All Forum Posts by: Chris Sukala

Looking for a good insurance agent, property management, contractor in or near Granbury Tx. Possibly looking at a SFR down there. Is Any help would be appreciated.

@Greg H. @Ned Carey I appreciate the information. We have done local auctions and we did the leg work so this is no different then. 

Some reason I thought both or one of these guys; Hubzu or Auction.com cleared title if needed. 

Thank you for the info. 

Has anyone bought an auctioned property off of Hubzu?

If so do they search for liens and back taxes or do you have to do your own research?

What was the experience like?

Thank you in advance

@Chris Sukala and of course I fat fingered the submit before proof reading. No edit button

I almost bought an auctioned property with emotion but stopped myself. I ran the numbers for both a flip and a rental property through the BP Calculators the night before. We were really excited about this house and  wanted it. This house is in a B+-A neighborhood, it would have appreciated quite well. However being an auction couldn’t get in.

The bid Started at 81k and rapidly moving up. I jumped in at 90, where some started dropping out but we stopped at 100,500 and It sold for 101k. I had the money to go up to110k. However per numbers in the calculator I would have had to pay around 90k for a rental at 1375 a month cash flowing 10 bucks. If we did go up higher we knew we would have a tenant ready to move in for 4 years but that’s the highest she could go. She is very OCD so I knew she would have kept it nice. Good new is she will move into another home of ours for same rent that we at one time contemplating selling.

We thought of flipping it for around 165k also, if this was the case, I would have had to buy for around 95 and possibly profit 40k. Sure I could have decide to profit less but 40 is what we were eyeing.  Both scenario was putting about 10-15k into it. Comps are anywhere from 140-180

My gut wasn’t feeling it so We stopped chasing it. Maybe we were foolish we will never know.

Sorry if there are no paragraphs. Sometimes the mobile app bunches everything together.

@Josh Hasty I would assume you will need structural lumber not your typical pine. If you have to get into the microlams triple your price at least. My opinion I am not a structural engineer.

They are basically the ones who authorize your loan, running your numbers, debt to income ratio, to make sure you can pay for the loan. 

Now that being said if you want to cash out after 6 months and get your money make you will need to see a loan officer and they present your data to a underwriter to again verify your have adequate income to handle the payments. 

@Dominique Mickles if it’s a cash offer no need to deal with any underwriter. We recently purchased a duplex through and auction site. They could care less where the money came from as long as 25% was there at time of bid and the rest wired to them within 24 hours. Now we did go use a private lender and when I deposited the money in my account they did ask what it was for.

Do believe it’s part of the “Patriot Act”

@Meg K. Most guys charge a service charge just to show up. I would not even bat an eye at that. However the drywall this is an art. If this is done well. Good prices.

@Chris Michael my wife and I were just talking about Tarpon Springs area. We have 2 projects up here we are finishing once we get these done maybe we can come down and see what you have.