Possible Deal in Texas

4 Replies

So, I am new but consistently trying to find deals. I joined a group in the Permian Basin, and they throw properties every so often. 

Last week I got an email for a home and here are the numbers.

Sale Price $115k

1564 Sq ft 3 bed 2.5 bath

Built in 2003

MidCad Assessed Value- $162,570

Zestimate- $215,599

Rent Estimate: $2400 (rent prices in Midland are high)

House down the street sold for $199k

Needs minor roof repair,  siding repair or replace stucco, new floors,  new doors,  replace windows,  deck repairs,  minor electrical repairs,  HVAC repair or replacement, Re-do Master bedroom,  water heater repair, new appliances

Buyer pays closing. bring best offer

I want to get into buy and hold, and this looks promising especially with Midland prices. Also, I am in high enough level position in an energy company to know things are happening. 

Thoughts?

@Tony Whitaker

The repair estimate could easily exceed $30-40K.  I would not recommend this type of project for a first timer.  You just dont know what you dont know

Moving forward some of the metrics you used are worthless. Zillow in Texas is worth about zero. Texas is a non disclosure state. The tax value is the same. Only true current comps from the MLS should be relied on

512-293-3885
Originally posted by @Greg H.:

@Tony Whitaker

The repair estimate could easily exceed $30-40K.  I would not recommend this type of project for a first timer.  You just dont know what you dont know

Moving forward some of the metrics you used are worthless. Zillow in Texas is worth about zero. Texas is a non disclosure state. The tax value is the same. Only true current comps from the MLS should be relied on

Copied verbatim from the investment group. I know sh**.

Updated 6 months ago

I just re-read this post. It comes off a little rude, I was meaning I don't know anything, lol. Apologies

Have you thought of going on this deal with another member of the group(possibly someone who has done a flip).

If your intentions are to buy, fix and rent out; maybe you can agree to buy out the other person at the end of the fixing process.

Basit Siddiqi, CPA
917-280-8544

Basit Siddiqi

I have but I have been to one meeting and I want to learn who is trustworthy, just as they would with me.

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