All Forum Posts by: Seth Teel

I have a shared office space at the Wong's Grocery building (S. Flores & Cevallos). Great space, cheapest I could find near downtown. If you want more info, message me.

I have also worked and had several meetings in the loft at Rosella Coffee (e. Jones st. & Avenue A)

@Kenneth Sesley

There is no way to base a repair estimate soley off the home's square footage.  I have purchased properties that where 1000sf and put $100K+ in renovations into them.  Alternatively, I have purchased 1000sf properties and put less than $5k into them.  A lot has to do with age of the property, location, after repaired value, type of work, etc.  There is no blanketed approach.  

@James Reynante 's comment about dollar amount per square foot is as close as you can get to a "rule of thumb." And I have found using that method pretty much only works when it comes to cosmetic repairs.  It simply doesn't apply to trade work (electric, plumbing, hvac, etc.). 

I believe in the Bigger Pockets tools and resources there is a pretty robust spreadsheet for estimated project rehab costs.  I would print that out and start adding numbers to line items at each of your deals.  Eventually you wont need it and you will be able to come up with more accurate repair numbers.  Even so, I still use a big old spreadsheet with tons of line items to create my renovation budgets.  I get as detailed as I can and then add 10% contingency.  Of course you don't need to do this for wholesale budgets, but it is important to understand all the costs (hard & soft costs) associated with the project.   This will help you sound like a "guru" when you cash buyers question your repair numbers.  

If you like shoot me an email and I will send you a budget I did for a project I am getting ready to start here in San Antonio. 

There aren't any.  Your best bet is to go to a Lifestyles Unlimited meet-up and talk to their vendor contractors.  At least those guys are vetted by Lifestyles and guaranteed to be licensed. After that it's all a crap-shoot.  I have said this before, but will repeat, Contractors are like bread, they have a shelf life, even the best ones that have served you well on many projects will eventually fizzle and let you down.  There seems to be a large disconnect between contractors/tradesmen and the ability to effectively conduct & run a business.  This is why you pay so much more for retail contractors. 

@Mauricio Salom - Ok got it.  There are definitely properties to be purchased in this price range that you can cash flow (primarily South, East, & West sides).   In this price range it is likely you will need to do some repairs before the property is rent ready.  Building your team is paramount.  Contractors seems to be my biggest issue, here.  Also, make sure you are working with an agent that know these areas, and having a property manager that is bi-lingual will be very helpful.  Feel free to contact me directly if you have any specific questions.  Good luck!

@Mauricio Salom With a start up budget of $65K how are you looking to finance these properties?  This will determine where to look, who to work with, property condition, acquisition price, and number of properties you can afford. 

Have you spoken with @Tim Macy?

@Karla Talancon  I have used Ed Guerrero for both formation and tax purposes.  He is a licensed CPA and former IRS auditor.  http://guerrerocpa.com/

@jeremy jackson. Germantown.

All, some good friends of mine are getting ready to sell a property they own in Louisville, Kentucky. After looking at the comps, making the 1 bedroom into 2 bedroom would significantly increase their sale price.  

Looks like all they will need to do is convert a living space into a bedroom (erect/fame wall), and the rest of the property would need standard make-ready work.  The property is vacant and ready to go. 

Any suggestions would be much appreciated.  Feel free to contact me directly, my info is in my profile.  

Thanks,
Seth

I have used and recommended Armando Barbosa of Vision Mortgage several times.  http://www.visionmortgageco.com/

Please tell him I sent you.