All Forum Posts by: Enrique Villarreal

Hey Spencer

Welcome to the forums, I also recently started and have my first house under contract, expecting to close by the end of April.  Good luck on your journey, there are a lot of good resources on this website.

Enrique

Hello everyone, this is a question for those in Texas and used a HELOCK to acquire the property. How did you capture the use of your HELOC in the TREC form, is this considered "Cash" or "Third Party Financing". If it's considered Third Party Financing, none of the options seem to apply to a HELOC.

Appreciate your help!

Enrique

While I'm not sure ceiling fans could justify a price increase in rent, living in South Texas, I can confirm it's almost a necessity.  We've lived in homes where the back of the house is a wall of windows facing West, and in the 100 degF late summer afternoons as the sun sets, you'll melt inside with out good air movement.  In South Texas, I think this is something tenants look for, good luck!

@Cassie Villela

Are you hosting these events virtually or somewhere around town?

Enrique V

@Stone Saathoff Congratulations on your first project!

Fantastic! Congratulations!

@Mike Jernigan

Thanks for your thoughts on this approach, I completely agree with you, if I'm adding no value to the opportunity, it wouldn't make sense to pursue. And honestly this was my thought once I learned this seller already had his home on the MLS.

However what is having me reconsider is the advice from this and other threads that suggest if I am able to work with the seller to come to a price that is agreeable for the seller, myself and a potential investor, then there would be value I pursuing. Would you agree? I very may end up walking away, and if that’s the case, I’m okay with this too.

Enrique V.

Thanks for the encouragement and advice!  I agree with everything you guys mentioned, so I'll keep the walk-through appointment.  

My initial expectation was to find a property and setup a contract with the seller, but when I learned of the MLS listing it was a little curveball I wasn't anticipating. In this scenario, since the property is already on the MLS, I would need a real estate agent (or utilize the listing agent) to place an offer on the property. If I choose the keep property as an investment, it's pretty much done at this point, but if I decide to wholesale, my only option is to purchase and then resale to an REI? Would I be able to sale my interest in the contract if the contract doesn't prohibit this?

Thanks for your help with the rookie questions!

Enrique V.

I've been reaching out directly to potential sellers in San Antonio and I've finally had a decent conversation with a gentlemen who has invited me to look at this property. I've been targeting my direct mail receipts with the expectation to wholesale their property and during my conversation with this particular gentlemen, he mentioned his current property manager is also a realtor and has recently listed his property on the MLS at full value. During our conversation he admitted that his property has quite a bit of work required, he had it quoted a few years ago at $55k (roof, foundation repair, sprinkler repair, paint int / ext. & siding repair were the biggest and this may be a low estimate when I hear foundation) and the best offer he's received was a seller financed option at 80% of ARV, but he wasn't interested in this, he wanted the money to move on and he doesn't expect a full market value.

So this bring me to my question, since this property is on the MLS already, is there any point in pursuing this opportunity as a wholesale, even if he doesn't expect to get full value?  If I feel I I can get his agreement to a 60% of ARV all cash, would a double close be an option as a wholesale?  Even if this is an option, is this a feasible strategy in the San Antonio market?  I'm curious to hear if anyone has input on this scenario, I'd hate to be wasting the seller time by walking the property.

Thanks!

Enrique V.

Hey Fellow BP'ers

Has anyone ever explored various methods to incentive a direct mail recipient to respond to your mailing?  I understand not all direct mail recipients are going to be capable and motivated sellers for a wholesaler, however, if I'm going to spend the money to reach out, I'd like to increase the likelihood of my marketing dollars to return back to me through opportunities.  I'm thinking about offering a "finder's fee" to any direct mail recipient that refers me to someone they know, and if that referral turns into an executed deal.  

Has anyone in BP tried this with any amount of success?

EV