All Forum Posts by: Account Closed

Thanks James. We are still debating between just painting it white with Kilz, or going with the radiant barrier. Getting quotes for the barrier today so we will see. 

Hello All, 

Recently purchased our first house that we are flipping, and there was small fire that was isolated to the kitchen and did not affect any of the house structure, which was confirmed by an inspector who said there were no signs of any fire damage in the kitchen or the attic. The issue we have now though, is that it does seem that the smoke got into the attic and the beams are showing smoke coloration (see pics). The previous owner tried to paint over it in white, but it is still quite obvious. Are there any recommendations on how to fix this so we don't have any issues when selling? Our contractor is recommended a radiant barrier so that all of the discoloration from the smoke is gone. 

Thanks in advance for any help. 

Hello All, 

Just a quick question, we are in the process of selling our house and was curious on what the rules were for contacting the buyer directly instead of going through the realtor? Had some questions after the inspection was done, and its taking some time to get answers. 

This is in Houston TX if that makes a difference

Thanks

Craig

Hey Jason, 

Here is what Hard Money would cost us:

13.99% loan for 6 months

3.5 points upfront

They hold the repair costs and reimburse after inspection (each inspection is $150)

Loan up to 70% ARV

So an example would be :

ARV of $100,000

Purchase Price: $60,000

Repair: $20,000

Points: 3.5% of 70,000 = $2450

The HML would lend $70,000 and would hold back $20,000 for the repair. This would mean you would get $50,000 upfront and would have to bring $10,000 + $2450 + Closing Costs to the table to close on the property.

Then you will pay the interest only loan of 13.99% of 70,000 which would be $757.75 per month. 

As you can see the prices add up quickly and if you dont account for them in the evaluation of the property, they will eat through all of your profit. There have been many deals we have had that were a good using cash, but turned into a losing deal using Hard Money. 

I am new to this, so if i have made a mistake anywhere or need to be corrected please feel free. 

Thanks

Craig

Hello All, 

My wife and I are new real estate investors in Houston and my wife is starting the process to get her Real Estate License. She has no current interest in actually selling retail homes, but is getting her license so that we have access to the MLS, can control our own deals, and can save some money on the realtor fees.

With that being said, is there any Real Estate Brokerage firms that dont charge a high monthly fee or only do commission based fees that she could sign up with?

Thanks for the help!

Will be there, looking forward to meeting everyone. 

Hello All, 

We are looking at a property in Houston, TX and it seems to be a good deal looking at the numbers, but then when i looked up the Property tax information, i saw that there was over $11K in back taxes due. We are very new into the investing world and we are sure how that would affect the purchase of the property. Would we have to pay off those taxes if we are to buy the property?

Thanks

Craig & Taylor

Thanks for the great answers! Our agent did say that he read in the agent remarks that this was no offers under Sales Price would be considered, so maybe its not so bad of a situation. I am still looking for other realtors who are more investor friendly, but it is difficult in the West Houston area so far. 

It seems i also have a lot to learn about HUD properties. Time to search the forums.

Thanks again!

Hey All,

We are investors in Houston and just have a quick question about HUD Foreclosures. Our realtor said that with these properties they wont even look at any offer that is less than asking price? Is that true? Is there no negotation with HUD foreclosures?

Thanks in advance

Welcome! We too are new investors int he houston area and so far our best learning experience has been meeting with other people in the industry. We have met with realtors, contractors, and other investors and every time we learn more and more. And the best part, is that every time we meet with someone, we get another contact for someone else they recommend. 

Good luck!

Craig