All Forum Posts by: Lucy Balyan

Hi, welcome; do you know of an attorney in San Antonio for Joint Venture contracts? or My rights as an investor who has paid $34K for SFR and rehab estimate of $35K per contractor/project manager;

This contractor is pretty well known in San Antonio as he is an investor himself has done 100 deals in 6 years. I got the deed to the property on 4/18/16; Rehab work sort of started with removal of trash and raising the foundation a few inches.  After this, I was told they found rotted piers and beams which will cost another $4K.

It's been raining alot in San Antonio so it has caused major delays in replacing the rotted piers/beams with new ones. Soil is wet.

I have sent rehabber $25K in 2 separate times (4 weeks apart); I told him he already has $25K so he has plenty of money to do more than 50% of the rehab and that I will pay the rest of the $10K plus the $4k 'SUPRISE' after rehab is completed. I had asked him to send me receipts and he replied saying he will provide documentation AFTER the work is done. Sorry but it doesn't work this way. I know that had I used HML, the lenders would never pay for rehab work up front and he would need to submit receipts in order to get paid. The fact that he is asking me for another $4K to pay for the suprise foundation issue after I already gave him $25K is bothering me and also because he claims that due to weather conditions (rain), there is nothing he can do, work will be delayed until rain stops.

I currently don't have a contract for the rehab work but his website, www.texascashflow.com clearly states he is a full service provider of real estate services (selling, rehabbing, etc). I did check him out (realtor license is in good standing/active, have an office address, talked to him on the phone, & 2 references out of 7 I got). I am having another foundation repair company come out to give me free estimate.  I live in CA but can't afford to invest in CA. Any help would be greatly appreciated as to what I should do?

Texas has both multi & single family. Tennant laws are good too.

Hi, start with Texas, specifically San Antonio. For $200k, you can buy 2 properties in decent nice neighborhoods, pay $70 to $90k each, plus light rehab then rent for 10% or flip for 15%.

I bought my first flip in San Antonio. Florida, Atlanta, tenessee are also good rental markets for affordable homes under $90k. 

I went to Than Merrills introductory session the 2 hour one in east bay, I think it's called Fortune Builders or something; It was good but I didn't sign up for the weekend course; When I asked the saleslady is $250 weekend seminar good enough to get started to invest, she said it's good enough for your first investment but there is a mastery program, I declined and didn't go for the $250 weekend course.  Now I am hearing $35 to $40K, that's alot of money; You can buy a home in San Antonio or out of CA state for that money and fix it up and sell it. There are lots of Joint Venture programs out there; Dani Beit with Simply do it and John Majalca with www.texascashflow.com; just do your homework in getting investor references (not the people who work for them like lenders or title companies), check them out if they say they are realtors (check license), google their name, phone and emails (make sure they are not scam reports about them. Best is to meet them in person.

oh btw, the groundfloor loans are first position loans!

Rick Pozos, you are funny my man! Yes watch out for those who can't spell and with bad grammer. so easy to tell these people from the rest. I have had 3 people on CIX advertise themselves as private lenders with 5% and some up front cost like $250 up; If you have money to invest as a private lender and want to make 12 to 18% in 1 year, go to groundfloor.com; You can invest from $100 to $10K. Loans are from experienced investors reviewed by SEC and Groundfloor. How do I know, it says so and when you apply for a loan, they tell you the process; It takes 3 weeks to get funded but not everyone can get funded.

yes true here in the east bay area as well. Trust & building relationships is huge deal. I attend a few RE meetings & I learned a lot from people's experiences & you can share ups & downs, ask questions, participate in local deals either lending money only or JV or equity deals. It's the best. I have learned so much so fast. I did buy books & tape but only spent $49 for both. The tapes from coach Dave were good. Book was free, gift from Sean terry & I win the other. BP has great resources too. Also cix.com

Thanks to all of you for feedback.

I will be going to San Antonio to visit property very soon. I know it looks very rough on the inside & out. I would be scared too as a first flipper but my realtors in CA showed me same type of homes in CA & said some buyers didn't see it as a problem. Anyway, they raised the foundation & found some rotted piers/bears. 

The JV is with wholesaler, rehabber, John majalca with www.texascashflow.com in san antonio. License #606924 located 904 Arbor place, #1, San Antonio. I bought it for $34k with $35k rehab estimate. 

Hi, thanks for your response; I know San Antonio is much cheaper than CA for labor and parts; He did give me an estimate up front in detail; Anyway he has $25K so far to use for all the work. He reported about $5000 for HVAC (Heating, Ventilation and AC); Doesn't San Antonio get above 100 degrees? 

Hi all, I have photos of my first flip, where to post them? The rehabbers found more issues with foundation as they tried to raise it up a little but now they found rotted beams (1920 abandoned home). They said some of the beams under the home & supporting pillars need to be replaced. it will cost more. The foundation engineer is coming out tomorrow to see what can be done to fix it & cost. Oh man, I wasn't expecting this. I was given an estimate of repairs for $35 to $40k for total rehab. it needs roof & everything else like hvac, bring plumbing & electrical up to code, kitchen cabinets, appliances, floors, paint, etc. Any suggestions? I have the estimated rehab details if someone wants to look at it. I do watch flip shows & I know things can come up. I am praying it's not going to cost alot more.