All Forum Posts by: Chris Matthews

Good afternoon Jeff, I am not looking to sell but to buy. Are you interested in being a private money lender?

I am looking for a long term investor to purchase rental properties in Houston, TX and surrounding area. If you hare interested please contact me to discuss details. 

Good afternoon, 

My name is Chris Matthews and I am looking to secure a line of credit using the equity in my home. I have a $300K home built in December that has $200K in equity. My house is located in Houston, TX. 

I am looking to go to auction and pick up a house or two to flip. Terms are negotiable. 

Please contact with with any questions. 

This home is located in the Woodlands/Spring area and is a suburb of Houston, TX.  The home owners want to lease back for the remainder of the year while they look for a new home or have one built. 

This house is located in a great part of town, it's right outside of the Exxon Mobile campus, and close enough to the Woodlands waterway to be considered use as an Airbnb.  

Tax rate is 3.6% with an appraised Tax value of $128K for 2017. $384 a month in tax = $916 out of the $1300. Of course if you are financing and or using a property management company this will lower that number. 

If you are someone who is looking to invest but don't want the hassle of owning a rental then I am open to borrowing the $130K and then splitting the rent after taxes giving you $458 a month in mailbox box money occupied or not. I will act as the property management and take care of the property and tenants. Your loan will be secured using this property as collateral. The market value for this property is $155K.

Let me know if you have any further questions. 

Turnkey rental property available in the Spring/Woodlands area near the Exxon Mobile project. Conveniently located off I-45 with direct access to the Hardy toll road and the Grand Parkway. This property is located in the Northwood Pine subdivision and current market rates for rentals are going for $1.00 a sqft. 

Please do not disturb the owners of the home. I will be able to arrange a tour if needed. 

The owners of the home are looking to lease back the property and have agreed to sign a standard lease agreement.  Current condition of the home is rent ready minus a coat of paint here and there. 

ARV of the home is $155,000.00. As always do your own due diligence and buyer pays closing costs.

Thank you @Rick Allen and @Ethan Summers. I never thought of doing a skip trace. Great advice!

Good afternoon all. 

Quick question, I have received some letters back in the mail and they were marked vacant. I checked with our tax office and verified this was the only mailing address I had for the owner. Other than door knocking the neighbors is there another way of tracking down the owner? Would this be something a title company could assist with?

Thanks everybody. 

Thank you for all the help @Mitch Messer! If you ever need anything in the Houston, TX area let me know!

Thank you for the advise @Mitch Messer!

I had to think about this for a second so let me know if I am correct. I go back to the seller and offer $150K, I agree to pay them $933 a month over the next six months. I then wholesale for $155K with $10K down and I carry the remaining balance. At 8% interest on $140K equals $933 a month which they pay me that I in turn pay the owner. 

Does that sound about right?

Thank you for your help!

Good afternoon all,

I am working on a deal and I am not sure my client can be helped. Long story short, dad died in April, Mom is getting put in assisted living, unbeknownst to the kids the parents took out a reverse mortgage loan and owes $136K. They are looking to get $170K for the home which is the taxed appraised value.

The house itself is a 5 bed 4 bath 3048 sqft built in 1970 and has a pool. The home has an aluminum roof that has a lifetime warranty, 2 years ago new electrical was put in, 8 years ago plumbing, new HVAC system including new flex a year ago, new pool pump and timers. The house is outdated, ugly wall paper, laminate butcher block kitchen counters, appliances are old but they do work, and needs a coat of fresh paint.

The comps don't support $170K if you were to buy as a fix and flip. 2 homes sold this year same size for $240 and $250 but the pictures show they are completely remodeled. A few others that are selling in the mid $180's to lower $190's but they are updated with new floors and paint.

It would however make a good rental property. Rents in the area are going for .62 a sqft giving it a market value of just under $1900 a month. Property taxes are 2.7% on $170K.

So my question is does anybody have any creative ideas? I already floated past them me taking over the loan and giving them a balloon payment within the next couple of years to get them to the $170K but they need that money now for mom. My credit is on injured reserve at the moment so I couldn't take out a loan.

Should I just put it under contract and wholesale as a rental?

Thanks in advance for any advice.