All Forum Posts by: Adrian Reyes

Hello everyone, 

I manage a short/long-term rental at the beach here at South Padre Island,TX a well known, tourist attracting island in South Texas. It is a lovely 2 unit beach home featuring a little over 1100 Sq.Ft. of living space per unit and a cozy 2 bed 2 bath. I have been managing this gorgeous home for about 1 year and a half now and have ran into plenty of minor inconveniences concerning guests checking in and out which is expected, but one issue I have dealt with a number of times is tampering with the A/C thermostat. Sometimes I have had guests lower the setting all the way down to 64 degrees complaining that the unit is too hot and in reaction to this the air conditioner will freeze up. My question is; What are some good "smart thermostat" recommendations? I've done some research myself but thought I'd get some advice from the bigger pockets community. My goal is to minimize the tampering of the thermostat and avoid having to repair the A/C.  Any recommendations will be greatly appreciated.

Thank you  

Hello all,

My team and I have been out to snag foreclosures at our local auction here in Southern TX for about a year 1/2 now. So far we have managed to flip a couple and hold a couple. Now our tactics are very simple; basic due diligence, driving around, etc. And they have been some what successful. Now I am not asking for a break down of your strategies for getting prepared for your local auction. I just want to read some of your experiences, tips, tricks, maybe some funny stories of some property owners kicking you off the premises. Anything would be helpful if not for me for someone else reading this. 

Thanks  

@Rolando Pena Yes, It is in the RGV. send me a message request. 

@Jeremy M. Thanks Jeremy good words

@Christopher Phillips cash if the repairs were between 10-30k, if it was a little out of budget get a loan easily pay it off with the huge margin i was working with.

@Kevin Allen I was thinking the same but hopefully I can find someone who will be up to the challenge, if not just wholesale it and try and get my money back or  who knows maybe I can make a small profit out of it.

there's plenty more but these are the main problem areas 

@Christopher Phillips Pretty confident here are a few photos of the back and living area.

@Ram K. I did I thought I looked it at every angel except for the back. It was fenced so it was kind of hard to view. 

Hey everyone,

So I am in desperate need of some help, just purchased my first property at auction and I think I went way in over my head. Here are the numbers: 

I purchased the property for 98k as is, It is a nice two story 5 bedroom 3 bath and comps are at 204k in the area, but this property can easily be listed at 210k arv. But there is an ugly side too this property. When I arrived to take a look at my "golden nugget" it was horrible, the back of the house was still under construction adding on a balcony or so it seems, no windows, inside of the house wasn't any better. Long story short we had a contractor estimate 100k plus in repairs!!! So now I need to plan a good exit on this purchase I can use all the help I can get, but as of right now I'm marketing to wholesale this property that's the only thing I can think of at this point. Any advice would tremendously be appreciated. What are my options in this situation? What else can I do? 

Thank you 

@Elizabeth Wilson Cool I'm assuming you guys hit up the auctions? Fun fact  I just recently went to my first auction in May and it was some experience! I loved it. And yes my approach to pre-foreclosure is a lot of door knocking and i get a ton of stories and yes denial as well, sometimes people even fear coming to the door because of the situation and do not want to hear it. 

You are very correct when you say foreclosures respond either under or last minute. My associates/friends are agents as well and we specialize in helping people with their loan situation we network with a few attorneys and try and get them back on track with payments. So we get a lot of calls at one time! Nobody willing to sell yet (fingers crossed) but like you we are just starting out so I'm trying to stay optimistic.

Hey everybody,

I've done research, I've read books, and I've dabbled in the forums quite a bit here on biggerpockets.com and one niche that always stands out to me is well you can take a wild guess, Wholesaling! The reasons why I like the idea of wholesaling is the analytical side of it, analyzing properties, market value, comps, rehab costs, ROI, etc. I can analyze properties all day. Not only that but it seems to be the best niche for me right now just to get my foot in the door and start negotiating deals (plus my income isn't large enough to be flipping houses...just yet)

So getting to the point of this topic I just recently got a hold of a foreclosure list sent to me via e-mail every week or so (or depending on how many properties were filed that month). Now you can kind of see where this is going. I would like to start searching for the motivated sellers and start negotiating some deals and possibly gain a return in the process after selling to a motivated buyer of course. I want to keep my numbers as accurate as possible and I want to keep my buyers coming back for more. I would like to hear from an experienced wholesaler how the process overall looks like, also how the title companies go about handling this sort of transaction? Also how and were do you calculate your numbers? (if there is a specific place you go). I'm literally sitting here thinking of what I've missed......Oh yes how do you know where to find the motivated sellers? What do you look for? 

That's pretty much all I can think of right now if there is anything I missed please feel free to add on.

Thank you