All Forum Posts by: Stone Saathoff

@Brigitte McAuliff

I'm hesitant to recommend any contractors these days because it seems like many people are great one month and then taking advantage of someone the next.

With that being said, I've personally had a great experience working with Jason Bishop for electrical work.

@Michael Kinsella Yes. Private, individual lenders.

@Sarah R Pullen Did you call the listing agent(s)?

@Jamie Elise I currently invest in San Antonio only.

What types of rates are typical for private lenders in Central TX at this time?

I've been paying 2 points origination, and 10% interest (plus 895 doc fee) on every flip I complete with my hard money lender, which isn't terrible, and he's super easy to work with, but trying to optimize my business as best as I can and I know private money has to be the next step for funding.

I know of some friends who are getting 10% interest, no origination, AND all interest paid on the back end closing, which seems insanely good. But I understand there has to be a reputation and longer track record built up to get to that point. (I've flipped 3 houses at the time of writing, all went well, no late payments)

So the question is, what are other investors seeing as far as rates are concerned? I feel something like 1 point origination and 10% interest would be fair. 1st lien position secured with deed of trust, max loan amount of 75% of ARV.

Does anyone have a Virtual Assistant recommendation to help out with computer tasks on direct to seller marketing?

Looking for someone to handle the basics like pulling lists, cleaning up data, so I can spend more of my time working leads.

The deal:

This was a 3/2 in great condition near Lackland AFB, one of my favorite neighborhoods. Originally talked to the seller on the phone and put the house under contract sight unseen due to it being tenant occupied. As soon as we got access I brought in a licensed inspector to prepare a full inspection report as I typically do on properties I close on myself. I lined up my private lender, got the inspection report back, and title finished all of their underwriting in a week (this seller needed a very quick closing). We got the tenants out the day before closing and changed the locks.

The rehab: I only spent just over 3K rehabbing this property. We did some minor drywall repair and texture matching, repainted a room, touched up some paint and wood stain outside, and built some new custom cabinet drawers. The previous owner actually replaced all the major components and fully renovated the house 2 years prior, which made our job easy. After that just a thorough deep clean / make ready.

The numbers:

Purchase - 117K

Rehab - 3K

Retail sale price - 169K cash with a 2 week closing

Total time from acquisition to sale: 2 months

I worked with a private lender on this who I paid 10% interest while his money was in the deal. He made approx 2,000 for the 2 month period his funds were deployed, and now we're getting ready to close on another to do it again!

I currently have a 14 unit package deal in San Antonio, TX under contract.

Purchase price is starting at 699,000 (highest and best offers due Monday 1/25, we have access to the properties on Saturday 1/23)

This is a CASH or HARD MONEY deal, no conventional financing on the purchase. You certainly can close with hard money and immediately start a conventional re finance.

All units are fully occupied bringing in a total of 10,900 per month

No repairs needed, selling far below market value

Please contact me on my cell phone for further info. (call or text is OK)

(713) 305-7995

I don't know of any companies that do it for other people but I do know of several independent investors or those with their own companies that have rent-by-the-room properties.

Off market historic 70% flip deal available now. 

Wedged between Lavaca and King William. Selling at BCAD assessed value for the land alone (this is a single family full rehab).

Numbers are

175K purchase price

150K rehab bid (turn key from reputable local contractor, includes full renovation, landscaping, appliances, permits, and full project management)

460K ARV with extremely strong comps on hand. Avg 25 days on market.

Property is considered historic but contractor mentioned above will handle all of permitting process. 

Est time of completion given was 4-5 months.

Feel free to reach out here on BP or call/text me if interested for fastest response. My cell phone number is 713-305-7995