All Forum Posts by: Phillip Lanier

Hey @Rick Pozos!  We've been meaning to make it to your meeting again.  It's been crazy busy.  

Gabe, connect with Rick; I love reading his posts, he always has practical information.  

So we flipped our Sabinal house and did really well.  Being in a small town, you are able to brand yourself fast.  We are currently in contract with a house in Uvalde in a really good area.  There's a lot of challenges we had to overcome, but it's worth it because it's a killer deal.  I have an appointment to look at another house next week.  Potentially, it can be another killer deal.  I have to say, we must have looked at over 100 houses in the last 3 months and I'm sure I passed up some good deals, but I'm sticking to my criteria.  As I gain experience, I will broaden my criteria.

Like everyone says on the podcasts, take action.

Hi Gabe,

We're in Uvalde, which is 40 minutes east of you.  Looks like we have similar goals.  

When my wife and I were first looking for houses to invest in, we had the same idea; go to SA because it's a bigger market and the market is on fire there.  We spent hours and gas driving and looking at houses.  We got beat out by seasoned investors.  So I decided to shift strategies and gain my experience locally in my much smaller market.  What I found is it's much easier for us, because we realized how much we had to visit the house as newbies, due to contractors, etc.  Also, I know the local market better.  I'm also a full time employee for the government so that was another factor. 

Del Rio is twice the size as Uvalde.  You may be able to find some gems.  Don't under estimate the power of driving for dollars.  It really works.

If you ever make your way east, look me up.

@Joshua D.

Wow!  Thank you for sharing.  

I wonder if it's a big enough niche.

Just curious to see if you were able to buy the property.  There is a house in a neighborhood I like that I recently found out the the husband just got arrested and will be locked away for a long time.  How would one approach this?

@Joshua D

I know this is an old post, but was curious, were you ever able to buy that house?

I found out that a the husband for a house in a neighborhood I like went to prison and will be locked away for a long time.  I know the wife will not be able to afford it and will probably move.  

I'm wondering how to approach this.

I have to agree with @Derrick E., I am also in a small market with little growth.  But, there are still opportunities.  My area is farming and hunting.  There are a handful of investors.  The good thing is, you can easily brand yourself and become the authority in that area. 

I think it's fine as long as those lien issues arent killing your numbers and there are no weird clouds on the title that may be a challenge to clear up.  worse case scenario, you go with the hard money if she refuses to owner finance.

Considering the circumstances, I would say your strategy of holding raw land and then building is the way to go.  Also, the risk would be lower if for some reason the market takes a turn in that area and appreciation doesn't happen or happens at a slower rate than predicted.  This way, you're only out for the cost of a lot and not a fully remodeled house.

I'm currently buying a property that is in contract for deed.  The buyers are living in the house and have not made a payment in over year.  The seller lives out of state and is tired of dealing with them.  I talked to an attorney and he said the contract is a landmine and the courts will favor the homestead buyers.  So I discussed with the attorney a strategy in which he gave sound advice.  I approached the buyers and let them know I was taking the sellers position and they will be dealing with me (the seller told me she never wants to deal with them again and asked if I can handle everything during the transaction).  I told them according to the contract, he is in default and needs to cure the contract with in 15 days or I will be legally enforcing the contract.  Then I offered an alternative.  If he wants to sign a release of contract, I will forgive his debt if he vacated the property within 30 days.  On top of that, I will pay him $1,000 after he leaves pending an inspection to insure he does not damage the house.  He agreed.  Currently, I'm waiting for the attorney to draft the release.  Fingers crossed, things can go any direction at this point.

I learned a lot about contract for deeds after talking to the attorney.  Those things do not favor the seller at all.  

 Ha!  I guess I should have looked at your profile before posting.  😂.

What are your rates?