All Forum Posts by: Jason Moran

Thank you I’d appreciate it

Hello everyone! I recently contracted 2 properties in the Houston area that I’m looking to use my 401k as down payment. I’m looking for a CPA to make the conversion to a Self Directed 401k or IRA and knew this would be the place to go for referrals. Thanks in advance

Thank you for the feedback guys. I really appreciate it. The seller remains very cryptic about the property and I'm getting conflicting information about the surrounding units and tenants. I'll be sure to have plenty of exits and a thorough vetting of the property before closing.

Ok folks, I need some help here. The Property: 4-plex in south Texas with 2 bed 2bath units not affected by the hurricane in a C class neighborhood bordering new B class development that was flooded. The Deal: $250,000 purchase price with each unit currently renting at $800 a month. Water and electric are paid by the tenants. There is no HOA, or maintenance outside of landscape and a dumpster. Dumpster fee is $175/mo. Property Condition: Unable to inspect the property interior until an offer is accepted, but have been told it was updated last year (for whatever that's worth) and the exterior seems to be in moderate condition. Nothing major noted. New A/C outside and roof appears to have many years still on it. The Concern: Buyer is only accepting cash offers, will not allow walk through until the offer is accepted, and has listed this property multiple times in the past 4 years only to have the listing expire. The asking price has increased $60k over the 4 years and when asked about it the listing agent is very cryptic, just saying that they've only had lowball offers. I'm comfortable with the cash offer and can get the finance together for it. I think I like the cash flow situation so long as it is what I'm being told. I entered the numbers into the BP calculator and everything looks good. Sooooo.........what say you? What am I missing here? This just seems too good to be true.

So if the mortgage balance is $120,000 but FEMA only pays $30,000 and there is no flood insurance (as the majority of homes did not have) but the repairs are in the $70,000 range, then it will have to go to short sale or foreclosure correct?

Beth,

  Yes there is already a big need for contractors in the area.  Now you mentioned anything from the slab up, so I'm going to guess that he is not a licensed contractor, but a handyman?  Is that correct?  Still a big demand for handymen too.  What is the business name and number?  If you want to get his name out there, may I suggest posting it along with the number often and anytime you contribute to a thread?  

  Are you looking to purchase flood properties or looking for homes that were distressed prior to the hurricane?  Let me know how I can help you and hopefully we will both find some great deals.  Have you come across any BP meet ups around here yet?

The unpaid mortgage balances after receiving any FEMA money or insurance payouts (given they even had flood insurance which a great deal of them didn't) would mean a foreclosure or short sale process. Preventing that process is probably the greatest opportunity both for investors and victims.

Hey! I'm in Magnolia Texas. PM me and We can talk about some work I have already. Maybe some flips in the very near future

I wouldn't blame them for not wanting to leave and just enduring the repair process. Finding new housing is going to be a nightmare for a while and the rent is going to increase in anything dry

Ned Jackson I just moved from Ripon Ca to Magnolia Tx which is about 30 minutes NW of Houston and thinking along the same lines as you. PM me and maybe we can work together.