All Forum Posts by: Jacob Smith

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@Sahegin Charolia the first ~90 min is always a sales pitch, its like that every time. most people clear out before the good stuff starts. If i go i always show up very late haha

I always find shenoas presentations informative, but the real value is in meeting the people who actually stay for her lectures. I find those people are more serious investors. 

I just go by myself, like a ~week after i mail

Trust your own judgement though, I'm just winging it over here lol

we send a piece of mail, then we go to their door. I'm no expert that's just what we're doing now :)

The lead that I mentioned contacted us after we sent him mail 

SO yeah go introduce yourself bro!

@Khaled El Dorry https://www.trec.texas.gov/agency-information/form...

Ment to link you here in the previous post. heres the list of Texas Real Estate Commission (TREC) contracts  

@Account Closed

@Broaderick Brown @Jieh Larson update on the house i found

It turns out that the house the guy was trying to sell us didnt have the equity that he thought. We called the company in possession of the loan (OCWEN) and found out that the TOTAL AMOUNT to buy the house (pay off existing mortgage + pending payments) was 77K

That brings us to 
Purchase price of 77k
We had an ARV of approx 110

we ended up putting repair estimate at 20 k

That leaves 13k for profit and holding costs and rookie mistakes (aka not a deal)

We passed the lead off to a wholesaler buddy of ours, who papered it up and in turn passed it off to a buddy of HIS who I heard is trying to figure out some seller financing deal with the owner. Honestly I don't know how he'll make money off of it with those margins, but if he can more power to him!

@khaled 

@Khaled El Dorry you can find most of the contracts you need at . I dont know how to fill them out (yet) but thats what friends are for right? :D


@Joey Hampton In texas at least, how the state handles public records varies from county to county. For us Harris has been the easiest to access so far. All we do is check on the COUNTY CLERKS OFFICE WEBSITE  and just dig around till you find it. Sometimes it'll just be right there and easy to access, sometimes you have to go to the office physically to get them. just depends.

@Curtis Waters I will definitely look into the different foreclosure attorneys in my city, however, I'm quite broke at the moment haha so if I probably wont go for the paid subscription route.  

@Kim Banks In this instance, we would have passed the fees on to the buyer. the cost to bring the loan current was 17k, an amount we're not able to pay out of pocket ( #brokelife). But like I said, Because of the lack of equity in the house, the price was too high and no-one would profit from paying it off anyway.

Thats an excellent point about the "and or assigns" I noted it for future reference :)

@Ricky Torres no sir, no deals yet :)

Dude that's awesome!! Congrats on your win

He's our basic criteria for flips-

ARV: ~500k
Repairs: ~70k
Purchase Price: ~300k

At least two solid comps in the subdivision is a must. Have to be comparable in style, square footage, number of beds bath ect. We have funds ready so just let me know when you find anything! 

All other 75% all in deals will be considered :) 

@Khaled El Dorry right now the plan is to paper up the deal then wholesale it; marketing it as a rental property to other investors we know.

However, adding that "and or assigns" to the contract may be a red flag to the lender. if that's the case, then we'll just buy it outright and fix and flip it, or immediately turn it around to another investor. I'll know for sure tomorrow once I get the owner of the mortgage on the phone.