All Forum Posts by: Daniel M.

Hello everyone,

I just closed on a house and am exploring the possibility of turning it into a mid-term rental. The house is located by 410 and I10 highway close to the medical center in San Antonio area. I'm trying to figure out if this house would be a good mid term rental. Are there any resources that you'd recommend? I'm about to start my research but not sure where to start. Thanks in advance.

Hello everyone. 

i just closed on a house recently. Can anyone provide some ideas for the kitchen layout? I've uploaded a YT video . Any help would be greatly appreciared

Hello everyone ,

I'm doing a final walk through with my GC. However, there are several items in the punch list that concern me. How would you handle this situation? 

-Doors close but I can see some gaps between door and frame. 

-Small piece of flooring missing in a corner. He said he could cut a piece of flooring (pic below) 

-baseboard gaps in different rooms/part of the house 

-door closets don't seem aligned. 

-plates don't seem installed correctly, some of them are not aligned to the outlet.

I'm just wondering if these are items that are doable to fix by a handyman. And if the flooring can be indeed be fixed by cutting a piece and adding it (its in a corner in one of the bedrooms). 

here is a video of the property although it is hard to notice all the details in the video. 

https://youtu.be/V4egMwWTPlk

Bumping 

Hello everyone,

I'm in a sticky situation with a seller. I got a property under contract for $130,000 back in September 1. He started ghosting me and I decided to file a memorandum of contract with the county. I found out it was listed on the MLS and he has it under contract for a much higher price. He ultimately agreed to pay $10,000 if I let him close with the other party. How would you go about settling this? An attorney friend of mine told me that I have to draft a settlement agreement. He told me I'm better off settling this myself instead to go through an attorney because of the fees. What is the best way to solve this? He also recommended to file a lis pendens.

Hello everyone, 

After quite sometime, I finally landed a good deal where the numbers work for me. I've done a few projects in the past, but they're nothing compared to this one. It will be fun to share the progress and I'm going to be asking for feedback here. I'm planning on subbing a good chunk of the project. I'll eventually give the project to a GC but I might just sub it all myself. I think it will be a great opportunity to learn all the ins and outs of a full renovation. I'm planning on asking questions here and hopefully some you can chime in and give some feedback. 

Purchase price: $52,000

Reno budget: $65,000

ARV: $180,000

Rent: $1,300

This house is located in Kirby, TX. it's a 3/1.5, 880 Sq Ft. I'm planning on BRRRing this property. Here is a dropbox link to the house.

https://www.dropbox.com/scl/fo...

Can I file for eviction on behalf the owner ? 

Hello everyone, 

I'm buying a property that has tenants in it. It's hard to say whether they are still living there. There is no electric in the house but one of the tenants claims he comes back at night because he can't stand the heat during the day. 

how should I approach the situation? I don't want to close on a house with tenants. Can I evict them while I have the property under contract? What is the best way to handle the situation? I'm in Texas. 

I've been presented with an unique opportunity that sounds too good to be true. I'd appreciate if anyone could offer some input. I met with an investor at a property he owns free and clear. He bought it the first week of December and he's about 70-80 % done with the project.

He wants me to lend him $50,000 and give me a $15,000 return in 3 months. I would have a first lien position on this property but he also told me my name could be added to the title. I ran the numbers on the property and the deal makes sense. With that being said, I want to be extremely cautious as this deal sounds too good to be true. Here is my plan:
1) Run a background check on his entity and the individual
2) Have title company run a title commitment, I think I should get title insurance as well to be safe?
3) Have him sign promissory note, deed of trust, loan agreement and a guaranty agreement.

Since I'm making my decision based on just collateral, should I ask him to provide tax returns? Since this is a 3 month short term loan, what penalties do you think would be appropriate if borrower doesn't pay in the 90 day time frame? What other things I can do to protect myself in this situation?

@Mindy Jensen Since it starts on October 11, is there any chance we can still register for it? If not, are you having another bootcamp anytime soon?