All Forum Posts by: Account Closed

Looking for a reasonably priced survey company in North Austin/Round Rock area. Also, is there a way to find out if a company has already done the survey for a property and can share that with you for a lesser price? 

Thanks

Thank you all for the tips and responses. My issue is not that I am paying over market. My lender estimates have only gone up by $50-$100, it's negligible. I just feel in this day and age, why do we need a stupid survey? Why is an appraiser required when one can easily verify the prices on county website, Redfin and Zillow. They are pretty accurate. Appraisers barely spend 2-3 hrs on a job, plug it into a PDF and make $600! No one pays me $200/hr. Same for survey. If a survey lasts for ever, why don't I get it for free when I buy the property. It's possible survey companies have already done the survey on the property and they just charge me to send it to me. Why do I have to buy title insurance again when I refinance at a lower rate? Why can't it be transferred to the new lender, nothing else has changed, I am the same, property and its history is the same. I think it's a lot to do with federal and state regulations. I wish our state and federal processes would evolve as quickly as technology has.

I am a local investor in Austin area and implement the BRRR strategy. I use conventional brokers in the area to find a cashout refinance option. I am really tired of spending thousands of dollars on appraisals, surveys and title policies (that protect lender only). Not to mention hundreds of dollars in miscelllaneous fees - attorney, recording, tax, credit cert. The brokers always "estimate" fees in good faith, and they never turn out to be lesser actually. I also see so many title endorsements ordered on the policy. When I challenge any of the fees, I get bounced around between broker, lender, title company, survey, or appraisal company. I also spend about 6-8 weeks for each refinance and provide tons of documentation. Is there any better option out there for quick cashout refinance or line of credit based on my portfolio?

Thanks for responding Rick, but I am not complaining about free estimates or 1 quote. 

These are average rates I have learned, from several quotes over the phone, after sending job pictures. I agree they deserve a fair wage and they should also charge for giving estimates. Also, this is not 1 quote/person, I am seeing these prices all across the market after getting several estimates.  

My questions are: 

Why/How is a handyman rate @$90/hour? 

How & Why is HVAC @$325/hr? 

How & why is pressure washing going at $100/hr? 

Why is replacing a water heater $600 for like 2 hrs of work? Why are plumbers charging $300+/hr? No offence, but I know doctors, PhDs, Engineers who dont make that kind of money. I just cannot fathom this using common sense. 

Is this just an Austin phenomenon due to less service providers and more people moving in or is this the same story in Houston & Dallas too? 

I have also tried to use the same providers over time, once they have the customer's trust, I have seen them quote lot higher prices (especially HVAC & plumbing). When I cross compare trusted provider prices over thumbtack, I get lot lower quotes. 

Re: networking with local investors, that is what I am trying to do with this post and get some advice on whether I am doing something wrong. 

Hi,

I am a local investor in Suburban Austin area. I usually do make ready (paint, carpet, fence, toilets, fixtures etc.) on an acquisition before renting out.

I intend to offend no one by this post. I am sure there are some reasons behind these prices. However, I am appalled by some of the prices/estimates I have been receiving.

People are charging:

$200/ hr fence work

$90-100/ HR handyman (fixture install, toilet repair)

$300+ - pressure wash driveway

I was just charged $1300 for a 3-4 hr HVAC installation only. So that's like $325/hr.

$200+/hr plumbing (water heater replacement)

These are quotes from Craigslist & thumbtack - I am not even talking highly professional companies. Not even immediate service. No one is interested in free estimates, repairing or diagnosing: they just want to replace stuff. I dont get it, gas prices are also low.

What I'd like to know is are the prices just as high in Houston, Dallas and San Antonio markets? Is this something that is Austin specific? I've gotten work done for lot cheaper few (3-4)years ago.

Any good contacts / companies people use for make ready here?

Thanks in advance 

Thanks Boyd. Where can I find the law? Perhaps in simple language? 

Hello,

I am planning on bidding on a few properties at my county's (Texas) trustee auction this week. I usually do a basic title search on my own and am familiar with junior liens (e.g. HOA lien) that get wiped out as the senior most loan gets auctioned/sold.

However, some property owners have a huge Federal lien, child support lien, HUD second lien (loan for remodel or extensions) or an abstract of judgement against them. For the purpose of this discussion, lets assume all succeed the senior lien (which is sold here) on the property in time.

Would those liens be something I would inherit or have to pay off/settle when I acquire the property? I have trouble understanding exempt vs non-exempt property when it comes to the judgement abstracts, child support & federal liens. 

Usually these auctions just have a substitute trustee deed filed with county cleark. No Closing is needed. Even If I hire a title company and do a closing, would these abstract amounts be deducted from the original owner's payout or come out of my pocket? 

Thanks in advance. 

Makes sense. I may not sell or refinance for few months. I own the property all clear, so Can I ask the Title company to do a closing? In that case will they sell me an OTP? I am worried I have not protected myself against any claim from previous owners. 

Fellow BiggerPockets investors,

I recently purchased a SFR in a trustee sale in Texas. The transaction went through fine and I received the substitute trustee deed. I am trying to purchase a Owner's title policy to protect myself, but no Title company is willing to sell me one.

They have  not even done a title search (which I had done myself before buying and there were no defects), but simply refusing to sell an OTP unless I have a bona fide contract to sell the property. Why is this? How can I protect myself? 

Any recommendations on Title companies that would insure foreclosure properties? 

Thanks in advance.