All Forum Posts by: Kit England

Hi Paul, I'd like any additional info you have regarding this property. I'm in San Antonio, an investor and a contractor. Kit

Hi Michael. I'm a carpenter/licensed contractor/ real estate investor in San Antonio. I can meet you a take a look at it if you like. Not trying to sell you anything, I don't want that repair job. Just offering to look at it for you and tell you what I think. No charge. Kit

I think that the most common method or raising that capital would be on an equity share basses based on investor contribution. The 'general partner' usually receives a percentage for managing the investment. You, as that managing partner can basically structure the offering however you want but if the percentage left for the other investors isn't attractive enough you won't get the number of or kind of investors you may prefer. The lender is probably going to require you to included the amount required for improvements and a reserve into your calculations for the loan request. That and closing costs are likely to increase the 'all-in' sum considerably. Additionally, the bank will probably require one or more of the investors to have a substantial amount of liquid assets in their personal balance statement at the time of closing. More often than not this would be the general partner. Sometimes one or more of the other investors would have these additional assets. When that happens it's often the case that those investors will receive an extra percentage of the deal over and above their direct investment.

Hi Carl. Welcome to this BP forum. I'm in San Antonio, I've been a contractor for about 45 years and I'm just starting to put together a marketing campaign to find wholesale properties in the area.

Welcome to BP Eduardo. I'm in San Antonio. I've been a contractor for 45 years and I'm RE investor. Let me know if I can help you out.

Welcome to investing in San Antonio RE investing Chad. Let me know if you need anything.

There can be two types of soft spots in wood floor system. 

Floor Sheathing:

The sheathing (plywood or OSB (oriented strand board) or the structural floor support system, the wood joists. Is the soft areas are in the plywood or OSB sheathing it's probably because it's been getting wet. You will typically find this problem in your wet areas (kitchens, baths and water heater areas). You can just cut out that plywood or OSB (make sure the saw blade depth-of-cut is only slightly more than the thickness of the floor sheathing, usually 3/4 of an inch or a little more) in that area and replace it. If it is under a framed wall you may have to remove and replace that wall too (be careful to make sure it's not a structural support wall before removing). After you cut out the soft of deteriorated floor sheathing you will be able to see if the water damage has also deteriorated the structural floor joists. 

Structural Flooring System (floor joist)

The only other type of soft flooring is a problem with the structural floor joist system. There are only really three real possible causes of this. The joist got wet and have deteriorated (see discussion above regarding the floor sheathing), something VERY heavy fell and broke a joist (unlikely) or the floor joist system is not sitting on the piers correctly. If any of these have things have happened the joist system can be fixed in that area by replacing the affected individual joists (or splicing or sistering another joist onto the damaged one). Or resolving any problems at the joist/pier junctions. These floor joist repairs can get to be an involved carpentry job. 

If you're sure foundation is good and your framing is all where you need it to be then typically plumbing and HVAC would be next because plumbing drain lines and HVAC ductwork need to be run in a certain manner (and as straight as possible before anything gets in the way) so you want to get those done 1st. Then plumbing supply lines. Then electrical wiring. Then all your rough in inspections, then drywall and texture, then doors and cabinets. Then hard flooring. Then wood trim. Then paint. Then electrical and plumbing finishes. Then paint & carpet.

You may want to start attending some of the local real estate investor group events Chris. That would be a great starting place.

Brett. You or the seller could offer to pay a San Antonio Realtor to run comps for the property for you. And his renter might be willing to take photos or a smart phone video of some of the critical ares of the house kitchen, baths, floors, and the exterior (all sides) and maybe even the neighbors houses. The condition of the adjacent homes can often have a big effect on your exit strategy, especially selling the property. For example, maybe the neighbor has several dogs in his backyard that bark incessantly at anyone in the backyard of your property, making the backyard almost impossible to enjoy. Or a back yard full of junk, and a high wood fence is needed. These are things it would be good to know but difficult to get a grip on if you can't see the home yourself.