All Forum Posts by: Sachin Kholamkar

Not familiar with the out of state part. But for covering the assets I was once told that the properties are better protected by forming one company to hold the properties and another to manage them.

Try calling, T. Alan Ceshker,

Law Offices of T. Alan Ceshker

13413 Galleria Circle Suite 120

Austin, Texas 78738

It is not. Needs little repairs before it does. I am investing in other properties and need cash. Therefore selling. I am the owner.

Let me know if you are intereste/can help.

Sachin.

Location:

2012 Harlem Street Houston TX 77020 (5000 sq.ft. Lot With 1449 sq.ft. Building) 2005, 2009 and 2011 Lockwood Dr. Houston TX 77020 (3 lots of 2500sq.ft. each). Building recently updated. Will consider splitting.

Description:

This property is located just few blocks North of I-10 and to the east of Highway 59/69). Very close to a number of major freeways and a stone's throw away from Downtown Houston. The location is very much inside Loop 610 with easy access to the I-45, I-10, I -59, Loop 610 and the central business district. Big brand names like Fiesta, Chase Bank, Walgreens, Mc Donald’s, Subway, Autozone etc. are few minutes’ walk away from the property!

This is also a fast growing area that has seen sharp price increase in last two years. One house down to this property is a newly built twin condo priced at ~500k and the lot across the street is going for much higher asking price.

Frontage:

150 sq.ft. on one of the busiest street in the area, Lockwood Dr. (3 lots) 50 sq.ft. on Harlem St. (Can be remodeled to get frontage on Lockwood, if leased/purchased with lot on 2009 Lockwood Dr.)

Great location for:

Building new condos or offices, Church, Insurance Agents, Tire Shop, Travel Agents, Passport Agency, Fitness Gym, Ticket Broker, Real Estate Office, Attorney Office, Accounting office, Physical Therapist, Retail Convenient Store, Bar, Grill, Wine Bar, Barber, Nail Salon, Dry Cleaners, Dog Grooming etc.

Lease/Sale Options:

This opportunity comes with several flexible options: purchase, purchase with owner financing or lease.

List Price: For Sale of 4 Lots (12500 sq.ft.) with 1440sq.ft. of Commercial Building. CAD Value of just the commercial building with its lot of 5000 sq.ft. is $68,000+

Market Value: $193,000

Deal Price: $149,000!!

Individual lots can be sold as well. Please call for price

Lease Options:

Building plus 1 Lot:

Building Lease with one parking lot in front that provides 50' frontage and entrance from the busier Lockwood Drive: $2495/month plus NNN. Lease price includes build out concession of $40,000 with long term lease commitment. Build out will include 20 plus car parking lot, new face lift to front elevation, new ACs, new doors, windows and paint. Built per new tenant needs.

Lot Lease Options:

- Empty Lot Lease $1000.00 per month per lot

- Empty Lot Lease $2500.00 per month for 3 Lots (2005, 2009 &

2011 Lockwood Dr.)

Demographics:

40% Hispanic / 40 % African American / 25% Anglo and Asian

Contact:

Sachin Kholamkar

806-392-3230

Location:

2012 Harlem Street Houston TX 77020 (5000 sq.ft. Lot With 1449 sq.ft. Building) 2005, 2009 and 2011 Lockwood Dr. Houston TX 77020 (3 lots of 2500sq.ft. each). Building recently updated. Will consider splitting.

Description:

This property is located just few blocks North of I-10 and to the east of Highway 59/69). Very close to a number of major freeways and a stone's throw away from Downtown Houston. The location is very much inside Loop 610 with easy access to the I-45, I-10, I -59, Loop 610 and the central business district. Big brand names like Fiesta, Chase Bank, Walgreens, Mc Donald’s, Subway, Autozone etc. are few minutes’ walk away from the property!

This is also a fast growing area that has seen sharp price increase in last two years. One house down to this property is a newly built twin condo priced at ~500k and the lot across the street is going for much higher asking price.

Frontage:

150 sq.ft. on one of the busiest street in the area, Lockwood Dr. (3 lots) 50 sq.ft. on Harlem St. (Can be remodeled to get frontage on Lockwood, if leased/purchased with lot on 2009 Lockwood Dr.)

Great location for:

Building new condos or offices, Church, Insurance Agents, Tire Shop, Travel Agents, Passport Agency, Fitness Gym, Ticket Broker, Real Estate Office, Attorney Office, Accounting office, Physical Therapist, Retail Convenient Store, Bar, Grill, Wine Bar, Barber, Nail Salon, Dry Cleaners, Dog Grooming etc.

