All Forum Posts by: Seth Teel

I have had good success with Marcus Chacon - Handyman.

210-609-5804 or 210-990-4589.  

He can handle carpentry, paint, light electrical, light plumbing, and a ton of other stuff.

I have a high-end wholesale deal for sale in the Hill Country Village suburb of North-Central San Antonio, Texas.  6 beds, 6 baths, 6515 square feet 3-car garage, sitting on 2 acres, built in 1973.  This house resides on a large corner lot covered in mature oak trees, has tennis court, in-ground pool, & indoor workout facility.  

The property is move-in ready, but is dated.  This is a affluent municipality in northern San Antonio and will require a high-end rehab.  Construction estimate for complete renovation is around $200K (you could spend as much as $250K).  After repaired value is $1.175+ Million.  Purchase price is $665K.  

If interested please contact me directly: Seth Teel 210-628-9373, [email protected]  

Please, serious inquiries only.

Deanna,

I think what you are describing is a "pass through" transaction.  If I understand correctly, you are asking on transaction #1 (Frontside) can you simply fund it with the money of transaction #2 (Backside)?  From my understanding  using the funds from the Backside transaction to fund the Frontside transaction is still legal although not considered commonplace and most title companies wont do it.  Additionally there needs to be a document signed by all parties in both transactions acknowledging where the actual funds are coming from.   This type of transaction also sets you up for legal and accounting issues that other methods may not.  

It's much easier to assign your contract to the end buyer and let their money fund a single transaction (i.e. not a double close). If you are worried about you end buyer seeing how much you made on your assignment fee you can author your assignment in such a way that it doesn't state the amount and you may request a "blind HUD" from the title company.

Lastly, if you are dead-set on double closing your deals, you will either have to fund them yourself and wait on the backside buyer's funds or use a transactional funder.  So far my experience with transactional funders has been terrible.  Often the back out deals at the last minute, have high fees and points, and their money seems to never be at the title company on time.  

If your are just starting out, I suggest the assignment of contract method, it's the simplest, most straight forward, and doesn't require you to spend anything buy your earnest and option monies.

Thanks to the organizers and everyone that attended tonight's meetup.  It was nice to meet you all.

@Chad Clanton & @Kyle Handy 

 Nice meeting you guys tonight.  I am sure we'll see each other again.  Good luck on your next project(s).

@Jorge L Garcia 

 Is the property on a slab or pier and beam foundation?  

For pier and beam, concrete piers are the preferred method.  The big things you want to make sure of is  1) the piers are spaced appropriately to support the home, 2) Piers are an appropriated diameter, there is a big difference between a 12" diameter pier and a 10" diameter pier (which many companies use), 3) Make sure they piers go deep enough into the ground; at least 36" below surface and they must "bell" out to ensure stability.  

For a slab foundation, my only experience has been with concrete piers added for support.  I know there are several different methods that can be used.  I can't speak to the validity or longevity of each method.  My suggestion would be to make sure the company provides a pier schedule, an engineer report, and transferable warranty. A lifetime warranty is worthless if the company won't be in business next year.  Lastly, make sure you contractor gets a permit. One of my clients recently had his job shut down because the foundation company did no pull permit.  Subsequently he had the City of San Antonio on his *** for the rest of the project.  

Hope this helps.

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.