All Forum Posts by: Seth Teel

@Chad Clanton

 @Sarah T.

Here is the link to to search the SABOR MLS as a non-agent.

http://realestate.sabor.com/Listing/ListingSearch.aspx 

@Chad Clanton

 The major problems I am seeing with IDX-ed info on sites are: 

1) Lag time: Often the data is not instant as it would be on the MLS (sometimes it's months behind).

2) Not complete data.  SABOR does not allow for all of the data to be provided to the 3rd party vendors. 

Here is an example why this is major issue when trying to determine ARV. There has been a recent trend artificially inflated sold prices. Certain types of loans allow for the seller to contribute X percentage towards the buyer's closing costs (for FHA it's up to 6%). In a market like San Antonio homes selling under $150K are most likely going to be purchased with an FHA loan. In almost all cases buyers are requesting the full 6% concession. One way sellers are adapting to mitigate the financial loss associated with this is by agreeing with the buyer to pay the concession, but adjust the price up so as to even out their net. This creates an artificial inflation in the recorded sold price, and if you don't have access to all of the data (i.e. Recorded Seller's Concessions), you may overestimate the ARV. This can be troublesome on the back-end sale of a flip if your the appraiser adjusts the home value for this inflation. If they are a good appraiser they will definitely ratchet back the value based on concessions of sold comps. This is something FHA is checking on appraisal reports. This could potential cost you the sale, cause you to hold the property longer, and minimize your profits.

I will be the first to tell you, I am not a fan of the traditional real estate agent/ client dynamic, but I do think it's important for any investor (especially a new one) to have a professional double check their numbers. I've wholesaled hundreds of homes, flipped several, and own a couple multi-families and I still ask colleagues to check my numbers from time to time. When it comes to investing and making money, I just can't rely on a random algorithm to help determine my ARV. I'd rather get a few fully subjective opinions from people that know the area and the market.

@Sarah T.

Unless the agent has given you their personal login or set you up as an "assistant," which requires broker approval, you will not have full access to search the MLS. Texas is a non-disclosure state, which means the law does not require sales price to be reported publicly. This means only licensed agents have access to recorded sales prices via the MLS. This is something the local Board (SABOR) takes very seriously and people have been sued for disclosing sales prices without seller permission. Providing full access to MLS for a non-licensed person may be grounds for license revocation and certainly warrants a Texas Real Estate Commission (TREC) complaint. That being said, I have heard of several Realtors doing it. I even heard of investors paying agents to become their "assistants."

The SABOR MLS does have a pretty comprehensive search function for non-agents. This allows you to search listed for sale and for lease properties by conducting manual queries or by simply drawing a polygon on a map. This feature will allow you to search "actives" beyond the properties your agent has pulled via the auto feed.

If you have a buyer's agency agreement with your Realtor, likely they will be happy to run comps for you (within reason).  There are also some proprietary software products out there that use IDX to run comps.  Again, due to the fact Texas is a non-disclosure state some Boards have elected not so share all of the data.  This is why running comps on Redfin, Zillow, or Trulia is basically worthless in San Antonio.  

I hope this helps. 

@Angela Montgomery

 I sent you a DM with a recommendation.

@Chad Clanton

 No prob.  My insurance "guy" is a girl.  She handles a lot of investors and knows what coverage will keep you from having gaps.  I use her for both personal and business insurance.  DM to follow shortly.

@Chad Clanton

My 2 cents:  I first make sure I am insured appropriately and know what my policy covers. Whether I get a vacant dwelling policy or builder's risk policy I always add a "theft and mischievous damage" rider.  It's a minimal cost and usually will covers everything you'd expect (and want) it to.  For me that's coverage for stolen materials and/or appliances.

Theft of contractors tools & equipment = Contractors Responsibility.  I am not going to file a claim with my insurer because the contractor did not feel like packing up his gear. 

Theft of materials can go either way.  Sometimes it's impossible to secure all materials.  I have had good luck with contractors storing materials under the house, inside the house, some even on open storage atop saw horses, covered with tarp and banded with bungee cords.  I look at effort and intent.  If you have a metal roofing job in progress, and they leave all of the metal sitting in the front of the house in plain view, I would be more likely to ask the contractor to contact his insurance, than me contact mine.  

At the end of the day, your only real protection is the policy you paid for and know what that policy covers.  The burden of responsibility will always fall on the property.

@P. Martin

Welcome.  Another option: If you purchased a year ago, and properties are currently selling at $200/SF, it was likely that you when you bought it they were selling significantly less than that PPSF.  Have you considering selling it "as-is?" Profit may be a little lower, but the workload and risk are virtually zero. Plenty of investors looking for properties in and around Downtown SA, especially in Lavaca, King William, Lone Star, Roosevelt Park, Dignowity Hill, Tobin Hill, River Road, Government Hill, & Five Points. 

Welcome and happy Fiesta! Lots of great people investing here in San Antonio (many on BP too).

Marco Balado - He is a commercial and portfolio mortgage broker. He has helped several people I know.

Marco Balado: 210-286-8136.

Tell him I sent you.

@Shabyna Stillman

 Thanks, hope those contacts workout for you.  I have been happy with both lawyers.