All Forum Posts by: Johana Villamil

@Jaycee Greene thanks for your reply! This will be for a LTR, I will be referencing out of hard money. I am in a non disclosure state so has been a bit of a challenge with comps. I don't have propstream or anything like that as of now. I am also looking for a lender.

0 Votes

San Antonio, Texas

Hi Fam!

I'm trying to get a solid estimate of ARV and market rent so I can ensure the numbers make sense for the DSCR lender's LTV and DSCR ratio requirements. Im also curious about the interest rates for me this type of loan.

The property is completely renovated, it's about 1800 sq ft. its a 4/3 brand new metal roof, new electrical wiring , whole new HVAC, new plumbing, new floors, new kitchen, new dry wall, new fixtures, new bathrooms, one bathroom was added.

zip code is 78214

I will appreciate and insight on this

thanks!

1 Vote

San Antonio, Texas

Quote from @Andrew Syrios:

I would also consider trying to find a way to divert the water coming into your house. It's worth a little money to prevent damage if they're being uncooperative. And if their house is vacant, you can probably get the city/water company to turn off the water to the property.

But I definitely think it's time to send a demand letter. Maybe just say you will pursue legal action if the situation isn't immediately addressed. If they don't you should have an attorney send a demand letter (these usually aren't too expensive, especially if you write the draft and then the attorney edits it to make sure its in compliance and something they are willing to send, as some let you do). Hopefully it doesn't lead to a lawsuit as those rarely work out for anyone.

Thank you Andrew ! Yes I did figure out a way to divert the water but it was temporary. Luckily today their water is no longer running probably because code enforcement got involved. I will still have to take further action so that this doesn’t happen like this again. I will also contact my builders risk insurance as an option.

1 Vote

San Antonio, Texas

Quote from @Brandon Rizzo:

Hey Johana, Sorry to hear about your situation!

It sounds like you are taking the necessary steps. Have you attempted to speak with the neighbors to try and address it head on with them? Are they not cooperative? Due to the nature of the possible time and repair costs this may lead to speak with an attorney that can advise you on law suit. That would be a great next step.

Make sure you document the timeline of events and get as much documentation from the people you evaluate the situation. A professional foundation inspection to determine root cause and verify the neighbor is at fault. As much evidence as you can. Good Luck!

Thank you Brandon for your insight. Yes the neighbors are not too cooperative. I have spoken to them but nothing happens. I did go there today and realized the water is no longer leaking. Seems as if code enforcement went and I'm thinking they made them turn the water off. But that doesn’t fix the damage that was already caused. Also who knows when this problem will start up again as this is not the first time this has happened. I will be speaking with an attorney. Thanks again!

0 Votes

San Antonio, Texas

Hello big pocket family!

I need some advice on a situation. So I have a property I am currently rehabbing. I did some foundation work so the skirting is still not on yet. I have a neighbor right next-door to me whose house is in pretty bad shape. They have a water leak and it’s been about 2 weeks. it’s going directly underneath my house to the point that it looks like a lake under my house. It has caused my foundation to shift and my doors are no longer aligned. I don’t want to continue anymore work until this problem stops. Mind you this is the second time this has happened. The neighbor is not cooperative. I did call code Enforcement and they will be going there today or early tomorrow morning. What should be my next step? I want to sue these neighbors so bad but will that help my situation in time? I do have a builders risk policy. I spoke with a lawyer that works with Insurance and said that they can open up a claim for me and I don’t have to pay anything upfront. Has anyone ever been in this situation? I would love some guidance and opinions. Thanks!

0 Votes

San Antonio, Texas

Quote from @Kevin Ivey:

I know in Washington state a home owner can do their own work including electrical and plumbing, but as you pointed out has to live in the property for 1 year after completion.

If you get licensed as a contractor (in WA state it takes some paperwork, filing fee and insurance/ bond, no test, no experience etc.. ) Then you do the work under you contractors license and no holding period needed. Note you have to have a specialist license with testing and experience to get the plumbing and electrical license so you will have to sub that out more than likely.

The out of state family friend may have to get licensed in Texas depending on how you structure and what they are doing. I picked up my contractor license after 2 years flipping, for ease of dealing with permits.

Thanks Kevin I appreciate your response! I am subbing out my plumbing, electrical and HVAC, I want the family friend to do my sheetrock , floors, kitchen cabinets stuff like that. I might probably have to file the paperwork to be my own GC on this project. From my understanding Texas does not require General contractors working on their own properties to be licensed or bonded, I believe it's a registration process. Also I am a bit confused on how the building permit works, If I register as my own GC do I pull that permit under my myself?

0 Votes

San Antonio, Texas

Quote from @Andrew Postell:

@Johana Villamil thanks for the post! Always great to hear from a fellow Texan.

