All Forum Posts by: Seth Teel

@Christopher Griffin  Reach out to @Chad Clanton. Chad is an investor that originally invested here in San Antonio from Virginia.  He has since moved to San Antonio and remained active in the investor community.  He had to overcome quite a few obstacles on his first out of state project.  I am sure he'd be happy to let you pick his brain.  

@Paulo Tomas  You have the correct address.  

"This poster certifies that there will be no pitching of products or services at this event. 

Time of Event: 02/03/2016 at 07:00PM
Location: Luby's Cafeteria, 4541 Fredricksburg rd, 78201, just inside loop 410
Fee to Attend: Free

February 3rd is the Real Estate Group of San Antonio meeting. We will be talking about all the problems that newer investors have. Finding deals, what to do with deals, should I buy the deal, financing the deal, etc. Join us 6-7pm for eating and networking, 7-8pm for the meeting. Luby's on Fredricksburg rd just inside loop 410. Hope to see you guys there.

Any questions,

call rick pozos
210.639.0600"

You already reached, but wanted to reiterate, I am looking to buy. Please add me to your list. Thanks.

@Jeff Wells Where in San Antonio is the property? I may be interested in purchasing if near Downtown/ central city.  

If you have your formula set and you like it, then the most you can pay is $40K.  There is no need to try to make a deal out of something that isn't. I've had to walk away from some properties I really wanted because I couldn't get them as low as I needed them. Better better to walk away cash-in-hand than lose your butt on something you tried to make work. 

As for repair costs relative to purchase price, it's all relative. Would I spend $100K renovating a suburban home I bought for $50K with a Max ARV of $200K, even though it's a decent spread and only at 75%. I say no, because I find it's hard to capture additional equity in suburban or tract-built neighborhoods.

On the contrary, In a historic central city neighborhood, I may buy at worse numbers know I can add square footage to the property and capture a ton of equity. For example: I may buy property for $75K that needs $100K in work that has an Max ARV of $225K (77%) knowing full well I can add 400sf to the property at a cost of $75/SF when ARV is run @ $160/SF. This would jump the ARV to around $290K.

Lastly, it's hard to compare apples to apples on new builds to renovations.  There are a lot more soft costs that go into a new build and often times the economies of scale allow you to build two or more properties at the same time.  It's just a different beast.  I'd suggest picking your niche, getting a little experience, and then making decisions if you want to branch out in to new builds or some other area of RE investment.  

Hope this helps.

@Roy Matthews If you have SA properties for sale currently, let me know. I am looking to buy.

Thanks.

It sounds to me like you're getting an appraisal mid rehab?  That in itself seems premature.  Or was it a cash purchase and you're just looking to cash out refi to help fund the renovation?  If it's just a cash out on an "as-is" property in Dignowity I wouldn't worry about adding the HVAC system, but if your looking to max your cash out on a new appraised value, I'd make sure that system is in before appraisal. 

How long is left on the note?

@Lamontay Garrett  I think @Jessica Martin hit the nail on the head. Seller's tend to take an actual contract more seriously than any other type of offer. "Putting it on paper" adds a level of legitimacy you can't get from an offer letter.

@Chuck Brickman  Welcome.  We are interested in deals.  They have been harder to find as of late, but still plenty to be had.  Let me know if you get any good wholesale deals, I'd love to take a look.