Dallas-Fort Worth Real Estate Investor Club

New to Rehab looking for Wholesalers

  • 07 Aug 2017 8:29 AM
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    Message # 5016498
    Suzanne Cole

    Construction/building expert new to rehabbing, looking for houses. Preferred location all of Ft. Worth and its suburbs, Denton and Weatherford area. Maybe west Arlington area. $150,000 or less. Cash for repairs and Hard Money lender or private financing for house.

    Send you info to colefamilyhomes@gmail.com

    Last modified: 07 Aug 2017 8:30 AM | Suzanne Cole
  • 08 Aug 2017 5:14 PM
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    Reply # 5019765 on 5016498
    Neil Aggarwal

    Suzanne:

    Welcome to the madness!

    Make sure you do your own homework when looking at any property and don't just take numbers someone else gives you.

    Good luck with your new enterprise,
      Neil Aggarwal
      NSA Partners, Ltd.
  • 08 Aug 2017 9:34 PM
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    Reply # 5019998 on 5016498
    Steve Labus

    Hi Susan! Just a tip... Wholesalers are not a good supply option for rehab properties. Wholesalers are selling at 80% of ARV or higher in this market. Might work for some buy/hold opportunities but not flips. 

    Regards, Steve
  • 14 Aug 2017 6:45 PM
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    Reply # 5029530 on 5016498
    Deleted user

    I agree with Neil and Steve... Most deals < 80% ARV are being scooped up by seasoned investors. I recommend you pounding the pavement HARD to find your own deals, and/or look to create your own niche outside of the standard processes/marketing to attain deals for yourself. 

    You should also work with a vet to learn how to evaluate repair costs yourself so that you're versed in this discipline.

    Good Luck! 

    Brian R. Baker, MBA 

    brian@texashousingpartners.com 
  • 15 Aug 2017 9:35 AM
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    Reply # 5030647 on 5016498
    Deleted user

    I also wanted to point out that I personally will not take anything above 70% ARV to flip (and that's after personally vetting the numbers)... When I say 70%, that is a hard cut-off, so even 71% is a no-go for me... That is just my preference but my piece of advice is that you have your criteria solid and not waver from that. 

    I know a newbie who got excited about landing his first deal, and purchased the property even though the numbers were really tight and outside of his range. He ultimately paid the price for his lack of discipline. 

    Brian R. Baker, MBA 

    brian@texashousingpartners.com   
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