All Forum Posts by: Tim Shin

Easy flip inside 610 near Lawndale/Wayside of the Greater East End! http://www.hotdealoftheweek.com/470636

This house is 1768 sq ft and is currently a 3 bedroom, 1.5 bathroom home with all bedrooms upstairs. Easily converted to a 4 bedroom 2.5 bathroom home with a master suite downstairs as part of an approximately $50k rehab. There is an approximately 15.5 ft x 11.5 ft of unused space to accommodate the master suite with master bath. Easy access for easy plumbling work due to pier and beam foundation (no tunneling needed) and there is a clean out just a few feet away from where the master bathroom is being proposed to be put.

The house is in very good shape inside with original hard wood floors throughout except wet areas. Foundation looks level. Kitchen has plywood cabinets with granite counters. One could choose to keep them and refinish or replace them. Here is a link to the pics:

https://www.dropbox.com/sh/gt16gwgaqvwvskm/AABX5IqU6s45zusBzdlxPCbJa?dl=0

Rehab would include:

1. Partial to full siding replacement)
2. Garage door replacement
3. Window replacement (optional; most of them work fine)
4. Roof replacement (23-25 squares)
5. Add master suite in dead space
6. Basic TLC (Kitchen remodel, paint inside, refinish wood floors, exisitng bathroom remodel)

Comparable sales are:

1. 6616 Fairfield (1646 sq ft; $343,500): $208.69 per sq ft

2. 1803 Pasadena St (1700 sq ft; $355,000): $208.82 per sq ft
On the next street as subject

3. 1745 Idylwood (1687 sq ft; $$359,000):$ 212.80 per sq ft

4. 6635 Lindy (1745 sq ft; $386,900): $221.59 per sq ft

Average price per sq ft: $215.23

Please note that all comps are 3 bedroom and 2 bathroom. Subject would be a 4 bedroom 2.5 bathroom home after remodeling. Applying an adjustment of $7,000 for extra bedroom and $3,000 for extra half bathroom:

After repair value (ARV) = 215.23 (price per square feet) x 1768 + 7000 + 3000 = ~ $390,500

Cyber Monday price: $210,000
Remodeling budget: $50,000
ARV = $390,500
Deposit: $5000 (non refundable)

Please email [email protected] for showings

 Anywhere I can really. But I mainly focus outside of 610 in the Spring Klein area for picking up rentals. Wholesale is whatever I can get my hands on. 

@Nick Childs congrats and welcome, let us know if you need anything and I hope to see you around at meetings!

@Brendan Flores I had a bad experience with an out of state lender when I tried the 203k strategy. I nearly worked with a Houston guy off of 290 and 610 but got sketched out by the application fee they tried to charge. But, if you want their contact info... PM me.

Keep in mind, you'll need at least 60 days to close to get this 203k loan to go through and right now in Houston permitting is taking at least a month or more. Unless my info is out of date @Michael Boyd

@Thomas Day welcome to the community! Let us know if you need anything and hope to see you at a networking event! You should check out @Charles Nguyen's Real Deal event and also JetLending's event.

I know when I'm looking at potential investments in Houston, one of the first things I do is look at the property taxes to see if it makes any sense at all as a buy and hold! So having the seller fight for low taxes would be great. 

@Anthony P.?

@Manny Raimondo I recommend actually going with one stop shop guys like Bang It or Fast Track Remodeling. They can do all that for a reasonable price and you don't have to manage the GC. 

Hi @Account Closed, no I won't be going. Try checking out the JetLending one you can find on their website which will be tomorrow night. Will be huge and a lot of great people will be there.