All Forum Posts by: Heather Faires

Hello Group!

I'm curious. Have you or anyone you know used a unique or interesting way to remove an undesirable tenant from your property. I'm not interested in traditional evictions (unless it's a great story!)

I plan to use your responses in an article I'm writing for landlords. Thanks!

Heather Faires

Big Texas Homebuyers

Hello Group!

I just picked up a mobile home in Wylie. Must close by September 3rd.

1. The house was all but sold a couple of weeks ago at 218,000 and the buyer had to back out the day before closing  due to medical issues. Either way, it doesn't matter. I have buyers who want to buy the property as  an owner finance at 230,000 as is. I need to work out the details with them and sell the note. TBC...

I included my comps to justify my ARV.

I stated in my posted it was appraised by the bank as is @220,000. While I'm not a licensed appraiser, it doesn't take rocket science to pull comps. If it takes anyone 60 days to put up a privacy fence, replace some carpet in 2 areas, and touch up drywall in the guest house, they're in the wrong business. And I have it lender approved @ 0 points and 10% APR. As you can see from the drop box photos, it's already been remodeled.

I know this deal doesn't follow the standard rules regarding an investment property but it's a quick and easy way to make some money:

643 N. Bluegrove Rd. Lancaster, Tx 75146                                                                            Do not disturb occupant

Contact Heather at [email protected] for details.                                     Price $192,000, Appraised as is @ 220,000.                                                                   Repairs < $10,000 Make a few updates and get $250,000+

$3000 Nonrefundable Deposit

Photos https://www.dropbox.com/sc/45ocucble3j657f/AAD0ksJfzVZaeJueWD6jlER3a

Showing tomorrow July 23 @ noon. Contact me for details.

Great flip or owner financed property! The sellers' buyer backed out the day before closing (due to medical issues) and they're selling at a deep discount so they can move before the school year starts. Property appraised by the bank at 220,000 in its present condition but a few additional upgrades would bring much more! 2 houses sit on 1.67 acres. The main house is 4 bedrooms/ 2 baths, 2,436 sq. ft. Built in 1984. It features premium doors, lighting, stainless steel appliances, and granite countertops. The guest house is 900 sq. ft. and has a small kitchen, bath, and open floor plan. That's a total of 3,336 livable sq. ft with an oversized 2 car garage!

In order to increase the value, you only need to add some finishing touches to the guest house kitchen (1K), minor drywall and paint in guest house (1K), add some carpet to the guest house and replace in 2 bedrooms (1k), replace 1 broken tile (the sellers can tell you where to get it) and put in a privacy fence around the front area only (5K). All in all, I don't see any way for an investor to spend more than 10k on repairs and it should take less than a week.

When running your own comps, don't use houses in subdivisions. Anything in this area with land sells for significantly more. Since there aren't as many, we had to go back a year.

Address Sq. ft. Bed/Bath Year Built Sales Price Date Sold

864 Nokomis Cir. 3348 4/3 1992 260,000 6/17/2014

177 N. Bluegrove 3138 5/3 1992 259,000 11/22/2013

3031 S. Houston 2578 3/2 1987 245,000 7/31/2013

866 Truman Cir. 1408 3/1 1963 180,000 8/13/2013

I think the real question is, "Is the house a good deal?" What are the comps? Was he selling at 75% of market value minus the cost of repairs? Most of the people I know don't care what the wholesaler paid for a house as long as they can make money. The market has gotten so competitive in Dallas that I see bidding wars on the good deals.