All Forum Posts by: Alex Juarez

Hey @Tony Castronovo I just sent you a PM. Thanks!

Hey BP!

I have a house going under contract soon and would like to know if anyone can recommend an inspector out in the Katy area. 

If the inspection goes well, I'm going to need a paint job and some light renovation work in the restrooms, so if anyone can recommend someone that can do the work, I'd appreciate it!

Thanks for your help BP!

Alex 

Thanks for the input guys!! Sorry for late response, been pretty busy lately, but I actually found someone that beat the original 4.75%. Home Start Capital came in at 4.4% with 25% down. I think at 20% they said it would've been closer to 4.85%. 

Hey BP! 

I was wondering which lenders yall are using and what kind of rates yall are getting lately? I was looking to get a loan because I'm trying to make an offer on a sfh to buy and hold, but the rate was around 4.75% with 25% down. I was about to shop around, but I thought I'd check to see if anyone from the community could recommend a lender. 

Also, can anyone recommend an inspector in the Katy area?

I would really appreciate any input!

Thanks!

Alex

Thanks guys for the input! Also thanks @Costin I. for that detailed breakdown. I think I'll go the engineer route to see what he recommends for the repair and get a few quotes based of that before moving forward. I wasn't too worried about the flooring, I was planning on replacing it anyways, but wasn't aware of the other items you listed. 

If anyone can recommend a structural engineer they've used before I'd appreciate it.

Thanks guys! 

Hey BP!

So I came across a property that I'm interested in. The house was actually put under contract the day I reached out to the listing agent, but she called me to let me know the deal was going to fall through. She told me the inspection showed the house had foundation issues so the buyers backed out. she sent me the quotes from the Foundation Repair companies, but there's a big difference in price between the two quotes she sent. one is at 13k and one is at 25k. 

So i have two questions. 

1. I haven't actually gone to look at the house yet, so I'm not sure how noticeable the foundation issues are, but if they're not noticeable would I be required to repair the foundation? If I'm not required would it be ok to just leave it alone? I'm not flipping the house, it would be a buy and hold play. 

2. Since the quotes have such a big difference in price, is there someone you guys can recommend to have another look and provide another quote? 

I'm planning on looking at the house as soon as the buyers send in their termination, but would like to have an idea of what all my options are. 

I don't have an inspection report, but one of the quotes has what looks like a diagram that provides a summary of the deficiencies. I've never dealt with foundation issues before so I'm not really sure how to read it. I'm going to be googling some of the terms on the quote to try to understand it. I'm also attaching it here, if anyone can read it and wouldn't mind explaining it i would really appreciate it. 

Thanks in advance guys/gals and any input would be really appreciated!

Alex 

@Mark Sewell yea I think I need to find a wholesaler that targets that area, because it's very hard to find a property on the MLS that's priced well enough have decent cashflow. The properties that I have found to have decent cashflow usually go into bidding wars and get turned into bad deals after the price is driven up.

Awesome! Thanks @Jessica Wygal! 

@Ryan Blake I will definitely post info on my first deal when I find it. 

Thanks for all the support guys. 

Thanks for the support! Unfortunately we didn’t get the house. It had multiple offers and even at 5k above asking price (which I had already budgeted for) we didn’t get it. So it’s back to looking, but it is getting easier and easier to make offers. The very first offer I made I remember I was anxious the entire time and barely got any sleep that night. Now I just make it and try not to think about it until I hear back from my agent. I’m thinking about expanding my search to outside of Katy, but I need to do some research first. I feel like Katy is way too hot. If anyone has any suggestions on where to look into I’d appreciate that. Again, thanks for all of the support! I don’t know if I would’ve ever been able to make an offer on an investment property if I hadn’t found BP. I like that there’s a huge community out there that I can reach out to when I need help and hope to one day contribute to helping others when I gain some real experience in real estate investing. Thanks everyone! Alex

Thanks for all of your input guys! After reading all of your comments, I went ahead and took the plunge. We submitted an offer about an hour ago, so we’re just waiting to hear back now. Thanks guys!! Alex