All Forum Posts by: Jacob Forbis

Unfortunately, @Mayes White I never ended up getting the house I wanted to use the 203k loan - they rejected my offer. I bought a different house with a traditional loan...sorry I can't be of more help!

I’m evaluating an off market duplex. As a rental, the numbers are a little tight:

Price: 210k(haven’t negotiated yet but after first conversation I think she wouldn’t go much lower).

ARV: 230k

2/2 on both sides

No major repairs

Rents : 1k each side currently. Market rents probably support about 12 or 1300 per side

Property is in Texas so property taxes are high. 

Definitely not a home run once you factor in maintenance, vacancy, etc. 

However, the interesting thing is the house next door, which is a single family, sold for 365k. It is smaller, and was a 3/3. So I was curious...

How difficult would it be to convert to a large single family? With that price spread, I am thinking it could work as a flip. 

Has anyone tried this before? Is it even worth considering?

Haha, good memory @Seth Teel!

My wife and I moved to San Marcos a few years ago and at the time I was hoping to find a duplex to house hack in. Unfortunately, we never found anything that met my wife's standards - haha. We ended up just renting and only lived there for about 8-9 months while my wife finished up her masters.

As fast as San Marcos has been growing, I imagine it would be hard to find a good deal...but if you do you will be set as I think the whole I35 corridor still has a lot of growth left! Good luck @Cody R.!

Thanks @Rick Pozos This is the information that I thought I had heard at one point but couldn't remember. This is what I was thinking I would do.

@Daria B. I am not sure to be hones. My understanding was if I could close on it with cash before foreclosure, the bank would stop the process...is this not the case?

The house is in San Antonio, TX if that makes a difference.

Got a phone call from a direct mail piece about a property in foreclosure. Apparently the sale date for the foreclosure is set for Feb 7 and there is a lien from the HOA on the property for 3k.

I estimate the property to be worth about 195k, and she owes 151k.

I need help evaluating what to do. There isn't as much equity as I would like...but there is some. Would it make sense for me to try to wholesale this property and my buyer would pay off the lien?

If there isn't enough equity to make a deal, is there anything else I can do to help the seller? She doesn't particularly want to sell the house, but she isn't able to come up with the 3k for the HOA lien.

Hey @Richard Pierre When mailing to code violations, do you mail to just vacant houses, or other violations as well?

Thanks @Rick Pozos for the response. I have an email sent out to see if the cost of the list is per name...if not, I suppose it wouldn't hurt to just get all the violations would it?

And I will switch it to a year as well. Thanks!

I have been working on getting the code compliance list from San Antonio to start a mailing campaign. The people from the city are asking me what date range I want, and they also sent a list of about 150 different violation codes and want me to select the ones I want pulled.

Has anyone done this before? Any suggestions?

My first though would be to pull violations from the last 3 months, but I am not sure.

Any advice would be greatly appreciated!

Thanks @Tim Macy, @Jason Hirko and @Charlie Fitzgerald! I'll be reaching out via email for more details regarding rates and fees!