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All Forum Posts by: Jordan Wilson

Jordan Wilson has started 9 posts and replied 29 times.

Post: Advice needed - foundation failure?

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

The low bidder is a smaller local company, but a recognizable name in this market. So, would you recommend having another structural engineer out prior to selecting a company to do the work? Thanks!

Post: Advice needed - foundation failure?

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

I'm trying to help a friend with her house & am looking for advice to give her. She has 3 bids ($25k, $54k & $58k) from foundation contractors & was told she has complete failure. The house is about 2300sf, slab & built around 1960. The higher 2 bids included interior & exterior piers everywhere. The $25k bid includes exterior piers around the perimeter & 1000sf of polyurethane lift under much of the interior.  

I told her that I would call a structural engineer before making a decision. They had an engineer out when they first bought the property about 5 years ago & the engineer recommended a root barrier & gutters. My friend thinks this made the issue worse. 3 slab readings in 5 years plus all the normal signs in doors, windows, walls, floors indicate that it is getting worse. I think she's leaning toward Ram Jack (highest bid) because they seem to offer the most complete solution & best warranty. I wouldn't want to steer her away from the best solution, but $60k is a lot of money!...plus, there will be more repair required (sheetrock, paint, flooring, brick & mortar, etc) after the foundation is repaired. I don't know much about the polyurethane option, but she was told it can be pumped in from a room with carpet, which would save the hardwood floors that she paid $10k for. 

They bought the house for about $250k & the ARV would top out a little above $400k. I think I would go with the less expensive fix & then I might find another house, but I don't think she's interested in moving. Curious to hear what ya'll think of the poly option & what you might recommend. Any help is appreciated! Thx!

Post: self directed ira property swap

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

You're right @Brian Eastman! I should have included more details because I'm having a hard time wrapping my brain around this. Another investor gave me the idea & told me I should look into how it could work. Here's some more info:

There is a distressed seller going into foreclosure on a reverse mortgage that I would swap properties with. The seller would have a life estate at my existing property that would come back to the IRA upon death. I don't have enough cash in the IRA to buy the property outright, but I could cover the back due amount to reinstate the loan. I guess that would require a sub-2 or wrap & I would need to be prepared to refinance? That could be messy...

In this arrangement, I would be picking up equity in the swap & I would recoup the other property at a time TBD. The seller would benefit from not losing their property to foreclosure & have their next placed lined up. 

I would prefer to buy the distressed property separate from the IRA, but it was an interesting idea, so I thought I would entertain the possibilities...

Post: self directed ira property swap

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

I own a property in my self directed ira. Could I swap properties with a non-disqualified person? 

Post: Clean 3/2 brick rental in Denton

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

Yes it is

Post: Clean 3/2 brick rental in Denton

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

Yes! I just emailed you some info. Thx!

Post: Cosmetic Rehab in Trophy Club

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

Single story house in Trophy Club with 4 beds/3 baths & study! Previous owner also started bonus room that could be completed to increase to 3,100 sq ft. Beautiful golf course street!

Price: $310,000 

Rehab: $50,000 (paint, flooring, appliances, granite, landscaping, bonus room)

Flip ARV: $425,000 (approx 3,100 sq ft)

Closing: On or before 3/22/17

Post: Clean 3/2 brick rental in Denton

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

This is a great rental property ready to go! Paint just completed inside & out, new carpet, & blinds. 

Price: $135,000 cash only

ARV: $145,000

Rent Rehab: $2,000 (Minor fence repair & garage opener replacement needed) 

Rent: $1,350-1,450/month

Closing: On or before 3/27/17

Post: Off-Market Rental in Denton - 2 HOUSES!!!

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4

Great cash flow opportunity - 2 separately metered houses (3/1 & 2/1) on the same lot! Fantastic location within 1 mile of DCTA rail station. It should be no problem getting at least $300/room rent with a generous $20k budget for repairs & updates.

Price: $130,000 cash only

ARV: $160-190,000 (Difficult to comp because of 2 houses)

Rent Rehab: $20,000 (foundation, paint, flooring, bath, landscaping)

Rent: $1,600-$1,900/month ($300-$400 per room)

Closing: On or before 3/27/17

Post: Real Estate Agent needed in Dallas

Jordan Wilson
Pro Member
Posted
  • Investor
  • DFW, TX
  • Posts 30
  • Votes 4
PM me & let's discuss. Thx!