All Forum Posts by: Account Closed

I have a property in Katy Texas that I acquired through long term seller financing. I have a few exit strategies in mind, but thinking about selling it as a turnkey rental.

Does anyone have suggestions on how to properly price a turnkey property vs a standard resell?

I have purchased residential properties at foreclosure auctions and 1) you have to have cash in hand which no standard institution will do and 2) finding a good deal is far more work than people say. If you are set on going this route: my suggestion is to go to the auction and start getting some names of the big buyers, then ask them if they want to wholesale you a home for a finders fee.

Morning,

Has anyone had success with local coaches/ coaching programs? I'm strongly considering getting a coach for accountability and bouncing ideas, but don't want to be calling into a Utah based call center.

Thoughts and suggestions?

I'm also investing the San Marcos/ Buda/ Kyle area. Let me know if you have any questions or need to get pointed in the right direction.

I run a similar campaign here in Austin but get 2-3 calls a week. You should hear something but plan on doing a 6-month campaign before adjusting the strategy since most of your contacts will come after the 5th attempt.

The comps are solid and the numbers work: It is in Arrears and the repayment plus penalties are about 7k which is what I would pay plus a 3k bonus for the current tenants to move out. I'm not sure if I would be able to recover my capital though as I have not done a loan with being the second lien, so I have decided to keep from making the loan.

When I step back from the situation it seems to be too risky for my first attempt into hard money lending.

I met with a seller through a pre-foreclosure marketing campaign and have been presented with the following. Using the house as security, the sellers wants a Balloon, 10k loan with 4 points up front and 12% interest for a 6 month term. The house is a second property under his mothers name, and not a homestead. It currently has a mortgage balance of 135k and property is worth roughly 175k.

However, after meeting with him I KNOW he will be hard pressed to pay back this loan and I get the strong feeling he will refuse to leave voluntarily. (He said, "listen, I make $21 a hour. I can pay $12,000 back easily by working overtime.")

So, even if I get his mother to agree to the terms, would you make the loan KNOWING that it would be difficult to repay will not be able to repay? Even with expected attorney and eviction fees the numbers work for me.

Thoughts?

Go to networking events and talk with people. There are plenty of opportunities to learn from established professionals by doing marketing with/for them.  Suggest helping with doing drive bys, setting out bandit signs, and door knocking. If you can bring them leads they will open up on how they do their systems.

Standard real estate referral commission here in Austin is 25%. On top of that, I usually give a $10 gift card and thank you note for all leads even if it doesn't close. A genuine thank you or doing something that shows you care about the relationship will do more for your business than cash alone.

Hi Nick, I'm looking for bird dogs and am an investor in Austin. Send me a Direct Message and I'll let you know what I'm looking for in a property.