All Forum Posts by: Paul Zofsak

Hello all, I am getting ready to rehab a condo unit and have been on a 5 year hiatus since my last BRRR venture. I used to use a Sears outlet locally that offered a discount to the investment group I belonged to; Sears is no more and I am no longer part of the group I was before. Other than the big box stores can anyone recommend a good place to buy appliances?

To clarify, the appliances would be for a rental unit, I don't want to rent appliances.

I ran into the same issue when I applied for a HELOC. I had to explain to the underwriter that they couldn't take into consideration my total debt from my investments as they did have positive cash flow; even at 75% of rents. Once the looked at my investment debt service on a monthly basis, offset by rental income, instead of as a whole, like my primary residence, I had a greatly reduced DTIR. I was also then approved for much more than I was originally seeking. I don't think I should have had to explain to the underwriter how to calculate this properly, but I guess not everyone has come across such scenarios. Give it a shot, never hurts to ask.

Finally getting back into real estate after taking a few years off. I've lost contact with all my previous contractors and need to find investor friendly contractors to work with on rental rehabs. If things continue to plan I should be ready to start work sometime in the first quarter of next year; maybe sooner. Please reach out with contact information and any questions you might have for me so we can get the ball rolling. I plan on working in the Southwest to North side of Houston as far out as hwy 99. Homes will likely have an ARV of less than $250K; and may do condos or duplex, triplexes if the deal is right.

I must get at least a dozen calls/texts a day from wholesalers or investors that have gotten my number through skip tracing.   Is there anything that can be done about this?  I can only tell so many people a day to politely piss off.

Originally posted by @James Wise:

Ohh man, ya'll really prefer a 2/1 SFR to a 3/1 SFR? Gonna have to disagree on that one. Additional bedroom really increases the rental rates.

I suppose it really depends on the market.  Here in Houston the demand is for 3br/2 bath 1500sqft homes with 2 car garage.  They are very common so that is the expectation a lot of people have.

I have always provided stove/oven, built in microwave/hood exhaust, and dishwasher.   I was mentored this way since washing machines and dryers can be easily abused big ticket items and if a tenant moves out leaving a fridge full of food; same thing.  Its almost impossible to get the smell and the mold out of it.

So the property will be deeded back to my father in the next few weeks. After weighing all the options I feel it will be best to sell the property to an investor. The property does need some work and technically has a tenant even though it appears they are no longer living there. I don't have any connections in the area other than my real estate attorney; she is looking into some possibilities on her end but I wanted to reach out to the BP community and see what results I could get. What would be the best way to connect with investors in the area of Clarksburg West Virgina on Bigger Pockets? Another possibility I see is having property management companies offer it to their clients; or take it on themselves. Either way this is an investment property and does need rehab; I don't want to go the MLS route or pay 6% commissions to boot.

Any help pointing me in the right direction is greatly appreciated.

I would prefer to skip the 6% sales commission for listing on the MLS and this is an investor property anyway.

He did not get it back at the auction, doesn't work like that. He would have to either find a buyer or buy it back himself; that's how the contract was structured.

So I finally found an attorney in the area if my dads place. She listed the property for sale by auction on the courthouse steps; no one showed up. Now I need to either find an investor/wholesaler that is interested in the property or buy it back. I don't really want to buy it back being so far away and not having the resources to manage it from here. How could I reach out to investors in the community to gauge interest?

Hi All, My father has a house in downtown Clarksburg that we are about to possibly "buy back" as the buyer on the seller financed loan he sold to has defaulted.  The house went up for sale at auction on the county courthouse steps today; however no one showed up to the sale our real estate lawyer posted in the local paper.  I should preface anything else by stating that we are in Texas and are doing everything remotely.  At this point we have several options that I know of; we can relist the house at auction (condition of the original contract with buyer), buy the house back, or buy the house back and sell the contract to a wholesaler/investor.  I really don't have the funds to put any type of rehab into the property and would prefer to just sell the contract if possible.   So, in the end I am trying to gauge the market in Clarksburg at the moment and see what some locals have to say on the situation.