Now, in Texas, you don't need a license to be a General Contractor. You can just be one right now. Congratulations! You did it! Now that you are a GC...you'll need to learn how to apply for permits and insurance. This is where your costs will come into play. In San Antonio, contractors are required to register with Development Services and obtain liability insurance.

So, just reach out to the agency and see what they say. You can also reach out to some real estate investment groups or contractor groups on San Antonio Facebook pages. There are several and many have hundreds of members.

Hope some of that helps!

Thank you for your insight on my situation! I am a bit confused on how this works. I did reach out to the Development Services. They stated that I would have to keep the property for a year before I can sell it. I would have to call again tomorrow to get more clarification. Would it matter if I bought this property under my business name? Because according to the agency they are specifying that the property would have to be my residence.

0 Votes

San Antonio, Texas

I am currently working on a whole house rehab. I had some problems with my General Contractor so I ended up buying my own materials on a great discount and have an out of state contractor who is a great family friend that I will hire to do most of the work for me. I have a building permit with my old GC who I am no longer working with. The city put my building permit on hold until I hire a new GC. I would like some insights from investors who have been their own general contractors. I believe that if I become my own GC this property would have to be my homestead for a year and I actually wanted to sell it right away. Is anyone familiar with the process of becoming your own GC for flips? I am in San Antonio Texas, I understand I would need to take an exam and have liability insurance. Not sure if this will be worth the time and money it will take to get this certification and insurance policy along with whatever else comes along with it. I already invested a ton of money into this project and just want to get this going asap!

0 Votes

San Antonio, Texas

Quote from @Adam Bartomeo:

I only used a couple of cards that I have had for years. They aren't new with an intro rate. Your current credit cards are always running promos for balance transfers. Its NOT a cash advance, its a BALANCE TRANSFER. Most cards allow you to take the full credit limit. I know investors that buy houses this way but I always kept it small.

You said that getting a new credit card would affect your credit score, wouldn't getting a loan do the exact same thing? Its a creative way of getting cash without having to get a new loan.

Really? hmm I thought a balance transfer was transferring the balance you owe on one card to the next to avoid high interest rates. Im learning something new here thanks! Im interested in learning more about how to exactly do this. Will look more into this :)

1 Vote

San Antonio, Texas

Quote from @Peter Mckernan:

Quote from @Johana Villamil:

I am having problems with my GC. We are 6 months into a whole house gut job and I feel like we are wasting a lot of time. There are days even weeks that no work gets done. His communication with me is terrible. He never answers the phone and just sends me a text here and there. Today I had a new GC come into the house and said we are not even 50% done and he will give me an estimate. He looked into the online portal and said the build permit will be expiring soon. He also saw my house is under investigation. Has anyone had these issues and needed to change their GC? what happens with the initial scope of work and the company that's funding me? At this point I feel I need to take some type of action. I tried to give my old GC a chance because I did not want to increase budget and don't have the funds for another deposit, but I feel stuck and just need to move forward asap!

I saw you need more funds, think there was another post like this a while back. Great info on the responses. Cut ties with the one you have now, and get that other contractor in there that can finish the job fast. There are many contractors that as you mentioned just like the one checking on permits can do this and then never finish the property. I would pay them in draws, and inspect their work every step of the way. Before you higher the next go to some of their active sites of projects and see how they are going. Once you interview them, and find the right one. Do the draws and inspect that work as you go along, and do not pay them unless they do the work. You can even bring a check that same day, and bring someone that has done flips to make sure the scope is done right.

Now for the current guy, yes you hired an attorney, make sure you put a lien on his house to recoup your costs (this may not be possible if he does not have one, go after him civil to pay the amounts).

For the money situation, you may need a partner to finish out the deal. Either a family member, friend, or business partner. I would sign an agreement with this partner if you do find one and make sure that a contracts attorney drafts it up. If that is the case, this is what I would do.. Hey partner, I need $20,000 to finish the deal, if you put in $20K I will give you 10% return on your money so you get back 22,000 once I close *just an example but have whatever you do in writing.*

The other option is do a HELOC on a property you own or a personal line from a bank.

Thanks for your reply Peter!

Very helpful information thank you!

0 Votes

San Antonio, Texas

All Forum Posts by: Johana Villamil

Johana Villamil has started 6 posts and replied 21 times.

Post: Need Rental & ARV comps- DSCR Refi on fully renovated SFR in San Antonio Texas

Post: Need Rental & ARV comps- DSCR Refi on fully renovated SFR in San Antonio Texas

Post: Water Damage From Next Door Neighbor

Post: Water Damage From Next Door Neighbor

Post: Water Damage From Next Door Neighbor

Post: Becoming by own GC

Post: Becoming by own GC

Post: Becoming by own GC

Post: Need more cash to finish rehab

Post: Having issues with my General Contractor