All Forum Posts by: Jason McDougall

This 3/2/2 is within walking distance to UTA and would make a great addition to your rental portfolio. The house is in great condition and really only needs paint & flooring in order to be rent-ready. The HVAC, roof, electrical, and water heater are all newer and in good working order.

Estimated ARV: $130,000

Estimated Rental Repairs: $5,000-$7,000

Estimated Market Rent: $1,300
Closing Date: On or before July 6, 2016

Asking Price: $96,000

@Account Closed

Thanks! I'll get on the phone with the seller today and see if any of that has been done. I appreciate your help!

@Account Closed

The seller is the son of the deceased owner.

@Account Closed

Thanks for the advice. I'm not attempting to contact the IRS on behalf of anybody, but the seller that I'm working with asked me to help him find out how to get the ball rolling. If there's an office, representative, or phone number I can direct him to, that's really what I'm looking for. He hasn't received any kind of response to his requests.

@Jason Hirko I'm not sure that the IRS will do a partial release, I just assumed that they would want some money from the sale of the houses. As it stands, they won't get anything if the seller isn't able to sell them. I'll keep you updated!

Happy Monday BP!

I've been working with a seller that is trying to sell 3 houses that are part of his father's estate. The IRS has a lien against his father's estate in the amount of $330k, and I have a contract with the seller to buy all 3 houses for $120k.  The seller and my title company have been trying to get a partial release of lien for the 3 houses so that they can be sold, but we haven't been able to make any progress. The seller is also aware that 100% of the proceeds of the sale will have to go to the IRS to pay down the $330k lien of his father's estate. The IRS has been very unhelpful and unresponsive, so I thought I'd see if anybody here has encountered this situation before, and what channels they went through to get the ball rolling and resolve it.

Thanks in advance!

Good morning!

I'm in contact with a homeowner that will be selling her house to me in Fort Worth, and she intends to use the proceeds of the sale to purchase a house in Houston. She has asked me to help her find someone that can assist her with finding a new house.

Any experienced Houston area realtors interested in a free lead? Let me know!

Awesome, thanks @Stephanie Matthews!

Good morning BP,

I went to my flip project this morning to find one of the front windows shattered. When I went inside the house, I found the brick that they used to break it, and also noticed that the back door was open. Other than the window and screen, nothing was damaged, but some of my contractors tools were stolen, to the tune of about $5000. He usually packs them up each night, but he loaded up trash and debris from the job last night so he could take it to the dump this morning, and left his tools in the house. He has insurance, and I've offered to pay his deductible towards the claim. I guess this is one of those unexpected expenses that comes out of the miscellaneous part of my project budget. 

Lessons learned, always strongly suggest to your contractors that they pack up their tools each night, and also add something to your contract disclaiming that you aren't responsible for theft of any tools that are left behind at the end of each day. In my case, I have a great working relationship with my contractor, so I want to cover his deductible to make sure we maintain that. Also, make sure that your contractor doesn't let anybody look at the house without your permission. An interested buyer might really be somebody that's up to no good. And lastly, leave some lights on! It might not do anything, but maybe it's just enough to make a vandal think that someone is working late at night on the house, and deter them from breaking in.

This all came as a surprise to me since this house is in a great neighborhood, and we'll be listing it for $180k. This kind of stuff just doesn't happen very often in this area, so please be cautious and don't think that it won't happen to you.

Does anybody have any recommendations for a mobile alarm system? I would think that there has to be some sort of alarm system that you could move from house to house. Monitored or un-monitored, app integration on a smart phone, something like that.

Off Market TCU area house! $63K!

This 2/1 is 1294 sq ft, less than 2 miles from TCU, and is currently rented on a month to month basis. Please message me for details. I will be walking a few serious investors through the property. ARV: $100k Repairs: $15k (General rehab/cosmetic, roof, electrical) Purchase Price: $63k or best offer