pronstar
President, Dallas Chapter
- Joined
- Aug 5, 2009
- Messages
- 34,471
- Reaction score
- 40,915
Hey everyone,
Lots of folks are asking, so wanted to give an update on this.
Shintoo and I have been doing a lot of research on this, and we've enlisted the assistance of a DFW-based advisor to help us navigate things.
Full transparency:
This advisor is a 30-year close friend of mine, he's a Senior VP of Compliance at CitiBank, and spent most of his career in banking for construction lending.
He also worked as an executive at Home Depot Corporate, and if you've seen the Pro Desk at any Home Depot, that was his doing on a national level.
We've been on conference calls every week, and have been doing a lot of homework in the meantime...
At any rate, we've been looking at the market, opportunities within the market, and how things like tax lien sales and foreclosure sales work in Texas.
And I've been networking with associated fields like local RE investor title companies, realtors/brokers and the like.
We've been compiling data, and have been ID'ing potential opportunities.
Based on this research, we've looked at multiple homes, attended a Super Tuesday auction to see how those homes fared, and have discussed what we would do with them and what we think they can resell for.
And we'll be tracking those homes through the system until they're resold, to see if our estimates are accurate.
While none of this is rocket science, we want to put the effort in upfront, to help provide the greatest chance of success down the road.
At some point we will also enlist the RDP brain trust, as there's a trove of experience here that we want to lean on as well.
Net-net, we're working hard behind the scenes on this, more to come so stay tuned
Lots of folks are asking, so wanted to give an update on this.
Shintoo and I have been doing a lot of research on this, and we've enlisted the assistance of a DFW-based advisor to help us navigate things.
Full transparency:
This advisor is a 30-year close friend of mine, he's a Senior VP of Compliance at CitiBank, and spent most of his career in banking for construction lending.
He also worked as an executive at Home Depot Corporate, and if you've seen the Pro Desk at any Home Depot, that was his doing on a national level.
We've been on conference calls every week, and have been doing a lot of homework in the meantime...
At any rate, we've been looking at the market, opportunities within the market, and how things like tax lien sales and foreclosure sales work in Texas.
And I've been networking with associated fields like local RE investor title companies, realtors/brokers and the like.
We've been compiling data, and have been ID'ing potential opportunities.
Based on this research, we've looked at multiple homes, attended a Super Tuesday auction to see how those homes fared, and have discussed what we would do with them and what we think they can resell for.
And we'll be tracking those homes through the system until they're resold, to see if our estimates are accurate.
While none of this is rocket science, we want to put the effort in upfront, to help provide the greatest chance of success down the road.
At some point we will also enlist the RDP brain trust, as there's a trove of experience here that we want to lean on as well.
Net-net, we're working hard behind the scenes on this, more to come so stay tuned