All Forum Posts by: Andres Santos

Hello Mike, Welcome to the community. I have been investing for 2 years in the San Antonio Area, I have flipped a cple of properties my self and about 6 with a partner. Currently I am in the process of forming my power team looking for investors as well as contractors. I am heavily investing in marketing so I have leads and deals. Send me a message and I would love to discuss ways to help each other. 

Andres Santos

Hello Tim,

It all depends what are you looking for. I can tell you from personal experience, I belong to two RE groups in San Antonio, that both provide with valuable information and you can find some really nice friendly people there. They both share members experiences and are willing to provide you with information about their registered vendors, which pretty much are the same companies for both. They promote education programs from their experts, at a price. Membership cost is pretty much the same. They have 1 main monthly meeting and one of them has biweekly focus groups meetings. It is in my opinion all about which group makes you feel more comfortable. Hope this helps

Thanks everyone for such valuable input. 

Tom, thanks for your input it brings some valid points.

1.- My mistake about the down payment since he is willing to sell for what he owes.

2.- Texas has a very unique market. You have foreign nationals moving here that can't qualify for a bank mortgage, yet they have the cash for a down payment in that neighborhood. Also I figured I could take less if that is the case.

3.- About the due on sale clause I have encounter different opinions on the subject, but if worst come to worst, I'll pay the bank up.

Once again thanks.

Owner has this property on the market FSBO for 362.5k, he will sell for what he owes 352k. Property is worth 390K. Payments and taxes are current. Mortgage payment is $2,310 PITI No repairs needed. He needs to sell as soon as possible since he is getting relocated for work. Initially he is open to Lease option to buy within 6 months of lease. He doesn't want to pay commissions nor closing cost. House has been 21 days on the market already.

I'am thinking to offer Subject to or owner financing for what he owes. (I understand in Texas you need to own the property to be able to offer a lease option on the exit). I would be asking for at least 3 to 5 years terms with 0 down with a balloon at the end of term.

The exit I am thinking is looking for a Tenant/Buyer asking for a sales price of 390k with 30k down non refundable deposit. 3k worth of rent and a balloon at the end of the term I get?

This would be my very first deal. I would really appreciate thoughts and ideas.

Thank you.

Jesse, thanks for the info. 

Thank You Don.  I will check it out. 

Todd,

Great information.

Thanks

Todd,

Thank you for the information it is very helpful. I am planning on using an attorney that does closings. I will share my experience once I get my first deal on the burner. 

Let me ask you if there is a particular contract you use here in Texas? 

Once again Thank you.

Hello everyone,

I am fairly new to the real Estate investing arena. I've decided to start with lease purchase/owner finance strategy first. I have started marketing to Out of State owners and have a few leads. I have already figured out the scrip I am going to use when I called them. The one thing I can't find an answer to, in the event they agree to sell, is what is the best way to get the contract to them and get them to sign it and have a notary also sign it. So I was hoping to get some help.

Thank you,

Andres