All Forum Posts by: Jose Garza

Once again thank you all for your advise! Just as an update on my first purchase, I signed the agreement yesterday and I will give the deposit tomorrow. I plan on hiring an inspector to do a thorough inspection. A couple of things that I have to do are hire an electrician to pull a permit and connect the power because the meter was removed. Also, the gas meter was removed/ diconnected in 2007 for some reason and I have to hire a plumber to pull a permit aswell to connect. I am not allowed to connect the water but can do a pressure test. After I connect both, then I will hire an inspector. This home was a foreclosure so I guess that's why it has all these issues. I hope my cost to do this is but too expensive!

I would to ask for advise. I am new to this. I'm actually in the process of buying my first rental property to rehad and rent. Aside from that, My boss at my current 8-5 job and I have discussed partnering up in flipping some houses. He would not have any time to invest in the acquisition, mangement, etc. but he has the capital to buy a property. I don't know where to start in regards of legal paperwork, whos name the property will be in, etc. Is there a resource that would help me in all this? It would be a 50/50 split. He asked me to bring him deal and he would decide yes or no. I would like to be as prepared as possible when I do find a good deal. The cool thing is that I would be able to do this during work hours, as long as I take care of my responsibilites of coarse. Any advise would be greatly appreciated. This would be in the houston area.

Jose

Thanks to everyone for the comments and advise! The expertise from this site is incredible. I really hope I can be successful in this business, as I get more and more educated in it. I do plan on walking away if the numbers don't add up, but so far its look good. It's decent rentable property for the price Im getting it for. Its cheaper than some car notes!

@ Michael- The home was built in 1960 and is a block and beam. It definitely needs to be leveled. I am borrowing from a relative at 4% interest, so I will be paying as cash. I will call the realtor tomorrow find out what inspections we are doing. He mentioned over the phone today that we were going to go line by line to make sure there are no hidden costs on fixing it up.

Hello Brandon, thanks for the response. The real estate agent told me we were going to have a full inspection before we close to make sure there are no hidden costs. I know it needs work but I got it cheap enough where I can invest 10-12k. I offered 29K and its appraised at 54k. Its 1360 sq. ft. and the rental properties are going for $850/month. The major issued are: It needs leveling (block and beam) It looks like it pretty easy to level, and the beams underneath look pretty good, no termite damage. It need a A/C-Heating system, as the old tenants removed the central ac. Then, Carpet, retexture walls, paint and repaint cabinets. I want to keep it long term and rent it, so I want to make the necessary expenses to make it rentable. The architect in me wants to make it look good but I need to think of it as a rental property. I hope It goes well...

Hello everybody, My name is Jose and I am new to this site. I live in Houston, Texas and have decided to diversify my investments into real estate. A littlebit about myself. I am 32 yrs old, married and have two kids. I am architect who has over 7 years experience in the high end residential and commercial. I have parted from Architecture for the time being and with my current work, I have some time to look into real estate. I am fluent in spanish, both oral and written, which give me a good negotiating advantage with the subcontractors in my state. I have always been intererested in real estate and finally decided to jump in. I just received word that the bank accepted my offer for an older home. I am excited but nervouse at the same time. I have never closed on a home before and I wanted to ask what are the things that I need to look out for before I sign? I asked my real estate agent if we were going to have an final inspection before I sign and he said yes. I guess I am a little nervouse of something that may be wrong on the house that I don't already know. Is there anything else you guys recommend that I need to look out for?

Thank You!

Jose