Day 1

Let me start by saying I'm no professional investor. My day job is a mortgage broker. I specialize in investment property loans, so its a good fit. I have flipped about 15 houses in the last 3 years.
I have never lost money, although we have had some very thin profit ones.

My purpose for writing this blog has various reasons. I hope to give would be investors some real life examples, possible network with investors and function as a loan officer and drive traffic to my professional websites...and its fun.


Project 1.
Residential property - Dallas, TX

goal: 25k profit after all expenses.
190k sell price
125 purchase
6500 in interest and finance costs
21k repairs (mostly cosmetics, but plumbing has increased our original estimate from 18k to 21k), now 1500.00 for busted pipe.

152.5 total costs
sell 190k - 15k closing costs
175 net

Today:
busted pipes.
repair pipes and sheetrock damage: 1500.00 (those things happen)

goal is to get out with 20k profit.

property is about be listed for sale.

Project 2 is underway.
92k purchase
15k repairs (included foundation repair)
House: 3-2 brick, North Dallas. Market value 140k.
2 weeks into project and mostly smooth, estimate 2 weeks for completion.
Will have pics for this up on website soon.

Tips:
use quality fixtures, search home depot and other retailers for discontinued items. I even buy on ebay and garage sales.

For repairs, anticipate extra electrical and plumbing work. There are usually hidden problems. These houses have been neglected for years in most cases. Remember you are buying property on the cheap from people who usually cant afford the upkeep or just left. Your added value is the ability to buy non-financable property, fix and put back on the market.


Monty
www.dallasincomeproperty.com