All Forum Posts by: Frank Daniel

i dropped out of college! I just reached my 1 million dollars in net worth goal! 

They like to say your'e qualified for that loan program after a $999 Commitment Fee, then miraculously after that you don't qualify for that one. But you do qualify for a higher interest loan. Bait and Switch and lock your money trap. Bunch of RE Carneys if you ask me!  

I PM'd you back Heather! I have supporting emails to validate all my accusations. 

AVOID! AVOID! AVOID! 

These dudes are shady! I had a real bad experience with them.   

Imad, I had a similar bad experience with them on a HUD also, they use a bait and switch tactic and are not honest at all. They just want to fund the New Western deals. Its a subsidiary wholesale company they own. They have been kicked out of every REIA in Texas. Now New Western has these luncheons to promote them. All those cats seem real shady

Best source for a GC to do full rehabs would be your local REIA group. Just be careful and at least line up 3 contractors to bid. I try to stay as close to $4 a sq.ft as possible. But thats my general guideline for a rental. Flipping is a different game. Ask to see pictures and referrals. Once you find a few reliable contractors that can work within a timeline, dont fall into the trap of using the same contractor over and over. They will sneak up prices on you after they have you hooked. Always get several bids. I have a paint rehab right now, i'm meeting with 5 painters today. Always meet them at the property and never take a quote over the phone. I've had craiglist contractors underbid a job and decided they would just take the 50% i paid up front and not answer the phone. Don't pay until work is complete if you dont know them.

@Waylon Themer, that sounds great!  Would love to discuss our plans with you and hopefully do some business. 

Why would i sell FSBO while making $550-650 a month on each? The equity capture is not worth losing the cash flow! Just trying to utilize the equity for another purchase

Im not hindered by the properties what so ever. Nor am i broke needing cash or capital gains taxes. 

Ive purchased 3 SFRs using hard money in the Houston market! Most require 30 days to close due to any title issues that may pop up! A good hard money lender, wont put you at risk this way, some will. Make sure this lender can pre-qualify you on the back end so that your're guaranteed permanent financing on the back end. Most auctions want the cash upfront so a private lender is the way to go on that route. Hard money may turn you down on the auction side cause most want good numbers to fit you in the deal which the auction houses don't/won't provide.