All Forum Posts by: John Vo
John Vo has started 16 posts and replied 99 times.
Post: Appraisal Question

- Investor
- Houston, TX
- Posts 99
- Votes 56
@Robert Renne Typically the banks would require the purchase agreement when they do their underwriting anyways, but it is a little bit odd that the appraiser would want this information.
The bank probably wanted a statement from the appraiser in their report somewhere stating something obvious such as "Appraisal price is $200,000. Purchase price is $190,000."
Banks are a bureaucracy, the paperwork is never ending. So either way, you have to send them the purchase agreement if you want the bank to lend to you.
Post: Help! My 1st wholesale deal under contract hasn't sold.

- Investor
- Houston, TX
- Posts 99
- Votes 56
@Joan Soto All of the above are great advice! If I may add my 2 cents from an investor perspective who looks at wholesale deals regularly.
1) I absolutely hate the "non-refundable deposit" rule from wholesalers. There's just so many possible hidden surprise in a real estate transaction, so for you to have this rule, you must be darn sure that this property will close with absolutely no hidden surprise from your side such as clean title. As a buyer who enter into contract with you, I have no recourse to get my money back if something should go wrong on your side and we can't close.
2) Your comps will be double and triple check by me as well as a real estate agent/broker with access to MLS before I make an offer. Reputable wholesalers will err on the conservative comp number. This is one of the quickest ways for emails from wholesalers who tend to be liberal with their comps to go to my junk email folder or I just unsubscribe from their mailing list.
3) If you're trying to assign the contract and do not have ownership rights to the property. I will want to look at the contract you're assigning to make sure I know what I'm buying because you're selling a contract not a property. If you have taken the property in your name or you will be doing a double closing then you are selling the property so I don't need to look at the contract you have with seller. I don't care how much money you make off the property as long as the numbers work for me.
4) Hard-money or cash only rule. It cost me more money to obtain hard-money/private money financing versus conventional financing, so know that I will deduct this financing cost from my offer.
It's my 2 cents, but due to the above reasons I've yet to buy anything from a wholesaler I've met because once I run my numbers, I might as well just buy a property using conventional lending and put 20% down. I have better COC return and more protection as a buyer from the law. Good wholesalers are hard to find cause they already have buyers knocking on their door begging for their deals.
Post: Has Dallas Housing Prices Completely Lost Touch With Reality???

- Investor
- Houston, TX
- Posts 99
- Votes 56
Post: Appraisal fell short

- Investor
- Houston, TX
- Posts 99
- Votes 56
Post: Houston Market - Overheating? Buy now or wait till it crash?

- Investor
- Houston, TX
- Posts 99
- Votes 56
@Hersh M. Thanks for the article!
@Sharon Tzib I don't think Texas is going to be seeing the kind of price increase like California anytime in the near or distant future, but I would fervently hope that would be the case once I've bought all of my investment properties.
All kidding aside, a 1980s property sold at $140K is a 30-40% increase in price if you're comparing purchase price when you bought the same property in 2012-2013. As a value investor, that's a cause for concern that I'm running the risk of buying in a bubble because of such a high increase in value over a short time frame.
I'm curious to know where you get the that oil & gas accounts for 30% of Houston economy. I followed the link you provided and it doesn't say that number.
And no, i don't think you sound self-serving at all. As a licensed agent myself, I'd like to think that I know my sub-markets that I invest in, but it's always refreshing to get other agents opinion of the market in general. I agree there's opportunities in the coming months due to the increase in supplies, but I'm not so bullish as you are though.
@Keith Goodwine That's some sound advice. Thank you.
Post: Texas Economy - August 2016

- Investor
- Houston, TX
- Posts 99
- Votes 56
Post: Houston Market - Overheating? Buy now or wait till it crash?

- Investor
- Houston, TX
- Posts 99
- Votes 56
Post: Little or no cash flow banking on property appreciation

- Investor
- Houston, TX
- Posts 99
- Votes 56
Post: Hubzu cash only creative finacing tips needed

- Investor
- Houston, TX
- Posts 99
- Votes 56
Post: Homeless living in empty lot next to our rental

- Investor
- Houston, TX
- Posts 99
- Votes 56
@Thomas Kwan Why not talk with the people first? Find out what their situation is and see if you can help them. Maybe they just needed a polite request to move on to a different location. Offer a one way bus ticket and food money to a destination of their choice. If worst come to worst and you can't find a common ground, then by all means use the law to make them leave. As the saying goes, "You catch more flies with honey than you do with vinegar".