All Forum Posts by: Aaron Bihl

Either way I would get a loan.  I would lean toward duplex or a single family with a back house/in-law suite/casita

I buy quite a few lots in and around the San Antonio area.  When I first started I wouldn't touch them but now we buy them fairly consistently.  The thing I like about lots/land is there is a lot less emotion involved compared to houses.  I've assigned lots, listed them on the mls, and I've sold a few on owner finance.  I actually really like selling them OF.

I would lean toward a single family with a casita/in-law suite.  Searching for those is a bit tricky but there are quite a few in San Antonio (probably not so much where you are looking) but you get inside 410 and they exist in most neighborhoods.  

I know folks that airbnb the back house and pay their mortgage.  Or you could live in the back house and rent the front, rent by the room, etc.  Lots of options.

In this case I would go condo, if it was on a lot that you owned I would go manufactured/mobile home

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $152,000
Cash invested: $34,500

This is a single family home we remodeled and refinanced and will be a short term rental.

This deal was actually funded by a private lender who found us on BP. With our projected numbers we thought it would be worth 250-260 remodeled and the appraisal came back at 292 and we're refinancing at 80% of appraised value and able to payoff our lender, fund the rehab, and cash out a nice chunk of money.

What made you interested in investing in this type of deal?

I love these well kept, but dated homes. We typically stay away from big remodels but really like easy cosmetic rehabs on houses like this.

How did you find this deal and how did you negotiate it?

I believe this one came from a TV ad. The owner was an older lady who needed to move to georgia to stay with family as it was becoming tough for her to keep up with the house on her own.

How did you finance this deal?

A private lender we found through BP.

How did you add value to the deal?

Updated the house, exterior paint, new kitchen, interior paint, new floors. Updated all the fixtures and hardware.

What was the outcome?

It appraised higher than we expected, our lender is happy with his returns, and we are cashing out 20k+ and will have a nice short term rental in a good neighborhood.

Lessons learned? Challenges?

I always forget that things move slower and cost more than you plan for.

zero chance I would be trying to buy a deal with only 20k.

There's just way too much that could go wrong.

When I’ve worked with osn it’s a nightmare. I believe that’s opendoors title company 

Allegiance Title is the best around

@Matthew Tyson I'll text my guy we've been using

I don’t think you’re going to to collect rent. Honestly, I’d just be glad they are gone and hopefully didn’t destroy the place. 

This situation is a lot more desirable than a tenant who won’t pay and you have to evict.  I’m in the process of an eviction now, and yeah we will get a judgment for the unpaid rent and stuff but we know in all likelihood we will never collect on it