All Forum Posts by: Hector Perez

Hello BP,

I am currently compiling a flyer and a credibility kit to raise funds for my real estate investments.

Just need some feedback for what kind of information do you suggest to include in the Flyer (one page handout) that I can give to potential lenders at the local REI meeting.

I look in BP website, but I was not able to find the information I am looking for.

Your comments are gladly appreciated

The lawn has not been mowed in a year, so its hard to see the house from the street. To see pictures of the house when bought originally from owner see MLS #2751514.(Click Here)

3 bedroom, 2 bath (See property current condition pictures below)

Click on address to see location 12921 26th 1/2 St, Santa Fe, Tx 77510

Town North of Galveston and South of Houston, Texas

Built in 1970

1,116 Sq. Feet

Sale Price = $37K

Comps

MLS # 30853749 DOM 3- SP $132,900

MLS # 89718266 DOM 54 - SP $126,500

MLS # 4579674 DOM 19 - SP $137,000

MLS # 43009519 DOM 10 - SP $167,000

Estimated repairs = $50K
What repairs are needed: plumbing, electrical, sheetrock, bathroom, kitchen, ceiling, flooring. roof, A/C, heater. Full Gut Rehab, what did you expect =) but full potential

Click here to see over 50 pictures: The Good, the Bad and the Ugly


House is vacant. For more info call or text 281-215-3373 - Sarah Perez

*NOTE: Information is not guaranteed and investors should do their own research, get professional advice and conduct due diligence prior to investing

**Want this deal but unsure how to handle this project by yourself, or if you are looking for an expert to GC the project Call or Text Pat Risinger 713-962-5731 with Residential Rehab Consulting. He will take good care of you! Tell him Hector and Sarah Perez sent you

thanks for the feedback,

The liens are covered by seller but the cost of research, preparation of documents and preparing the deed is what attorney is charging. The title is clear now, but buyer wants the seller to pay those costs.

I will check with title company as we are using a standard texas contract

Good evening BP

We are about to close on a inherited house that title needed to be clean due to multiple heirs.

The cost was $3,000. The contract says buyer pays all closing costs.

Now buyers says a day before closing that seller is responsible for those costs and not him.

Buyer has a $2,000 non refundable deposit on the house

This is the first time that happens and need some suggestions

Just want to be prepared

Thanks for all the replies, just a quick update.

After reviewing the different alternatives, the buyer decided to do a temporary lease, for a week while owner moves out their belongings. Also, landlord will keep a $5,000 of the funding at closing as a deposit and release it to the tenant/seller once they move out. Also, part of the lease, the tenant releases the landlord of any damages occur during that period

The best alternative was to move the closing date, but there where may deadlines that need to be extended and signatures to obtain that it was not worth it. This deal took 3 months to close, title issues, liens, judgements, multiple owners (inheritance), etc.

Once again thanks for the suggestions and feedback.

it really helped me solve the problem and now we are closing tomorrow.

I still would like to know more of details what happened with the judgement and how old it really was. The creditor says it was from 1979, but I will leave it alone.

We are wholesaling this baby, after 3 months of fixing title issues and getting all the problems out of the way.

Thanks again BP for your awesome feedback

Hello BP,

I am closing a house in two days from now and got a call yesterday from the owner who needs extra time after closing to move, he requested a week, then a month.

What do you recommend? The buyer ask me for a recomendation, but need some advise first from BP.

The challenge that I have if the buyer creates a temporary rental agreement is that the house is in really bad shape, without running water becasue pipes has been broken since two years ago. The owner is living in the house and is using a neighbors hose for water.

This house needs a full gut rehab

Thanks for the feedback provided.

Just a quick update. we called the company who holds the judgment and we came to an agreement to settle for $2,000, I think it was a bit higher than we thought.. We got the paperwork and we are closing on the house in a few days.

Just wondering, I know the laws by state are different , but when called the creditor , we found out that the credit dates back to 1979, for some money the desease owner owed to Sears. The judgement was issue in 2011. and I was just wondering can this valid today after a long time, just in case I encounter the same issue in a future transaction.

@Account Closed

thank you for the feedback. Just a questions following up your comments

1) when I negotiate down the price, should I pay the judgement off before closing or I can it wait at closing of the house and title will transfer the funds?

Hello BP,

I have a property in Houston that I have under contract for $8,000 and its on escrow. Title company mentioned there is a judgement on it for $9,5000.

So I am just wondering if there are some recommendations on How do I negotiate or eliminate the judgement?

The judgement on the house dated back in 2011, The owner past away last year, and her daughter is selling the house. the original judment was for $5,000 but has been acruing interest over the years.

Title company gave me the record of the judgement, but it does not say what its about.

I appreciate your help