All Forum Posts by: Seth Teel

@Paul James Is correct, meet-ups are a great place to start.  Some focus on newbie stuff and education, some just networking, and some are only about getting deals done.  I posted about this while back on this thread: http://www.biggerpockets.com/forums/87/topics/148002-investor-meet-ups-in-austin-san-antonio-and-houston

"Here are some of the ones I attend regularly. There are a few invite only smaller groups as well. Hope this helps.

San Antonio Real Estate Investment Association
http://www.sareia.com/

Alamo Real Estate Investors Association
http://alamoreia.org/

Real Estate Investment Association - San Antonio
http://sanantoniorenc.com/

SA Cash Buyers - Thirsty Thursdays
http://sacashbuyers.com/"

I have 4/2/2, 1650SF, 1973 build, with a pool in Live Oak Village, 78233 for sale. Rent ready as-is, minimal repairs to flip (less than $15K). ARV $145K+, very low days on market. Message me if you'd like more info.

Thanks,
Seth

I would like some more info.  Feel free to contact me at [email protected] or 210-628-9373.

Thanks,
Seth

@Jason Dugan 

 The tax sale (AKA: Sheriff's sale) is the first Tuesday of every month at the Bexar County Courthouse.  There will be two main auctions going on simultaneously: The Tax sale (usually on the left side of the courthouse steps) and the Bank Foreclosure Sale (usually on the right side of the courthouse steps).   Anyone can buy at either auction, but make sure you have funds in a Cashier's check. Most people bring checks in $10,000 increments.  Keep in mind the tax sales will have  "Right of Redemption," which means the previous owner has 6 months after tax sale to pay-off taxes and interested and take back the home.  If the home is their Homestead they will have up to a year and a half to redeem the property.  This max tax sale investing a very calculated risk.  It will work in a buy-and-hold strategy, but make sure to do you home work and limit the amount of money you put into the house during the right of redemption period.  The smarter way to invest in these tax delinquent properties is to try to get them under contract prior to the tax sale.  If you have an active contract on a property slated for tax foreclosure you can get a stay of foreclosure through BCAD and the Sheriff's office.  

Hope this helps.  Happy hunting.

If it is already tagged and you are acting as homeowner, you can install the pressure tester, they will come by and check it. Again, if they detect a drop in pressure beyond a certain PSI, then tag goes back on and license contractor must be present for next test. My experience may be a little different because I was living in the property and originally called CPS for a smell of gas (worst idea ever).  I should have just called my plumber.  

Sounds like you're in the home stretch.  Good luck.

It's a catch 22. You don't need to be there as long as there are no leaks.  If they run the pressure test and there is any drop in pressure (even a slow leak), they will lock the meter, tag it, and require you to get a licensed contractor to fix prior to them turning it back on.  I learned this the hard way last winter.  4 days with no hot water.  For the hassle and time I spent getting it turned back on I would have gladly paid a licensed contractor to handle the work in the first place.  

Welcome. Happy investing.

Welcome.  Happy investing.

@Doug Farmer The property does not have to be vacant, but yes you have a short amount of time to get moved in (60 - 90 days). You could buy a leased duplex and keep one tenant and vacate the other depending on their lease structures or you can buy a tenant out of their lease (usually doesn't cost much). I have only purchased vacant duplexes for my personal investments, but several of y clients have purchase fully leased properties and then moved into them. I don't advocate skirting the law, but FHA isn't check to make sure you are fully moved into the unit in the specified amount of time. If you move in is a few days off I don't see this as an issue (it's more about intention).

One issue I have run into has been buying a distressed duplex that would not meet FHA guidelines without improvements. In my specific case I was buying a HUD foreclosure and 2 days after I put it under contract someone stole all of the copper pipes and the HVAC coils. HUD would not replace the copper nor would they offer a discount because they had multiple offers. In this case I was allowed to use a "repair escrow," close on the property, and had to complete repairs and have a HUD rep inspect prior to moving in. Essentially I closed and repaired, but did not take possession until repairs were completed. Keep in min HUD will only allow a certain amount of "repair escrow" in this case it was around $5K in repairs.

@Bryan Byrnes 

When I first started (while I was still in college) I bought a duplex using an FHA loan. I lived in one side and rented out the other. After a couple years and earning a little more money I was able to repeat the process with another duplex... and so on. Under FHA you only need to put down 3.5%. Granted you have to reside in the property yourself, but it's a great way to build net worth, earn passive income, and live rent-free (or close). FHA will allow you to buy up to a 4-plex, which means you may be able to produce good cash flow with low out of pocket. This may not be the strategy you were looking for but it worked for me over the last decade and allowed me to pay off a duplex, leave corporate america and invest in real estate full time. Hope this helps.