All Forum Posts by: Mason English

Hi @Conrad Metzenberg

I’m an agent here in San Antonio. I would be more than happy to help!

Hi Brian!

I’m an agent here in San Antonio. I would be more than happy to connect with you, as  well as help you find the home you’re looking for.   

@Chris Sullens Great Job! Keep up the good work!

How did you go about with financing the project?...Hard Money? Cash? Line of Credit?

Hey Guys,

I'm sending off my first batch of postcards today and I'm really nervous/excited hoping I get some calls to get my first deal done!

What type of contracts do you use to structure the deals? I have some downloaded, but just want to get confirmation to make sure I have all the right things ready to go.

What particular clauses to you put into the contract?  How much time do you give yourself to find the buyer?

How do you usually get to see the inside of the property if I'm targeting absantee owners out of state?

Anything else I'm missing, or anything you guys recommend when working with out of state absantee owners I would greatly appreciate!

I'm really anxious to get my first deal done to calm my nerves.

Thanks in advance!

Ryan Detig Thanks for the info. That's a good idea about just renting it "as is" for now then eventually do the rehab if I wish. The only issue with owner financing is the home is my grandmas. She is 85 yrs old, and I'm sure she would most likely want all the money she can get for it at once, rather than monthly payments. I plan to come down and meet with her soon to discuss everything and see what she wants to do. Also, thanks for the recommendations, and I think it would be good to get you/your GC in to take a look for me. Thank you!

Family member is wanting to sell her house next month in Nederland, TX. (Small town) She knows I want to get my first rental property this year, so she is giving me first option to purchase. 

Built- 1950's...3 bed/1 1/2 bath/ 2 car garage...1432 sqft

Realtor.com Estimate $130,000 (But that doesn't factor the rehab needed)

She kept the house in decent shape, but I also haven't seen the house in a few years. From what I remember, it could use some updating in the more important areas considering its like 60 yrs old. 

Rehab Needed:

Both Bathrooms should be updated. Completely I think

Maybe kitchen? (Counter tops most likely) I think the rest was fine. 

Possible foundation issue (Which I know can be expensive) Uncle said he saw some cracks in the walls he was concerned about. Won't know more information until we get inspector out there..

A house a few blocks down is also a 3/1.5/2 and is asking $1,350 for rent. Based on the pics it could also use a bathroom remodel and some cosmetic stuff. 

ARV would be around $130-135K range i believe..

$$- I have a good amount of savings ready to go, and I also have a LOC of $15K i can use.

Based on the information..

What do you think would be the best route for financing this deal? 

and..

What would you most likely pay for the property to make this a good deal for you?

I appreciate any advice given. 

Hey guys! I'm about to do my first direct mail campaign soon, once I finally get my postcards together. I will be targeting absentee owners. What scripts do you use to ask questions to motivated sellers? Would you recommend having a system in place to answer the calls for me? Or try everything myself first to really understand what works/what doesn't? Any advice is greatly appreciated!

Bowman Fawcett That will help a lot, thanks for the advice! I'm still trying to get in touch with realtors in the area to be able to access the comps. Do you have anyone you recommend?

@Robert E Bogino Realtor.com says the estimate is $1325. Using that number, the deal shows it can work (if purchasing at $80K like I hope she agrees to). I will definitely look into the other sites as well. Thanks for the advice! 

@Robert E Bogino Not at the moment. I'm in the process of finding a real estate agent in the area to work with. From other sources, I think I could get between $1300-$1375.