All Forum Posts by: Adam Roberts

Yes, it is still available.  Will text you info for showing if you are interested. 

3/2/2 home for sale in Dallas suburb of Wylie, TX.  

- $115,000 asking

- $75,000 rehab estimate

- $240,000 ARV (with pool)

Home is vacant, please get in touch with me for lockbox code if interested.

Here are the specs:

515 Woodhollow Dr, Wylie, TX

-Originally a 3/2/2 with ~2,000 sq ft, with upstairs attic conversion that could be a 4th bedroom, it has a large storage closet and a minibar with a sink. The upstairs square footage isn’t counted in the tax records, and is about another 400-500 sq ft.

-House has a pool, it needs work.

-Insurance just replaced the roof, window panes (aluminum frames still present), and siding due to hail damage from last spring.

-Probate property, we are getting to the end of the process, need one more affidavit of heirship, so should be ready to close within next few weeks.

-Asking $115K. ARV around $240K, depending if you keep the pool. House and pool need a lot of work. There is some mold in the house from when the hail holes in roof were left unattended.

Pictures:

https://drive.google.com/drive/folders/0B2bPXHBS56z9Y2haRjRpVGRRNW8?usp=sharing

@Maged Bishara can you define "net revenue"? Outside of real estate investing I've used this to define gross sales less cost of goods sold (but not necessarily less operating expenses), however don't hear it used in REI much.

Anyway - my thought is that any large metropolitan area is going to have a lot of competition for people trying to invest in the same thing.  A lot of folks try to find a niche within this type of environment.  I'm not from your area so not much specific help, but deals are out there, challenge is to find them or have people find them for you.  Have you tried smaller towns near Montreal?

ditto.  Call them and schedule an in-person meeting or discuss those details over the phone.  Never send via email.

Yes flat roof issues...  I haven't had a good experience with one yet.  If the budget can afford it, I'd get a professional opinion.  Depending on what you plan to do with the home, an inspector may see the issue and/or the cheap repair.  My 2 cents.

I didn't see this one in the responses so I will mention - depending on local laws, you will want to have the tenants and seller sign estoppel letters. If you do a search on BP you'll find more details, but it's basically a letter for each tenant laying out certain lease details, who lives in the property, if the tenant owns any of the fixtures/appliances (this is an important one), and other stuff. These have been useful for me in buying already-occupied homes. Adam

Keela C.

Originally posted by @Jon Klaus:

Originally posted by @Ben Hughes:

Wow, I'm surprised stuff is dropping. Properties in Houston are still exploding in price.

Still moving up in Austin and DFW, too.

Yep - can't keep a home on the market here in DFW. Multiple-offer situations all over the place 24 hours after a home is listed.

Team -

While researching a vacant home this week, I found that the foreclosure process already started... furthermore, I noticed that in county records, HUD had conveyed the warranty deed to a Wilmington Trust financial company. Is this typical? I noticed other HUD properties on the market still had the deed with HUD. Has anyone had success with an inside sale by contacting trust companies or other financial institutions that currently have the deed? (Important to note that Wilmington Trust was not original lender).

Thanks

Adam

@James Mudd I think you have the right mind set - let me suggest a few different approaches with the common theme of ROI for each one:

1) Buy a nicer duplex in a safe neighborhood, live in one side rent the other. Because of price it may not cash flow as well as a home in a war zone, but your overall ROI will still be good because someone is helping you pay the mortgage and expenses.

2) Buy a larger home and rent out a bedroom to a friend or someone you can trust living with (this is what we did). Similar to above, someone will be helping defray expense and pay down mortgage. ROI on this option not as good though, as you won't be getting as much rent $$.

3) Rent (do not buy) a home until you are more settled, and continue real estate endeavors as planned. Within a short timeframe your total ROI will be better than buying, but over a longer horizon (3+ years?) you will be losing out on the oppty to put equity into a home.

Personally I really like #1, and if you can find an ideal situation i say go for it.