All Forum Posts by: Seth Teel

I currently have several wholesale deals for sale in San Antonio, Texas. Flips will have 25% - 30% equity after repairs, rentals will have at least $300/Mo cash-flow after repairs and refi.

The inventory changes almost daily, so what you see here may be gone by tomorrow. Call Seth: 210-628-9373 or email: [email protected].

www.investsatx.com

A lot of investors and agents use CPA Ed Guerrero. He is an investor himself, and understands the intricacies of making money this way. To my knowledge there aren't standard fees as everyone's taxes are going to be different. Here's Ed's contact info:

Ed Guerrero
Guerrero CPA
12330 West Ave Suite 204
San Antonio, TX 78216

(210) 490-7100
[email protected]
www.guerrerocpa.com

@Joseph Canini Have you tried working with wholesaler and/or agents that specialize in investment properties? I know at my shop we only deal with investment properties and investors. We are currently sourcing the majority of our properties off-market (non-MLS). A year ago, 80%+ of our inventory were listed properties on the MLS. It has gotten too competitive to buy listed properties. We are finding way better deals in other arenas. If you need help sourcing, feel free to give me call. The most successful investors use multiple resources (agents, MLS, wholesalers, auction, REI clubs, etc.) to source their properties.

There are a couple different companies besides Rex Report, however, Rex is the only one I have used. Depending upon what you want to do with the info it may be worth subscribing at the full level and so you have access to the online info and not just the book. They post the foreclosure list roughly two weeks before the auction, and they post what sold and who bought it roughly two weeks after that. This can be good for identifying and buying pre-foreclosures before they make it to the auction as well as finding cash buyers after the fact. There are plenty of other uses for the info in the Rex Reports, but it also can be something that bogs you down & takes your time, when you may never even have a chance to buy the property at all. @Jimmy Hong

@Account Closed Send me some more info. I have several active buyers in San Antonio that could take down a package like this.

Thanks,
Seth

@Amy Haverlah

@Amy Haverlah

http://www.rickguerra.com/

505 N. Sam Houston Pkwy E.
Houston, Texas 77060
United States

281-760-4295

@Amy Haverlah

@Amy Haverlah I use both Janet Drewry and Rick Guerra. Janet is here locally & Rick is in Houston, but has a satellite office in SA. I highly recomend both.

Janet M. Drewry
Law Office of Janet M. Drewry
8438 Fountain Circle
San Antonio, Texas 78229
Direct: (210) 592-1698
Fax: (210) 592-1793
Email: [email protected]

Steve Almaraz - Executive Manager
Law Offices of Rick Guerra

7310 Blanco Rd., Ste 208
San Antonio, TX 78216

(210) 884-0259 Mobile

(866) 325-0341 Fax

[email protected]

@Joseph Canini The best contractors I have found have been recomendations from other investors or they have been preferred vendors from REI clubs. Attend some of the REI meet-ups in town, there are usually contractors in attendance, an often other investors will have suggestions and feedback. One thing to keep in mind is contractors are like a loaf of bread, they have a shelf-life. It seems to be without fail, even the best contractor will fall off over time.

@Chad Holladay The best way to learn is to go to the courthouse on Texas Tuesday (tomorrow) and witness the spectacle. It's a good place to network. I have been down to the auction several times and am not 100% I fully understand it. One of the most important things to know is that there are two different auctions; there is the Tax Sale done by the sheriffs, and then there is the bank foreclosure auction. The tax sale properties all have a right of redemption (2 years for homestead, & 6 months for non-homestead). This can make buying one of those properties a gamble.

Over the last couple years, it seems like deals at the bank foreclosure auction have become less and less. The banks buy back a lot of the property, and the big buyers like Blackstone can buy at much higher percentages that guys like you and me. There are still deals to be had, but you may be able to get a better deal trying to buy pre-foreclosures.

Ruben,

In order to make a decision, I think you need to look at all pieces of the puzzle. What's the current interest rate on your 15 year note? Can you reduce it significantly enough to make a refinance worth you while? Although your cash-flow is low, it sounds like you have a good thing going with your current rental (good equity, 50% of loan term left). I would likely leave things how they are and use additional funds (saving or other) to fund your new investments. As long as you have good credit and debt-to-income ratio, you should be able to purchase several buy and hold properties.

Myself and the majority of my clients that buy and hold use a hard money lender (like Sherman Bridge Lending) to fund the purchase and renovations of the property, then refinance out a short time later into a conforming loan. This not only keeps your out of pocket expense low, but allows you to leverage your funds to possibly do multiple deals at the same time.

If you have any questions about lending or need help finding a property, let me know.

-Seth

@Amy Haverlah I use both Janet Drewry and Rick Guerra. Janet is here locally & Rick is in Houston, but has a satellite office in SA. I highly recomend both.

Janet M. Drewry
Law Office of Janet M. Drewry
8438 Fountain Circle
San Antonio, Texas 78229
Direct: (210) 592-1698
Fax: (210) 592-1793
Email: [email protected]

Steve Almaraz - Executive Manager
Law Offices of Rick Guerra

7310 Blanco Rd., Ste 208
San Antonio, TX 78216

(210) 884-0259 Mobile

(866) 325-0341 Fax

[email protected]