All Forum Posts by: Raina Wells

I have a deal in Dallas, Tx 75220 zipcode in the Berkshire subdivision coming up off market only.  The owners have an unusual wish list so bare with me.  

The home needs work and the owners are elderly and on a fixed income. They would like for someone to repair the home, roof needs repair, foundation , kitchen redone, make the bathroom accessible for them to use and a few other items. Depending on how elaborate the cost can easily get 50,000 to 75,000. I have not seen the inside of the house yet so the rehab cost range is broad and what they gave me. The ARV is in the area of 235,000 and up but the home can be torn down and a new one build for 550,000 and up depending on the size of the home etc.

The owners would like to live out the rest of their life out in the home and willing to pay taxes and insurance.  They feel that they cannot afford to live anywhere else.

I know what you guys are going to tell me and I told them to get a Reverse Mortgage but for some reason they do not want to do that.  Not sure why. So here I am.

Now I am posting this for several reasons.

1. To get advice:  If someone has done a transaction like this… What are the do's and donts

2. If you are interested in a deal like this send me your terms.

I feel this deal is perfect for a developer or an experienced investor.  I informed them that I would shop around to get them some feed back.  Thank you in advance for you advice.

Well I think I got it…  

The reason there is a problem rents in Dallas are crazy so ROI is very good in most cases. Right now I do not want to be a landlord and I started this to fix/flip only. Wholesaling kind of fell into my lap.

Im going to flip what does not wholesale.

I do not want to be a house hoarder….. LOL

The reason I am asking this question is... I come across a lot House Hoarders. People that own a bunch of property but not doing absolutely nothing with it.  You call ask if they want to sell they say no and it's been vacant for two years.  The response is usually the same… either a family member is suppose to move into it or they have plans to remodel it.

Very good Ella I think that sums it up…

I have a few deals coming up and both of them fit in the fix and flip, fix and rent (HOLD) or Wholesale. category.  Just wondering how do you guys decide what to keep and what to wholesale and why.

I know there is no telling what is around the next phone call…  

Looking to start Buyers List for this Property.

Serious Inquiries Only

Please Contact Raina Wells To View Property and Full Address

[email protected]

972-333-3851

THERE IS A TENANT ON THIS PROPERTY DO NOT DISTURB

Do Your Due Diligence Before Signing Contract

Buyer to verify all information

THERE IS A TENANT ON THIS PROPERTY DO NOT DISTURB

Serious Inquiries Only

No photos of the inside yet

PROPERTY ADDRESS

Nicholson

Dallas, Tx 75224

(Wynnewood Subdivision)

Dallas County

Within Walking Distance of Wynnewood Village Shopping Center (Across the street)

Property Details

2 Bedroom/1 Bath

990 Sqft

Huge Lot: 10,404 sqft

Blt 1946

Foundation: Slab

Price - $89,000

Estimated rent repairs - $ TBD

Estimated Market Rent - $ 950.00

Estimated Repairs - $ TBD

Estimated ARV - $ 140,000

Repair Needs Retail: TBD

Repair Needs Rental : TBD

Requirements:

Cash or hard money only

$5,000 Non-refundable deposit

Buyer pays all closing costs

Property to be sold AS-IS

CLOSE : ASAP

Thank you guys for the ideas.  The vacant house has the same address on the Tax Rolls so that rarely works.  I have heard of findtheseller.com but have never used it.

@Ibrahim Hughes  In texas you do not have to worry about a house being in foreclose for 5 years it only takes a few months.  Even if the home is in foreclosure process as long as they sell the house before the foreclosure date there should not be any issues.  The Title Company I use will find out the rest of the issues (liens, Title Issues etc) It is possible the owner has lost the property and it is not posted anywhere yet but usually that Tax records (mostly) in Texas they are pretty good about recording the deed as well.

just the address of the vacant house and the name of the owner maybe a few past addresses

Any suggestions on how to find the owner of a vacant house.  I mail and google and check the tax records, door knock etc but does anyone recommend a site that can give accurate information.

I do not mind paying but just want a good site.  I know I will not find everyone.