OldSchoolBoats
No Bad Days
- Joined
- May 8, 2014
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PM sentPretty much [emoji106]
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PM sentPretty much [emoji106]
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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.Well that’s what I was asking.. lol. We send you $$. You send us more back right? .
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.
Nice. How quick are they selling?
Awesome!! What is rent for something like that?
Nice work, are you doing the work yourself or sub everything out?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!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...
Sent from my iPhone using Tapatalk Pro
Nice work, are you doing the work yourself or sub everything out?
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.
Looks good!!!! It appears that you retained the floors, renovated the kitchen and bath, painted and cleaned up the lighting. Would be nice to get over ask on it. I always enjoy this thread. Keep it coming!!!!
The Dallas-Fort Worth area is hot and just like the rest of the west everyone’s improve in the outside of our house. Our company 4Kaluminum.com makes the only powder coated aluminum patio cover in the western United States.
About a month and a half ago some people from Fort Worth contacted us, we made a deal for a distributor. we’re flying up next weekend we’re gonna be rocking and rolling probably in January with their first shipment of 30,000 pounds. People been calling us for a year from that part of Texas complain the only kind of patio cover they get for the most part is wood it takes a shit in for five years.
I think Texas is going to be good for everybody we’ve been had inquiries from San Antonio, Houston, and Austin for distributors of our product going to get into that first quarter.
I won’t be surprised when they get full inventory of the people in Fort Worth could sell 1,000,000+ a year of the product. Cool thing is the principal is fire fighter he’s got a contract in business on the side so I’m really happy for him.
done a lot of research I think Texas is golden.
I don’t wanna jack this thread but
So how many offers did you guys get today Pronstar?
Welp, were under contract, VA Loan, 100% financing. This has better appraise LOL
Had an interesting talk with my mentor today. He wants me to become a realtor at his brokerage, work as much or as little as I want. He’s mostly in North Dallas, so I would head-up the South Dallas/Arlington-ish expansion of the brokerage.
If I bite, he will also waive my mentorship fee.
We’re having dinner on Thursday to discuss.
I’d basically still renovate houses, would represent myself on each sale so I retain the commission, and represent the brokerage for sales in my area.
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This sounds like it could be win/win.Welp, were under contract, VA Loan, 100% financing. This has better appraise LOL
Had an interesting talk with my mentor today. He wants me to become a realtor at his brokerage, work as much or as little as I want. He’s mostly in North Dallas, so I would head-up the South Dallas/Arlington-ish expansion of the brokerage.
If I bite, he will also waive my mentorship fee.
We’re having dinner on Thursday to discuss.
I’d basically still renovate houses, would represent myself on each sale so I retain the commission, and represent the brokerage for sales in my area.
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This sounds like it could be win/win.
My mentor coaches me on flips and scaling up to build my asset column to create generational wealth.
The biggest benefit is that he’s a pretty large wholeseller in the area. Finding deals is typically the hardest part, and he basically removes that hurdle.
He also has tons of contacts, so if I use his people I get a pretty good price and excellent service. So I can leverage his relationships for things like title, insurance, some trades, etc.
He’s also a hard money lender.
Owns HVAC, foundation, landscaping businesses.
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I've taken VA offers most every time, even over cash. You'll find as time goes on who is truly committed and who can walk when wind changes direction.
Good job Pstar!! Continued Success! Pretty exciting there eh!Passed my first test to get me RE license. Hoping to have the rest knocked-out in the next few weeks [emoji106]
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Good job Pstar!! Continued Success! Pretty exciting there eh!
Little update:
Passed my RE school testing.
Taking state/national tests next week.
Not bad considering it's supposed to be 180 hours of classroom time (I did it online "at my own pace" LOL), and I just started on Dec 21.
We're pretty excited at the opportunities 2021 will bring.
NAR reports that DFW is seeing a 50% decline in inventory YOY, with the same number of buyers.
With the Fed keen on keeping rates down and increasing inflation, this should be another good year for real estate in the area.
I'm working with my mentor on some turn-key rental programs that should rollout soon.
One has the investor putting ~20% into the deal.
Another has investors using the bank programs we're setting up to use 100% OPM.
More to come...I might have to become an RDP advertiser/sponsor