All Forum Posts by: Johnny Chang

Hi BP'ers!

Let's get together and talk about my favorite subject, Real Estate! If you're a newbie or experienced investor.. come meet up over some drinks and others with a similar passion. It will be a great, non-selling environment to connect with people in similar stages of their REI careers. Let's hear about deals, share techniques, and maybe become biz partners!

Questions? Just message me!

West Plano, Texas 3/2 SFR under contract with closing 9/14.

$185k CASH purchase. $30k rehab needed. $250k ARV. Rents for $1850/month. Title open.

https://www.biggerpockets.com/calculators/shared/137889/0a0846f3-36d4-4ced-9199-fec6441ffa91

Will assign for $10k CASH FIRM.

It will be on MLS in May.

Hello, i'd appreciate your suggestions as to whether this is a deal or not. Please let me know what I am missing.

A widow of 2 years has been 6 months late on her Bank of America mortgage. I have an assignment contract with her on the 3/2 1695 ft home in Grand prairie, TX valued at ARV $130k. The house was build in 1969. I've offered to pay off the $28k remaining loan. In exchange for me taking title to the home, I'll be giving her a $27k cash cushion to pay off bills. After 30 days she will be paying me $650 rent for 10 months. Then at this time she expects to take an early retirement and lump sum pension of $200k. This will enable her to buyback the house from me. She does have three step sons who have signed an Affidavit of Heirship. She has told me they are willing to release their claim on their 50% stake of home for $1.5k each.

• My Purchase price: $55k
• Rental income 10 months x $650/month = $6.5k
• 2015 Taxes $2,254
• Insurance :$1,500
• I sell back to her for $66.5k
• Profit: $18k
• Net Profit: $14k

Is this a good deal or too risky? Will the title company search for all liens/claims? What am i missing? Is this legal? Should I structure as a secured promissory note instead?

I appreciate your input!

When you live in Providence it feels like you are stepping out of a Norman Rockwell painting and into Cape Cod! This well loved and cared for home is loaded with extras, including tile floors in all wet areas, granite, backsplash, stainless steel sink, black appliances, recessed lighting, ceiling fans. Enjoy the spacious view from the balcony upstairs or focus on your work in the downstairs study with french doors. Spacious master suite has separate vanities, tub, separate shower and walk in closet. Community amenities include waterpark, fishing ponds, tennis, 2 pools, basketball, skate parks, and so much more! 9000 Cape Cod Blvd. Home for Sale $235k!

@Tim Ball if you haven't sold it yet, i'm interested and will take a look at your numbers.

Off market deal for 1 week only!  Beautiful corner lot home in the family-friendly resort style community of Providence. This home is loaded with extras, including tile floors in all wet areas, granite, backsplash, stainless steel sink, black appliances, recessed lighting, ceiling fans, and walk in pantry. Gorgeous study with French doors. Fantastic family room! Spacious master suite has separate vanities, tub and separate shower. Community amenities include waterpark, lakes, parks, and so much more! Call/text Johnny at 972.251.0899 for showing today!

Hello BP! I'd appreciate your suggestions on moving forward to make this a win/win. Here's the facts:

1. Widow in Texas with three grown kids living out of state. She is 5 months behind on her mortgage. House is valued at $130k. She has a $26k mortgage balance. She wants to retire in March 2018 and move to another city.

2. Three grown kids - for whatever reasons they are unable to sign paperwork releasing their interest to the home so she can sell to me.

3. Is it possible to assume her mortgage and have 50% share of the home? Since the kids are not residents of the home can I just find a tenant and make it a rental? I'd think this isn't legal or sound if the future tenants had an accident..who would be at fault?

I'd appreciate your thoughts.

Thanks in advance!

Pocket Listing and priced below comps! Not yet on MLS. Do not disturb occupants. Contact Johnny for showing.

This corner home is in the wonderful family-friendly resort style community of Providence. Loaded with extras, this gem has tile floors in all wet areas, granite countertops, backsplash, stainless steel sinks, black appliances, recessed lighting, ceiling fans, walk in pantry, and study with French doors. Fantastic family room! Spacious master suite has separate vanities, tub and separate shower. Community amenities include waterpark, lakes, parks, and so much more!

thanks Christopher. I'm sending this 12 page addendum to my lawyer and title company to review as I made a commitment to fight for my buyers!