Lease/Sale Options:

This opportunity comes with several flexible options: purchase, purchase with owner financing or lease.

List Price: For Sale of 4 Lots (12500 sq.ft.) with 1440sq.ft. of Commercial Building. CAD Value of just the commercial building with its lot of 5000 sq.ft. is $68,000+

Market Value: $193,000

Deal Price: $149,000!!

Individual lots can be sold as well. Please call for price

Lease Options:

Building plus 1 Lot:

Building Lease with one parking lot in front that provides 50' frontage and entrance from the busier Lockwood Drive: $2495/month plus NNN. Lease price includes build out concession of $40,000 with long term lease commitment. Build out will include 20 plus car parking lot, new face lift to front elevation, new ACs, new doors, windows and paint. Built per new tenant needs.

Lot Lease Options:

- Empty Lot Lease $1000.00 per month per lot

- Empty Lot Lease $2500.00 per month for 3 Lots (2005, 2009 &

2011 Lockwood Dr.)

Demographics:

40% Hispanic / 40 % African American / 25% Anglo and Asian

Contact:

Sachin Kholamkar

806-392-3230

I had one of such deals that went away. To me these are typically "tear down" "land value" deals. You can confirm this by going to county website and checking for land value. If its closer to what you paid, thats what other people thought about the property.

Flipping will be a risky affair, especially as a first one.

If the property is not in a very upscaled location, you can demolish existing home and build a 3Bed2Bath starter home. I don't know the new built rates there, but here in Houston I can get one for about $100-105/sq.ft. with basic package. Plus they charge about 10k for the tear down and clear the site. (permits are etc.!)

See if those nos. makes sense. Call up 4-5 investor friendly builders and you will have the idea.

I can see you guys must be super excited + super concerned at the same time...:)

All the best!

Sachin K.

Hi Zac,

I am currently in the same boat and have spoken to several investors in past few days about this. One of the suggestions that I found fair to both parties was to do a 50-50 of profit sharing. You will have to estimate fair value of your repairs. It might look something like this:

Purchase of house = 80k

Repair Cost = 20k

ARV=150K

It is easier, if both purchase and repair is financed by the other member and they hold 100% equity of "as-is condition + repair". You profit from ARV (or rents if you rehab and rent it out), which will be divided 50-50.

So, in your case, if you flip the property for 150k and make 50k on the deal as partnership, your share would be 25k.

I am still giving a thought on how would you do this if you were bringing in repair work (no money) to the deal.

Again, I am no expert on this and in the same boat. So some of the other experienced members can correct me or have better ways to do this.

Sachin K.

I have attended a training session from fasttrackremodeling.com. And they seem to be pretty good.

Hi,

If I do this, it would be my first RE deal and the ARV is $1Mn!! Wanted to start small but this one came right to me. And I need some serious, blunt and honest opinions....:)

One of my associates is in a financial bind and wants to sell his "fixer upper" home in an elite community and move into a condo. Assuming he agrees to sell for $700k with expected repairs of $150k leaves me with about 50k ($150k minus 10% selling costs).

We may be able to come to an agreement where he becomes my partner in the deal. He brings his home to the deal and I pay for repairs and after we fix and sell, we share profits. Other thought is we tear down existing house and build a new one.

Questions:

If Fix and Flip:

1. I see that hard money lenders need the lien and its difficult to get a loan for repairs if you do not own the home. Plus they do not finance owner occupied properties. What other creative ways of financing can I use to cover repair costs?

2.  What kind of profit sharing will be fair to both of us? (I am thinking 25% for him and 75% for me)

If Tear Down and Newly Built:

3. If we tear down the place and built a new home expensing about 400k, I approximate the value of new home to be around $1.4. (300k net!). There is no way to confirm this as all houses in the subdivision are from 60s. If I built a similar house which is 50+ years newer, how much raise in premium should I expect on the house market value?

4. I spoke to Houston office of United Built Homes. Anyone has experience working with them? They do provide a great offer where I do not have to spend anything until first 6 months, then an interest of 7% for next 6 months and finally 9.5% for remaining 29 years. Average built time is between 3-5 months. 

5. Does anyone have recommendations on any other good builders with a similar low or no down payment offer in the Houston area and around?

I know these are lot of questions and I would really appreciate inputs from BP members. I am both thrilled and scared at the same time to do this.

Kholamkar 

I have similar interests as well. Wondering if you guys found answers to good builders and choosing between homes and duplexes.

Thanks, guys! @Paul Just finished th webinar of that book. Was insightful!