All Forum Posts by: Douglas Anderson

Ill make this quick and bullet pointed. I purchased a side of a duplexin 09 that was a great investment property except for one little problem. The previous owners hid extensive foundation instability, (patched up drywal cracks, put in new tile ect) which i found but had no recourse because the guy who sold it to me was in prison for tax evasion. The plumbing on both sides and foundation on each side need fixing. here are the facts

-I purchased one side of duplex
-elderly couple purchased other half
-i paid 10k for foundation repairs
-they could'nt afford to pay for repairs
-I redid entire house inside cosmetics to update and renovate.
-my side worth 92, theirs worth 102 (if they had no foundation, sewer or cosmetic problems.
-both sides need roof.
-his property value with subtractions for repair 102-13(foundation)-10(sewer)-10 cosmetic updates -5(roof)-64k
-he owes 92k

I approached him with an offer of 92k. I said that the VBA in texas would allow me to purchase your side of the house in order to allow me to take out a secondary loan to fix both sides of the house. This would give me the ability to solidify the foundation permanently for the entire property. My offer was precisely what he owed on the house 92k but he rejected it! he said he wanted to get 10k out of the house so he could purchase another place. What now? is there any way you would present this to the neighbor?

awesome! thank you kind sir :D

I decided to go ahead and get my RE license out here in san antonio and im looking for some good software for lead creation and marketing. My goal is to bird dog and wholesale as well so tracking leads and their outcomes would be my focus. Thanks!

Wow thanks for the info y'all. I looked at the trailers and they definitely were not going to be long term living situations. Based on your advice I'm going to stay away from this. Guess I'm going to go the bird dog route :)

So I'm about to get my feet we in real estate whether I like it or not... And I think I'm going to like it! But first let's analyze this deal. I found a seller of older FEMA trailers that is asking 3400 per if I buy 5 or more. The trailers are in pretty good shape and look to retail at about 10k. So here's the question. I live in San Antonio and I have no clue what to do with them once I buy them, do I sell them outright? Do I place them in a park and attempt to rent them out? What are my costs associated with setting them up? Any help is much appreciated :D

Hey there everyone, I'm sitting here after making my first few steps into a whole new world.
I moved to San antonio as a soldier stationed at BAMC (a military medical center) and was fortunate to get a government job thereafter. I could be happy with where I am and live the rest of my days being more likely to die than be fired but I'm 24! I don't have a family and I hunger to be using my brain for more than a laboratory. it started after I purchased my first home (with the home buyer credit) and realized the excitement the process gave me. Bam, it hit me, real estate was the excitement I was looking for. A good friend of mine flips and rents out in buffalo NY and helped me along in remodeling my kitchen. This project and his own personal stories of success have convinced me to sell my BMW, motorcycle, my big screen tv various toys, and picked up a second job to get some capital together. I have a hunger the size of an elephant but no plan! This web site is giving me some awesome advice but i need to "pull the trigger" some time, I just don't know when!