All Forum Posts by: Collin Corrington

Investment Info:

Single-family residence fix & flip investment in Seguin.

Purchase price: $50,000
Cash invested: $90,000
Sale price: $160,000

This was without a doubt my biggest rehab ever. When I purchased the house there was nothing but external walls. Took this thing a long way and had a really hard time with the city. They got me in their sites and made my life miserable. But we got through it and made a small profit.

What made you interested in investing in this type of deal?

I really like the town of Seguin, and needed a project.

How did you find this deal and how did you negotiate it?

A good friend of mine was ill and didn't want to take on this project so I took it off his plate.

How did you finance this deal?

We went back and forth on the price and he finally owner financed it to me with 0% interest so he could get it off his books. I paid cash for all the repairs.

How did you add value to the deal?

TOTAL rehab. New subfloors to new roof. All new everything.

What was the outcome?

Came out beautiful. Sold it before it hit the market.

Lessons learned? Challenges?

The city of Seguin can be rough with permits and inspections. Really need to play very, very, strict on the rules.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just me on this one.

Here's today's question. =) This is in Texas for any specific legal stuff.

Found a house with an out of state owner (IL). He bought the house and let family members move in while he lived in Texas. He was relocated to IL and allowed his family to stay (by the way the "tenants" are illegal aliens, owner is not). This was right at 10 years ago.

He allowed them to stay and only ask that they pay the mortgage directly. About a year ago he refinanced and they stopped making payments. For 1 year he's been covering the mortgage and is fed up. He sent them a 30 day notice to vacate. They lawyered up.

They lawyer is citing since they were paying the mortgage directly and have made "improvements" (a very bad unpermitted garage conversion and carport) that they have claim to the property. However, there is no written lease in place.

My thought is, buy the house from him. Then, just file a good old fashioned eviction.

Is there anything that I'm missing? I don't think the lawyer has a leg to stand on but I'd hate to get into a drawn out battle and just eat up time.

Thank you in advance for any insight on the matter.

Here's today's question. =)  This is in Texas for any specific legal stuff.

Found a house with an out of state owner (IL).  He bought the house and let family members move in while he lived in Texas.  He was relocated to IL and allowed his family to stay (by the way the "tenants" are illegal aliens, owner is not).  This was right at 10 years ago.  

He allowed them to stay and only ask that they pay the mortgage directly.  About a year ago he refinanced and they stopped making payments.  For 1 year he's been covering the mortgage and is fed up.  He sent them a 30 day notice to vacate.  They lawyered up.  

They lawyer is citing since they were paying the mortgage directly and have made "improvements" (a very bad unpermitted garage conversion and carport) that they have claim to the property. However, there is no written lease in place. 

My thought is, buy the house from him.  Then, just file a good old fashioned eviction.  

Is there anything that I'm missing? I don't think the lawyer has a leg to stand on but I'd hate to get into a drawn out battle and just eat up time. 

Thank you in advance for any insight on the matter. 

Softball tryouts for my girls. Sorry. 

It's in my calendar!  I should be there!

Check your email =) 

Give me a call down here in SA.  We've got a bunch!

We have been at this for about a year now and our incoming leads are non existent. We started like most, pulling lists from city and county websites, skip tracing and then throwing them into an auto dialer and called them.. we had an internal guy doing the calls then brought in a VA. We had scripts, when they didnt work we would change them. When that didn't work we would change them again. We would reach out to gurus online and other local more successful wholesalers doing the same thing and still we got nowhere. We called foreclosures, tax delinquency, absentee owners, code violations... and still NOTHING!

Mailers were the next logical option. We sent out thousands of letters. We also sent hundreds of postcards. We have tried various versions of the same letter. And the responses we get are usually telling us where we can stick "things". Again, no sales. 

We've done Facebook ads, Google ads, Carrot Websites, still nothing.

We switched over texting and have had more leads come in but very few willing to set appointments and none closed.  We have even expanded to other areas of town and even other surrounding cities and even then nothing.  The handful deals we have done have been inbound leads.  But my inbound leads have been coming from my personal network, not our marketing efforts. 

I know one thought is going to be me.  I don't want to sound arrogant but I've been in sales for 15 years and done quite well.  I may not be the best at wholesale sales but I can't be terrible.  

What are we doing wrong? Where can we get better? What more is needed?  I'm coachable so I'd love any feedback. 

@Trampas Tanklage DM me so we can meet up for lunch sometime. 

@Rory Coyle.  Yes, SA is a great place to invest!

I'm mainly focusing on flipping right now to increase my cash on hand.  I have a feeling there will be a ton of deals once this foreclosure moratorium is lifted.