5 job by the end of the year so unless you have a good amount of cash on the side this will be only doable by an extensive amount of "hustle". Have you thought about wholesaling? You can begin wholesaling real estate with very little to almost no money down but in exchange for this you will have to work extremely hard outside of your day job. Someone I would recommend looking into on youtube is Max Maxwell, hes phenomenal and has helped me propel in that specific realm. Hope this helps!

Rita, 

First off I want to congratulate you on taking the necessary steps to line up a solid deal which it sounds like you may potentially have here so I commend you for that! I would definitely seek some help for this type of deal especially with it being your first one. In regards to the asking prices, I would remove the mindset of it being a "package" deal and really break down each property individually. I would reach out to a realtor and send them all 5 addresses and ask if they could send you back other comparable homes so you can get an idea of what they would go for retail price. Also I would hop on Zillow and use the filters to show the last 6 - 12 month sales in the area with similar sq footage and bedroom/bathrooms. This will help you get a better understanding of what you will be able to work with. I would keep in mind this fact as well; Just because he says it is a "package" deal does not mean you have to buy them all in the package. You could pick maybe the best 1 or 2 properties out of the 5 that makes most sense number wise to receive a greater return. Hope this helps!!

@Page Rosenlund The first thing I want to acknowledge is the fact that you are submitting yourself to others in order to learn and gain experience. You are making yourself vulnerable expressing to us that you "need help" and I admire you for that. This is the best way to learn in order to reach out to people who have been there before. 

I agree with @Robert Biggerstaff I would take a look at the repairs and begin doing the minimum expenses in order to get these other units rented out ASAP. Once they are up to standard to move in it is time to expose these and market them tremendously through Craigslist, Zillow, Trulia. The great part about these are they are all free. Make sure to take the BEST pictures you can to get people out to view them. Hope this helps!