All Forum Posts by: John Daniels

Thanks for the reply.

I can write a program to do this but it would take time.  Hiring some one which I assume will be from another country I think would also be problematic since there are a lot of 5+ spanish names like Jose Sanchez Jesus de la .... 

Honestly I have not received any mail in a long time...  Acceptable to put address format as LastName first and then FirstName last?   ie Daniels John

Hi All,

I have self-built a foreclosure list.  The list unfortunately has the name (first, last, middle) in a single column as owner. This column also has company names.  It would be almost impossible to split these out into individual columns.

My questions, is it OK to use "Current Resident or Occupant" instead of using the 'real name' for the mail-to address of the post card?

Thanks John

Hi Tanya,

It is in the Los Angeles-Keystone area and the average rent are about $750 for 1/1.   I will but since the current owner purchased it and it was already converted at that time I suspect if there was a permit issue it would have been found then.

John

Hi BiggerPockets

I would like to get opinions on a possible property for sale in San Antonio.

It is a ~1300 spft house, converted into a duplex each unit have 1 bed, 1 bath and each unit has its own livingroom and kitchen. Currently, each unit has a month to month tenant and both occupants have been there for years and years and are currently paying $450/month. Current owner purchased house as a duplex so I suspect no permit issues. There is also a small studio on the back yard that is currently not rented out.

ARV for a house flip is estimated at $258K.

We did go inside one unit and it was really nasty. Walls were there (yeah) but it needs to be torn up down to the studs. I am told the other unit is the same. I am guessing about a $15k-$20k(each unit) to rehab which would bring these units up to about a $750/month rental.

Now, I did not speak with the tenants but I am told there's one tenant that will not move out. My thought here is to buy and start the eviction process when possible. Honestly I don't think these unit should be lived in and should be condemned in my opinion. If this eviction takes a little time I should still have positive case flow (ROI 14%). The plan is to have both units vacated before rehabbing both units. Rehab both and rent out. Then after 4-6 months refinance and get some equity out to recoup investment.

Seller wants $120k and other buyers have offered this but want tenants out before buying. I am thinking about offering less ~$90k(or less) and seller does not have to worry about tenant eviction. The owner is motivated due to illness and still gives him cash after paying off his loan.

Still looking to get my first property.

Any thoughts on this would be greatly appreciated

Hi BiggerPockets

I would like to get opinions on a possible property for sale in San Antonio.

It is a ~1300 spft house, converted into a duplex each unit have 1 bed, 1 bath and each unit has its own livingroom and kitchen. Currently, each unit has a month to month tenant and both occupants have been there for years and years and are currently paying $450/month. Current owner purchased house as a duplex so I suspect no permit issues. There is also a small studio on the back yard that is currently not rented out.

ARV for a house flip is estimated at $258K.

We did go inside one unit and it was really nasty. Walls were there (yeah) but it needs to be torn up down to the studs. I am told the other unit is the same. I am guessing about a $15k-$20k(each unit) to rehab which would bring these units up to about a $750/month rental.

Now, I did not speak with the tenants but I am told there's one tenant that will not move out. My thought here is to buy and start the eviction process when possible. Honestly I don't think these unit should be lived in and should be condemned in my opinion. If this eviction takes a little time I should still have positive case flow (ROI 14%). The plan is to have both units vacated before rehabbing both units. Rehab both and rent out. Then after 4-6 months refinance and get some equity out to recoup investment.

Seller wants $120k and other buyers have offered this but want tenants out before buying. I am thinking about offering less ~$90k(or less) and seller does not have to worry about tenant eviction. The owner is motivated due to illness and still gives him cash after paying off his loan.

Still looking to get my first property.

Any thoughts on this would be greatly appreciated

Hi All,

I know this might be a long shot and I know I will need to consult a lawyer that specializes such a case but I will see if anyone else has seen this before.

I have a possible deal with a single elderly lady who is bipolar and lives in an assisted living facility.  She is on medicaid and wants to sell her house.  She does not want to loose her medicaid benefits.  It is believed that a check from the sale of property would cause her to loose the benefits.  And it is my understanding that if she just gifts it to me and I pay her cash I can not write off the purchase price.

Any thoughts on this?

Thanks.

Hi All,

I think I have found a single family in San Antonio but I want to verify I am not screwing up the numbers.

The house was built in 1935 is 1250sqft, 3/1 detached garage(needs to be torn down/replaced). Exterior seems in good condition but needs paints.  Interior still in question as I have not seen it yet. 

I think I can get this for $30k cash out right and as of now I am estimating $30k rehab cost(SWAG). Estimated ARV is about $155K and estimated rental is $1100

What I am unsure about is when going to finance to get cash out, are there rules on how much to cash out? ie, $60k+costs(what I am in if for) leaving a higher monthly cashflow or the 75% LTV with a much lower monthly cashflow?

Does this seem like a good deal?  Am I missing anything?

I just discovered F&G on MorrisInvest and it seems interesting.  One thing I dont get is that after the first year subscription and they get you $75K(for example) of business credit then why do you need them for beyond the first year.  If you stop the subscription do they then hold the accounts hostage and close them since they hold a power of attorney?   Does their power of attorney have a expiration date?

Good stuff!

There are meetups that I would like to attend but in order to register and get the location you have to text a provided string to a phone number.   Not a fan of just willy nilly texting to some number.  Are these legit?

Thanks  John

While looking for multi-family properties on various real estate sites, I am seeing that some sites will have a single listing for a multi-family that contains multiple units ie 3 doors 1 roof. But then I look on other sites(different listing) and I see that each unit is listed as a different listing but still listed under multi-family category ie unit A as separate MLS listing as unit B.

Trying to understand why the difference. Is it a trick?