All Forum Posts by: John Moore

Seth is correct and I will add that its illegal anywhere in Texas to try and sell a property that you do not completely own; meaning you have actually paid for and closed on - the deed in in your hand (not talking about having a contract/asigning - thats a whole different conversation) But if the numbers you have are real, then it might...might be worth it. But that is based on the assumption that you truly have to do no repairs and those deals are very rare in the sub $100K price range. Anything in SA that is move-in ready and under $150K is flying off the shelf right now, and I would question why the home didnt sell at $95K if it is move in ready. If its not move-in ready, then the chances of it being a quick "no repair" flip are slim and the deal should be scrutinized with the glasses of a rehabber and becomes a different deal. I do BPO's and if you want me to take a quick look at it I can give you at least a ballpark ARV in about 20 mins.

Hey David - My wife and I are investors in Austin also and have a similar background - we owned a bunch of those 4plexes just off of S Lamar and Barton Skyway. Now we primarily Fix and Flip anything from Austin to San Antonio. Lemme know if you want to meetup some time. We live in South Austin near Central Market

Answering Seth's question about the DOM advantage - the hotter a market area is with lower DOM it signals to potential buyers a number of things: 1. it tells them that they better move fast with an offer or lose it 2. its tells them to put forth their best offer up front instead of playing games (which is typical negotiation strategy) 3. It also tells potential buyers that if they mess around and argue over piddly repairs, that I can just drop/refuse the repair request because I know that I have more offers right around the corner.

As a general rule, you will never get as much attention or offers as you do in the first 30 days of going active on the market. Short DOM are a blessing and very desirable to investors because it usually (not always) means that buyers are driving up the prices via supply-demand pressures. As an example, I recently had a flip in SA in a very desirable community called Blossom Park, its not high priced or wealthy by any stretch but its a nice central area and homes are in the $150,000 and under range which is HOT HOT HOT right now. When we bought the property in October it had an ARV of $115. My wife Irene is our General Contractor and we typically do a higher grade remodel than most (granite, canned lights, designer paint scheme, custom tile) so we get slightly better sell prices but the recent short DOM sales had created a lot of pent up demand for the neighborhood and I knew that. We went with a gamble and list it at $135,000 and the day we put the sign out front (and before i actually hit "active" on the MLS i got an offer for $138,500 and then the next day it went live and we got two more offers both for $140,000 with no seller closing costs! So for me - that is what short DOM means. The only time I have seen a property go up in price as it sat for a longer period of time in Austin and in one of the super hot neighborhoods like Travis Heights where home sales were going up so fast that the comps increased sold prices in 90 days enough to justify a price increase - but thats Austin and it ain't normal, they're keepin it weird like that :-)

In Texas a lot of Title companies keep track of that stuff and so do the local Board of Realtors and many of them will gladly give the info out on their websites or upon request. but of course if you ask, they will likely refer you to a licensed Realtor who can run up to the day MLS reports and give you a more accurate real time snapshot of any particular area.

My wife and I both are on site at our projects  - sometimes alone - and I am glad to know that she carries a .380 with her all the time - CHP. Full disclosure - I'm a former San Antonio Police Officer and I can say without a doubt that regardless of the area you are in, bad people do bad things all the time and unfortunately, there is no shortage of bad people these days. 

 I handled waaaay to many calls where innocent people were assaulted, raped or killed just because they were in the wrong place at the wrong time when evil came passing through.  It happens at a much higher frequency than you might think.  If you are going to carry - then get something that is comfortable in your hand, and that you can control. .380 is fine and so is 9mm but I personally like .45 or .40 cal. In the very unfortunate event that you have to shoot at anyone two or three times with any of these rounds, I promise they will leave you alone and go away FAST - whether you hit them or not. And the police will probably be there shortly - with all the neighborhood calling 911 for shots fired.

It is very sad that any of us have to be placed in that kind of situation in the first place. 

I was reading a very good thread on new construction and wanted to connect with all the members so I copied and pasted the same message into messages to connect with them and it banned me = please restore so i can get back in the conversation - I read about how it will ban you if you use the same intro message - wont do that again! :-)

thanks in advance

Looks good Katie! Congrats on the first flip! now on the the next one!

im in for a monthly meeting! but it would have to be on Thur, Fri, Sat or Sun - best days are Thursday evening or Friday for Lunch. How about a standing lunch meetup first Friday of the month at 1130am. Paesano's at the Quarry ? 

Welcome Kyle - a group of us in SA are getting together next week on the 12th if you can make it. Tuesday, Aug 12th, at 6pm at Candlelight Coffee House, 3011 N St Mary's St, San Antonio, TX

sidebar - I was also born in DC/Bethesda - then came to SA :-)

I can make it - will be tight coming in from College Station that day but will just go straight there