All Forum Posts by: Joey Rivera

Hi there, I'm I have a potential deal going on in Brazoria County (Freeport, Texas) does anyone know a good Inspector, General Contractor and Investor friendly Mortgage Broker(s).? I'm trying to build a team of good contacts. Any help would be appreciated. I currently live in the Webster/Clear Lake area so I could also use good contacts from here as well.

@Tim Chapman The Seller has an agreement drawn up by the Seller's attorney with Medicaid that whatever they can sell the house for they would get 50% and his brother would get the other 50%. The Seller only wants the last 3 yrs. of property tax he paid to keep the property current.

@Owen D. I will definitely keep that in mind. The Seller has agreed to a cash offer of $35,000. Do you think it would be a better idea to flip it to an investor.? Considering this is my first deal I don't want to bite off more than I can chew.

@Steve Milford I have contractor coming to look at the property to give me an estimate. I know it's in pretty bad shape. The Seller has agreed to a cash offer of $35,000. My contract states that for whatever reason I can cancel the contract at any time, whether it be for financing or inspection. Thank you for providing that formula. It's very useful.

Paul Bowers I haven't had a contractor look at the property. It's pretty distressed. There is termite damage. There may be mold. There is an area of the roof that has espestus. The foundation is cracked in some places. The kitchen and bathrooms need to be updated. It needs all new appliances. There's no attic. It has galvanized plumbing. The heat exchange is gone. Needs a new AC unit. I know the comps say $145k but I don't it would sell for more than $90k once it's all fixed up. It's not in the nicest neighborhood. And it's right next to the plants. I was thinking of doing a fast cash offer of 35k.?

I was recently contacted by a motivated seller.  Seller's mom passed away in 2013. The property was probated and he is currently the executive of estate. The property has no mortgage. There is a tax lien on the property for $137,000 because that is the amount Medicaid covered for Social Security. 

The Seller's lawyer made an arrangement with the IRS that whatever they sell the property for, the IRS gets 50% (No specified amount) and the other 50% would go to the Seller's brother. The seller only wants the last 3 yrs. of property tax he paid to keep the property current. The tax assessment for the property is $54,000. I had an agent pull the comps for the area and it came in at $145,000.

The property is a 3bd/2b 1 car garage. 1,350 sqft. From what the Seller is telling me the property is pretty distressed. There is currently a squatter in the property. Has been there since 2011. I don't think there is a contract in place. Seller hasn't been able to evict him, but says he is willing to leave once the property is under contract.

This is my first time doing an actual real estate deal. I want to make sure I don't miss a step. The Seller is highly motivated and is willing to do a fast cash offer. What would my best course of action be here? I don't want to low ball the Seller but I don't want to buy a property that needs too much work. I'm going to ask a few questions here as I am brand new to this industry. So any little bit of information is definitely appreciated.

1. When making a cash offer, do you go with the tax assessment value or do you go with the comps?

2. Once the deal is under contract, I know you have to record a memo. Where do I record a memo.? I would imagine the Seller has to be with me to get it notarized?

3. If the squatter puts up a big deal in the process, what actions can I take with a contract in place? Would I put in a contingency clause for that specific matter? 

4. When it comes to contracts, how do you make changes if needed? Are they done digitally or by pen, or does it matter? I just don't want to do anything illegal?

If any other details are needed, I will try to communicate as soon as possible.

I know a lot of this is basic but I would really appreciate any help I can get. Thank you

Thank you all for your insight on this matter. Your words of wisdom are greatly appreciated.

Yes fortunately I was able to hold off and talk to a real estate agent. I was able to sell the property for $110k. Unbelievable the way some investors can be. He argued at $75k there wouldn't be a lot of money to make. Thank God I didn't sign on that deal.

Hi I am selling my condo to an investor. His offer is $73k..I owe $71k..he says there's not much room to negotiate. These condos usually run about 90-95k. Last year it appraised at $77k which I thought was pretty low. It's a 2br 2b townhouse. 1,300 sqft. No repairs needed except for a sink at the wet bar. This is my first offer. I know there are a lot of fees that go into play. I just want to know if it's a fair offer.?