All Forum Posts by: Stone Saathoff

In this case I think the move would definitely be to re-finish the existing hardwood.

That is definitely not a deal in my opinion. Unless it's an extremely nice area and you're in love with the property I would pass.

This can be tricky and will depend on the situation.

If you're seeing shifting happen at a quick pace you will likely want to get it leveled and stabilized immediately. Some foundation companies charge a lot less just to stabilize the slab if you aren't having to lift it very much.

On the other hand if it's shifting very slowly, I would probably suggest waiting until your planned exit time (if you're planning on selling within the next decade or two), and level it completely with permits and have an engineers letter and warranty to pass on to your new buyer. Otherwise you may level it now and have to do it again when selling time comes.

Wow, to me I think it would take some serious courage to invest in rural Montana remotely. Props to you and glad it's working out well.

As others have mentioned, having the right team is everything. Starting with a realtor or PM and repairmen. Coming by in person to meet these folks would also have a great impact and likely keep you top of mind.

If I read your post correctly, it sounds like these properties you're finding are actually beating the 1% rule.

As others mentioned, it really is just a first initial check before you do a deep dive.

What issues are you having?

@David Mares

The timeline from our start was originally 7 weeks, but if we stay on track with that I would be listing the house right before Christmas, which is a horrible time to put something up for sale. Likely aiming to finish towards the end of December and list in January.

I would definitely hold it in the future, but due to me only having 1 year as an independent contractor and having lower wage W2 jobs in the past I can't properly qualify for conventional mortgages yet on my own. This one in particular would make a killer Airb&b.

Plus my business model on this is partnering with a GC to manage the rehab and get us deals on materials and labor, then we split the profits at the end. That works better for flipping.

My team recently dropped the price on an OFF MARKET house we have for sale in the southern part of the Lone Star district of San Antonio.

I personally like this pocket so much right now, that I'm flipping a house myself 3 streets North in the same subdivision.

Here are the numbers..

99K Purchase price

75K Rehab budget (950 sq ft full rehab)

ARV: I'm personally projecting 250K, we have comps that closed very recently to back that up.

If you'd like more info on the deal, please text me. It is available to view any time.

Cell: 713-305-7995

I would recommend the HELOC route. Better rates than if you were to use something like a hard money loan, and you can use it the same as cash, makes you very competitive in the marketplace.

I'm signing up with Ed Guerrero, Guerrero CPA this year.

Every real estate investor I know in San Antonio works with them, as well as both brokers on my team.

@John David

For fix & flips in your price range, this is currently what I would suggest in San Antonio.

Best neighborhoods: 

Ridgeview / Shearer Hills (prime north side subdivision seeing a ton of flipping action lately, low inventory and low days on market, also generally moderate rehabs)

Donaldson Terrace (affordable, desirable area, usually moderate or light rehabs, low days on market and low inventory)

Thunderbird Hills (Distressed houses sell around 100-110K, extremely rare to find a property for sale here. Very desirable area, if you find a deal here, jump on it.)

S Durango / Probandt (Extremely cheap houses, <100K purchase price in some cases, they are heavy rehabs however. This is by far the most affordable subdivision within the downtown SA loop.)

Worst neighborhoods (for flipping right now, my opinion):

Dignowity Hill (Way too many flips on the market, 30+ houses for sale at the time of writing this. More inventory than has sold in the last 6 months. Only top tier finishes seem to sell quickly right now, they are a bit overrun with investors.)

Valley Forge (A lot of improperly rehabbed comps putting a cap on ARV's, also a lot of investors overpaying in this subdivision this year)

Those are the main best and worst I could think of off the top of my head, let me know if you have any questions or further thoughts.