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Dallas Investment Property Club

Go-Fly

Where Are My Shoes?
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Well that’s what I was asking.. lol. We send you $$. You send us more back right? :D.
Never take your profits at first. Roll them back in for at least 5-10 years. You can get to the point that banks will call you to take foreclosures off their hands in a package. We had a shopping mall that sent us a rent payment of $40k every month. I gave some seed money to a buddy that bought and rented dental offices. He has now turned the business over to their daughter and retired at 55. They bought a new motorhome and are going to travel like we did. Going to take the 5th and meet up with them next month. What I'm saying is build your wealth. Opportunities will come along for cash flow without touching the principal.
 

pronstar

President, Dallas Chapter
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Never take your profits at first. Roll them back in for at least 5-10 years. You can get to the point that banks will call you to take foreclosures off their hands in a package. We had a shopping mall that sent us a rent payment of $40k every month. I gave some seed money to a buddy that bought and rented dental offices. He has now turned the business over to their daughter and retired at 55. They bought a new motorhome and are going to travel like we did. Going to take the 5th and meet up with them next month. What I'm saying is build your wealth. Opportunities will come along for cash flow without touching the principal.
That’s the plan for retained rentals.
Standard BRRRR method stuff.
Buy distressed.
Renovate to bring value up.
Refinance at the new, higher ARV, to pull out the initial investment.
Rent it out.
Repeat the process.

Keep the initial investment in the business, and recycle it over and over


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pronstar

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Got this one under contract, in 1/3 the average time on market for the area.
Full price, no contingencies.

Reinforces our mission to bring high-quality renovations to up-and-coming areas.

Time to renovate the next home in the queue



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pronstar

President, Dallas Chapter
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Our latest flip, on to the next one!

Bought for $150k
Put $35k into it.

Before:
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After:



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pronstar

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Nice. How quick are they selling?

The Dallas market is still hot.
Just got the market today, open house Saturday.

My last flip was in an area with 60 days on market average, I was under contract in under 20 days.

Another student under my mentor sold her house in Arlington in 2 days @ $6k over asking. It’s just a few miles away, and that was two weeks ago.

Most quality renovations that my mentor’s brokerage is selling, have been selling quickly. I’m hoping to continue that trend!


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pronstar

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After one day on the market:
6 showings an offer.

My base numbers were for a $230k ARV.
Quality of rehab allowed us to push the price to $240k.
First offer was $235k

Gonna wait until after today's open house and the weekend to see if we get any more interest.

Then on to the next one.

This market is hot...


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Ballsdeep

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After one day on the market:
6 showings an offer.

My base numbers were for a $230k ARV.
Quality of rehab allowed us to push the price to $240k.
First offer was $235k

Gonna wait until after today's open house and the weekend to see if we get any more interest.

Then on to the next one.

This market is hot...


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Nice work, are you doing the work yourself or sub everything out?
 

RodnJen

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After one day on the market:
6 showings an offer.

My base numbers were for a $230k ARV.
Quality of rehab allowed us to push the price to $240k.
First offer was $235k

Gonna wait until after today's open house and the weekend to see if we get any more interest.

Then on to the next one.

This market is hot...


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Nice work!
 

pronstar

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Had our open house today, tons of interest and at least one more offer, with other folks saying they’ll present an offer later tonight.

Having one more open house tomorrow. Bring highest/best offers by 7pm tomorrow evening.

Need to move on to the next one quickly, to take advantage of the market.


Nice work, are you doing the work yourself or sub everything out?
Contractors/sub it out


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Shlbyntro

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Rod's reply in another thread really got me thinking...

Just a show of hands:
Any inmates interested in this?

For a conversation starter, I'm thinking it starts small.
A few folks chip in a little money ($5k - $10K each), to make a decent return on several properties.
Focus on rentals, ideally multis but also some SFH...maybe flips down the line.

The sky is the limit from there.

Consider:
Rents are high compared to purchase prices.
Population set to double in the next 15 years.

Not looking for anything more than ideas and possible interest at this time.
Posting here is in now way a commitment to be part of it, and I'm not making any promises to anyone at all.
I've got some liquidity I need to pigeon hole away.... I'm interested. In Austin
 
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