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All Forum Posts by: Celine Liu

Celine Liu has started 3 posts and replied 8 times.

Post: Houston Real Estate Lawyer Recommendation

Celine LiuPosted
  • Houston
  • Posts 8
  • Votes 2

Hi Jason,  could you please share your attorney's information?  Is he/she a real estimate attorney?

Originally posted by @Jason Hirko:

@Celine Liu PM me and I'll be happy to share my attorney's info

Post: Houston Real Estate Lawyer Recommendation

Celine LiuPosted
  • Houston
  • Posts 8
  • Votes 2

 Hi Charles, it is a good point to partner with someone who is experienced in the sub-to field.

Are you aware of someone who has done this before? I am pretty new and would like to learn/explore different options.

Thanks.

Post: Houston Real Estate Lawyer Recommendation

Celine LiuPosted
  • Houston
  • Posts 8
  • Votes 2

Hi BP friends, I am looking for real estate lawyers in Houston area that can help with subject-to contract. Please recommend!

Thanks!

Celine

Originally posted by @Sam B.:

Thanks @Celine Liu

To answer your question re: where I found the properties...

Property #1 @ MLS from the sellers

Property #2 @ Wholesaler

Property #3 @ MLS via Auction (foreclosure)

Property #4 @ MLS from the sellers

Property #5 @ Off-market via network

Property #6 @ MLS via Bank Foreclosure

The MLS purchases were captured using cash, no inspection and fast closing terms

Thanks for the quick response! Cash and network are so powerful! 

Such an amazing work! Well done, Sam.  Really appreciate you share so much details with us.  Do you mind to share where you found these properties? Wholesale or foreclosure?

Thanks,
Celine


Originally posted by @Sam B.:

Update

Property #1 Rented at $1800/mo


Property #2 Rented at $1595/mo


Property #3 Finally done, except for a couple of HVAC grills. Property management now has possession as of this weekend, appraisal was completed yesterday, I'll know the results next week. Really swinging for $150k but I need my funds back asap so...I probably won't fight a low appraisal. Final photos below.

Property #4 New garage door installed, some additional drama with the electrical that I'll share later but it's going. Drywall start won't start for another 10ish days due to electrical delays. Progress photos below.

Property #5 Title paperwork is in process. Loan paperwork to be submitted next week. Then appraisal.

Property #6 I really didn't want another property but it was hard to turn down the equity capture with this one. I'll post more details later but the core numbers are below.

Purchase Price: $65k
Estimated Rehab: $40k
Estimated After Repair Value: $150K ($86 sq ft)
Estimated Monthly Rent: $1400
Source: MLS (Fannie Mae Foreclosure)
Funding: Financing w/local credit union.
Schedule: Unknown.

Initial photos shown below.

Property #3 Final Photos Below

Property #4 Progress Photos

Property #6 Initial Photos Below

Post: Need Advice on Owner Financing

Celine LiuPosted
  • Houston
  • Posts 8
  • Votes 2

Thanks, Christopher.  It seems like we do need an real estate attorney/lawyer for promissory note and purchase agreement. The deals we have done before are conventional way through realtor, banks and title company. It is a learning curve for us to try the creative way. 

Ed, appreciated your advice.  Helping seller understands the tax benefit may help with the contract terms and  process. 

Post: Need Advice on Owner Financing

Celine LiuPosted
  • Houston
  • Posts 8
  • Votes 2

Hi BP friends,  need some advice on how to do owner's financing.  I understand the basic concept, but definitely need to learn the ins and outs.  I assume that we need an real estate attorney with the purchase contract since it is different from the conventional ones?  And any tips for negotiation with the sellers? Any advice sand tips will be appreciated! 

Post: Houston General Contractor

Celine LiuPosted
  • Houston
  • Posts 8
  • Votes 2

Would like to connect with BP friends who have experience using general contractor in Houston area.  We are about to get our feet wet in fix upper field. We understand how important to have a good contractor. Any recommendation or information about contractor are highly appreciated!

Our team is good at Profit & Cost analysis and would like to offer help if you need it. Thanks.