All Forum Posts by: Account Closed

Tim-

im in TX now but grew up in SD. you guys will have a great time and mission beach will be a lot of fun. the water will definitely be cool though, so if you plan on going in, you will want to rent them some full wetsuits. they can boogie board in mission beach, or if they want to surf, head up to Tourmaline ST. it is a couple of miles (2-3) north of mission beach and will be a blast and they can rent longboards (the surf in tourmaline is ideal for a beginner). mission beach has the roller coaster and there is a park in Mission beach with games, etc.. you could rent a sailboat on the bay, which woud be awesome. also, do yourself a favor and go up to Torrey Pines and watch the hangliders jump off the cliff. very cool and of course the view is 2nd to none. catch a padre game, too. you can ride the trolley down there and stop in Old Town and have lunch/dinner and check out some of the historic sites. hope you have a great time!

jeff

Robert,

Very interested to hear what decision you arrive at, and if you go forward with it, the progress of the rehab. Please post back as you are able as this sounds like a very interesting job tat many can benefit from. Best of luck to you.

Jeff

i recently went through this and it is a pretty good program.
5% down, No M.I., and 3% to cover closing. the fees are fairly high, as Shenequa mentioned. My biggest complaint is that you have to deal with B of A and the people they have doing the underwriting do a poor job at best. also, it took quite a while to complete, about 80 days on one of them. still, it was worth it.

Jeff

Great thread. Really appreciate the opinions shared by all!

in the past i would try to get back a big refund, but it really stemmed from a lack of discipline on my part. now i try to get just a little bit back, maybe a couple of hundred dollars.

my guess is that the people that like the big refund would probably just spend it if they didn't have it withheld. i agree with nc mark in that many people (including myself at times) would benefit from money management and budgeting.

Great feedback - thanks again, Will for sharing the experience and the great Q&A

jeff

Thank you for the post and video, Will. The place looks great! Can I ask a couple of questions?
- Looks like you PI loans are straight interest? You do not pay points up front, correct?

- Do you get any kind of insurance on the place and if so, is that included in these figures?

- If I can ask, what is a target return that you expect on a typical project? This looks like 50k profit on 100k invested in 3 months. annualized at 200% or similar? Just curious what is a realistic target for the newer rehabbers out there (understanding that the experience, experienced teams and low interest loans come with time and demonstrated success)?

Thanks very much

jeff

Hi Cecelia,

I attended my first one in January and found it by just googling Real Estate Auction. They held it downtown at the Radisson Hotel and they worked through all of the Austin properties in 45 minutes, or less. I felt like it was a good experience. There is no cost to attend at all. There was probably about 150 people there. Just be sure to read the guidelines beforehand as if you are planning on buying anything, you will need to prequal and be able to provide cashier's check for the down payment, etc..

good luck.

jeff

That is a tough one, Max. I think that you have to go with your gut. True that maybe the landord's name is not on the county recorders info (maybe a owner financed deal or similar), but if that were the case, I think they would know to tell you that as a possible reason, right? Also, for what it is worth, I used the tenant screening tool that is here on BP and it does a full screening, criminal history, credit check, past residence addresses,etc. for only $25. I have my renters pay for the screening and it is very thorough. Might help out in the future.

good luck

jeff

Grat story that you've shared, Bryan. Glad that it worked out well for your client and paints a picture of things to be aware of and hidden challenges that may show up. Always appreciate your posts and lessons learned.