All Forum Posts by: Austin Suddreth

Hello, I’m looking into buying a property that’s older and doesn’t have central air or heat for rental. My realtor informed me you can’t get a conventional loan on properties without central installed already. Does anyone know if this is true or have any experience buying properties without central installed already? I’m located in Texas and the property im looking at already has renters in it as well.

Yea it’s really my moms and she doesn’t want to deal with renters really. She’s about to just sign it over to me and let me have at it and just split the profits. I recently looked up the tax assessment and it’s only listed as 12k. I know that’s not the true market value but we would definitely want a bigger return than that if we sold it. I would love a contractor connection if possible, at minimum to get a rough idea of repair costs for a flip.

Thanks for the reply Andrew, do you know if that Fannie Mae loan comes with any strict requirements such as if the house is habitable or using certain contractors etc.?

Brooke, I don’t own a primary residence as I rent. Do you know if it’s possible to do a HELOC on the inherited home since it’s owned free and clear?

It’s in ozona Texas. Closer to San Angelo

It’s about 5.5 hours away from me personally. However my parents live in the same small town it’s located in. I haven’t tried to convince my parents to sell it yet and you’re right it may be easier just to sell it as is for the rough 40k profit. However there aren’t many investors in the area or people that would be willing to buy a house in that shape. It couldn’t hurt to see what offers I for it I suppose. Thanks for the idea

Hello, My family has recently inherited a West Texas home from a relative who passed and it's currently sitting empty and I'm looking to get some advice on the best possible way to go about funding the deal. The house is in rough shape and it's in a rural Texas town. Its a 2 bed 2 Bath about 975 square feet. Right now I have the property worth estimated 35k-40k and a very very rough repair estimate of 20k. The house is right next to the new school in town that houses k-5th grades so I’m thinking it shouldn’t be a tough sell and would have an ARV of about 80k if it’s done right. I initially thought of renting it out but I think we would like to just get the cash out to pay off student loans or fund more deals. So, I’m having trouble deciding the best way to fund the rehab. I’ve thought of HELOCs, hard money, personal loans and even funding the rehab myself as I do have the cash on hand to finish it if iit’s in the 20k range. So my question is, how would you go about funding this rehab if you were in the same situation? This would be my first rehab and I plan on getting hands on with it in order to learn more about the process and to get better ideas about rehab costs and whatnot. Any advice is helpful!

Hello, My family has recently inherited a West Texas home from a relative who passed and it's currently sitting empty and I'm looking to get some advice on the best possible way to go about funding the deal. The house is in rough shape and it's in a rural Texas town. Its a 2 bed 2 Bath about 975 square feet. Right now I have the property worth estimated 35k-40k and a very very rough repair estimate of 20k. The house is right next to the new school in town that houses k-5th grades so I’m thinking it shouldn’t be a tough sell and would have an ARV of about 80k if it’s done right. I initially thought of renting it out but I think we would like to just get the cash out to pay off student loans or fund more deals. So, I’m having trouble deciding the best way to fund the rehab. I’ve thought of HELOCs, hard money, personal loans and even funding the rehab myself as I do have the cash on hand to finish it if it’s in the 20k range. So my question is, how would you go about funding this rehab if you were in the same situation? This would be my first rehab and I plan on getting hands on with it in order to learn more about the process and to get better ideas about rehab costs and whatnot. Any advice is appreciated!

I've got $590 as my monthly rental income right now. So with the 50 percent rule cash flow is at $113 if I take out 35k in the refinance, although I used 4.5% for my rate just as a guess

Hello, My family has recently inherited a West Texas home from a relative who passed and it's currently sitting empty and I'm looking to get some advice on doing a BRRRR on it (without the Buy). This is my first step into real estate so any advice or recommendations on my plan is appreciated. The house is in rough shape and it's in a rural Texas town. Its a 2 bed 2 Bath about 975 square feet. Right now I have a very very very rough repair estimate of 20k (which I expect to change) with an ARV of 65k. I'd like to receive some insight on the best way to gain access to cash through refinancing the house in order to purchase a multi family property as I don't have access to a huge amount of funds starting out. Current report shows it cash flowing $174 a month but like I said my numbers are very rough especially in the repair and insurance cost areas. I'll attach the report I generated if anyone would like to poke through them and point out any obvious flaws. Also if anyone has any experience or knows a referral for estimates on renovations in the San Angelo Texas area that would be great as well. Appreciate your time everyone! https://www.biggerpockets.com/brrrr-calc/435377