All Forum Posts by: Adam Roberts

Home is sold

Thanks

Adam

**For Sale**  

Half duplex in North Richland Hills, Fort Worth TX.  This home is in good condition, and will require between $5,000 - $7,000 of repairs prior to renting.  The home is currently owner-occupied.  Details of repairs are below.  This is a contract assignment, the current closing date is August 18, only cash/hard money offers will be considered.  The home is in a great location, with excellent schools, and is close to all amenities.  Please contact me for all inquiries and questions.

3/2/2 carport, half duplex.  

Carpet in bedrooms is relatively new.  Laminate flooring in common areas is relatively new.

Home has been well-cared for.

ARV is $130 - $135K (the next door unit sold for $125,000 16 months ago)

Market rents are $1,300/month   (the next door unit rented for $1,300 14 months ago)

Repairs required:

- The HVAC unit is not new.  Although no specific repairs/replacement required at this time, it should be considered as a future expense

- The foundation requires 5 piers near the front of the property

- There is some damage on the hallway flooring (laminate) from the installation of the new water heater

- The water heater was installed without a pan, and there are a few issues with the way it was installed (will provide details from inspection report)

- The air-handler drain line leaked from the attic onto the master bathroom ceiling.  This drywall needs to be replaced.

- There is various dog-damage near the backdoor going into the side/back yard.

- The attic fire barrier between the units needs to be repaired/replaced in various areas

- I put $$$ in the budget for an interior re-paint, but depending on the buyer's preference, this may be delayed

Hey Folks - 

I have a lead from Savoy TX (small town east of Sherman.  North of Dallas 1 hour).  This lead is selling a 2 Bed / 1 Bath / 1 car garage home, and relocating to the Texas coast.  I am willing to share the lead to an interested investor for a referral fee (if purchased).   Some details on the home below:

2 Bed / 1 Bath / 1 car garage SFH

Newly built shed in back

Roof and HVAC are 2012

Waste plumbing has been replaced

Work needed:  Some carpeting, electric panel

Sellers currently owe about $48K on an owner-finance note.  I've discussed preliminary pricing with sellers... they want about $8K north of what they owe to help pay for the shed.  ($56K approx)

Please reach me if interested and I can share contact info.

Adam

513-824-9113

Great info here... in effort not to create a duplicate post, has anyone had luck processing a background & credit check with only a Tax ID number?  I did put a call into smartmove and they do not handle anything but SSN.  I've heard some folks go to a police station and get background checks with a full name and DOB...  but haven't seen evidence of credit/criminal with Tax ID #.

Fort Worth home for sale, with seller financing (terms below).  This home is priced for an owner-occupant, but I wanted to post on BP since I am offering referral fee to other investors, if they have buyers that need a home to these specs.  

- 2612 Winding Rd, Fort Worth TX 76133   (South of Hulen Mall area)

- Asking $120K, with $12K down, home is sold as-is

- Home needs very minor cosmetic repairs (flooring, paint, backyard grass)

- Roof was replaced this month, brand new

- 1529 sq ft;  3 Beds, 2 baths upstairs.  Half bath down.  Has open layout with large kitchen.  All major systems work well.

Pictures:  LINK HERE

Terms: $12K downpayment; 8.5% rate; 25 year amort; Approx payment (PITI): $1,330/mo

I am slightly negotiable on the rate, but it is already pretty competitive.

Let me know if any questions!

Adam

I believe #3 may be the most expensive (architect), however they may or may not have more of an "eye" for a rehab that will generate a better return (resale value).  I personally like the sounds of #1, because that's how I manage projects.  If you don't have time to manage sub-contractors, #2 will help, but quite frankly you can't do the entire rehab at once if you're living in the home.  My vote is #1, do one/two rooms at a time, save some money by managing the subs.  And if it doesn't work well for the first few projects, switch to #2 or #3.

Team - has anyone (who uses quickbooks) been told by a CPA to hold their property values steady (i.e. original purchase price/value) in their books around tax time?  It would be nice to have an accurate picture of total portfolio value on the books, and I know to change asset value requires more than just 'changing the number' in Q.B., but what gives?  I suppose I can live with a more modest/conservative value in the balance sheet for now.  But what about 15+ years down the road...? Wondering if I am the only one keeping my property values steady on the balance sheet.....

I think there is huge opportunity for contractors to hit their commitments on schedule and budget.  Some of the most successful contractors and subs I've worked with hit their schedule commits and run a tight ship when it comes to managing their crews.  

All good points above.  @Jervin Justin Also, join and attend local real estate networking groups.  Asking this question in front of local investors will get you a ton of great answers.  I am over in Fort Worth and we used to get a bigger pockets group together over on our side of the metroplex.

I can tell you, from investing in the same/similar market (Tarrant County), that a $250-300K house may be tight on cash flow, unless the neighborhood happens to bring higher-than-market rents.  Feel free to message me if you want to talk neighborhood specifics, I can take a look and give a better answer.

@Joe Payton, sorry for my late reply, this house is sold.  Will keep in touch regarding other properties?  You mainly in Dallas county?

Adam