All Forum Posts by: Quentin Johnson

I'm building a contractor list and it'll be good to know who you good people recommend. 

Anything from foundation to cabinet makers would be great. 

..aaaand, GO!

 I definitely appreciate your input!!!

I'm not sure of the percentage but the HOA is covering just shy of $50k bc the fire started in another unit. Drywall and exterior are already completed.

Are lenders limited just for the fact that it’s a condo? 

The seller is financing the gap. "- The $75,000 spread is the owners equity that is proposed to be amortized over 2 years. $3100 mo" What I was trying to say is that the owner will finance it for two years. 

Not sure if it's warrantable or if tenants are allowed. Actually the only option in my mind is to sell but I don't see any room if the seller is attempting to pull all of the equity when I acquire for him. 

I was approached about getting in on a deal for a condo in Dallas County. The condo had an electrical fire about a year ago and the owner has been making mortgage payments and rent at their new place during that time. They just want to be done with the property but the rehab isn't complete. The condo association has funds for the owner to complete the rehab and the owner has to option to request draws or take the money and control the rehab themselves. 

The problem I'm trying to solve for is coming up with a few offers that the owner can choose from.  

Here are the numbers: 

- 2 bed/3 bath townhome

- $155,000 left on mortgage with $1200/mo payments. 

- $500 HOA fee monthly

- $230,000 Sell price

- The $75,000 spread is the owners equity that is proposed to be amortized over 2 years. $3100 mo

- Assumable VA loan.

- Market rents: $1900-$2100

- Sell Comps: $230,000

Situation: 

I don't have the cash to service the debt while repairs are being done. 

Owners pitch: Owner carries the note until rehab is done. Uses HOA rehab funds. I'm responsible for paying mortgage until he completes rehab. Then I assume loan, and find renters or move in.

Problem: 

Equity payments make it not worth the hassle. No equity left in the deal. No room to save for reserves. 

I have a couple of ideas on how to approach the seller but I want to get your juices flowing and see what other creative ideas ya'll can come up with. 

What's going on REI fam?

I'm hanging my businesses hat on residential development and I'd like to attend meetups to meet like minded people. Is there anyone here that knows of meetups in DFW that I haven't found?(because i've found none) Are there any like minded people here that would like to connect? Is there anyone here in DFW that needs an assistant project manager that will allow me to add value while sharpening my skills? Feel free to reach out. 

Hey everyone, I'm looking for insurance company recommendations in Texas. Who do ya'll use?

That would be amazing @Steven Wesolowski. Nice to meet you. 

I'm seeking partnerships in North Texas. I'm not flush with funds so I'm offering up my time as a Project Manager/General Contractor. If you have the funds but no time reach out and lets get to know each other. 

I was hoping to save them through subto but it’s not going to be a fit. However, I’ll keep my eye on the foreclosure list. I appreciate you.