All Forum Posts by: Seth Teel

I will be there.

I think BPs overzealous forum rules prohibit any of them from stepping forward.  But there are several good agents and wholesalers in SA using the BP.  May have to do a search or hope a non-agent chimes in.  

I've come a across a 1999-build single-wide mobile home in Universal City, TX 78148. It has been well maintained and needs very little work. It can remain on-site in it's current RV park (monthly lot rent +/- $325) or it can move it for around $1800. Price is $12K. Here are pics: https://www.flickr.com/photos/investsatx/sets/7215...

Contact me if you have any interest or would like more info.

Thanks,
Seth

210-628-9373

[email protected]

I buy sub 70% deals from time to time, but 70% is no longer the norm in San Antonio.  As the retail market has improved so has the distressed asset market.  I am typically seeing deals in the 73% - 75% range and sometimes as high as 80%. This has caused a shift in buying trending to high acquisition price because even at a higher percentage there is still a good enough spread to make the deal worth it.  I tell my clients all the time, if you have the means, invest in buy-and-hold properties. It's still a better return that the market, and it's passive income.  Otherwise, flip higher end homes, and make sure you have the capital to deal with the holding costs.  

There are several existing meetups, however I'd be very interested in a BP meetup simply because most of the SA investors I see on BP aren't the same people I see at every meetup already taking place.  I always love to network with new people.  Keep me in the loop, or maybe a few of us could take the reins? 

I have had good success(s) with:

HVAC - 
Al Olague & David Olague (his son) of A&M Heating & Cooling. 210-435-4803 or 210-396-8808.  These guys are extremely reasonable priced.  It's just one crew, so they don't scale well for multiple projects.  

Plumbing - 
Nathan Graef of Graef Plumbing. 210-599-7577. These guys handle residential & commercial, have several crews and work all over the metro area and beyond.  They are reasonably priced (not the cheapest), but they go the extra mile and I trust their workmanship.  

I don't have a good electrician.  Hope these help.  Please tell them I sent you.

-Seth

Highest sold comp in the neighborhood in the last year was $125K (14606 Edgemont Dr.). It appears the subject property may be the largest home in the neighborhood.  Most of the other properties are significantly smaller (1200 - 1700sf).  There are several rent comps at $1050/month, but this appears to be the highest rent in that neighborhood.  

I put the ARV at $130K ($62/sf), $18K in work, max allowable offer (MAO) is $73K (You were right on). In my opinion, you are correct; this is NOT a deal.

One important thing to remember is there is no shortage of properties or deals (especially in San Antonio), don't try to make a deal out of something that's not.  That's when you end up losing money.  

@Danny Benavides Even most of the wholesalers I work with use the TREC form 20-12.  It may be worth your while to take the Law of Contracts course at SABOR, Champions, or online. Understanding the contract is key to limiting your liability (whether you're and agent or not).  

James, It's my opinion that If you don't have the saved cash for a down payment you likely shouldn't be investing in real estate.  That being said there are a few avenues that may work for your situation.  

Most people who get into real estate with "no money down" start by wholesaling.  This method allows you to put properties under contract with little or no money (Earnest Money and/or Option Money) then markup and sell the contract to an investor who closes on the house.  You make the net margin (via assignment fee).  There are plenty (too many) resources on the web that teach wholesaling,  They all make it look easy and promise $10k checks every week.  The truth is, wholesaling is tough, but the rewards can be great.  One deal may net you upwards of $10k, but often it is several small deals that help generate that extra income.  

The second option that came to mind may require some money on your end.  Consider subject-to investments.  In this instance you find a homeowner/seller who is behind or about to be behind on their mortgage or underwater and you offer to purchase their home home by catching up their mortgage.  In this case the owner sells you the home, but their name remains on the mortgage. You pay the monthly mortgage.  If find the right property, you can purchase the property for a few months back mortgage payments, put it minimal repairs, then rent property for an amount more then the monthly mortgage payment.  Thus netting monthly cash flow and minimizing cash outlay and risk.  My example is somewhat oversimplified; it's a bit more complicated just finding someone behind in their mortgage, but these deals exist and this strategy may be worth researching.  

I hope these ideas help. I know when I started out, I bought duplexes with FHA loans; lived in one side and rented out the other. After two years (had to show rental income) I would buy another. The strategy has severed my well over the last 14 years. In fact I recently moved into one of my duplexes while I am renovating a historic home for me to move into near Downtown.

Try Tony Barragan.  He is also an investor.  Please tell him I sent you.

Anthony Barragan
AB Custom Painting
210-725-2590
[email protected]