All Forum Posts by: Greg H.
Greg H. has started 51 posts and replied 4177 times.
Post: If you could flip in any market, which would you pick and why?
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
You can literally flip a house in any market. Over the years, I have flipped houses in 25 different states. Pick someplace warm and go find a deal
Post: Where can I sell solid wood cabinets in home I’m rehabbing
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Facebook Marketplace, Facebook Group for your city or Craigslist are your best options
Post: flip mobile homes
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Adam N.:
Quote from @Joshua D.:
The biggest issue I see in this realm is weather or not actual Land is involved. I would think you would have to be in a crazy hot market to rehab mobiles on a rented lot and make it worth you headache and money.
However, if it is a well built mid 90's mobile on a half acre of land in Columbus, mt (where i live) it would be worth rehabbing and flipping. These will sell great all fixed up!
I also want to hear what @John Fedro has to say.
Post: "Below Value" Appraisals, why is the buyer required to pay?
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Scott E.:
Quote from @Greg H.:
Quote from @Scott E.:
The buyer pays the difference when a property appraises for less than the purchase price because the buyer is contractually obligated to pay the purchase price.
When a mortgage is involved, the lender will only lend based on the appraised value or purchase price, whichever is lower. So if the appraisal is lower, the buyer pays the difference.
That is not the case in any contract that has an appraisal/financing contingency which includes the Arizona Realtor contract. The appraisal contingency states if the property does not appraise for the sales price the buyer may terminate and receive back their earnest money
You're right. But I wasn't speaking about the right to terminate. I just meant that they are obligated to pay the contract amount, if they proceed with the purchase.
That is not correct either. While they may choose to pay the contracted amount, they can choose to terminate or use the option to terminate as an opportunity to renegotiate the price
Post: Inheriting an Eviction
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
So an eviction is styled as Current Owner vs Current tenant. When the property is sold one typically cannot amend the lawsuit to New Owner vs Current tenant.
I have had this situation in Texas which is very landlord friendly and had to re file the petition. Call the court to verify
Post: "Below Value" Appraisals, why is the buyer required to pay?
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Scott E.:
The buyer pays the difference when a property appraises for less than the purchase price because the buyer is contractually obligated to pay the purchase price.
When a mortgage is involved, the lender will only lend based on the appraised value or purchase price, whichever is lower. So if the appraisal is lower, the buyer pays the difference.
That is not the case in any contract that has an appraisal/financing contingency which includes the Arizona Realtor contract. The appraisal contingency states if the property does not appraise for the sales price the buyer may terminate and receive back their earnest money
Post: Trying to figure out which option for electric water heater is best.
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
$3200 for a basic install in flat out outrageous in Texas. The hot water heater and materials are no more than $800 so $2500 for labor? I could do that job myself in under 2 hours and that includes the trip to Home Depot. FYI- The expansion tank in the $4800 option costs $50. My guess is my contractor in Central Texas would drive up to DFW area and install for $1000 labor
Your property manager should be embarrassed by that quote
Post: Eviction Process in Texas
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
I recommend you take the bull by the horns here. An eviction in Texas from start to finish should take +/- 21 days. My guess if you do not have a court date it is because your PM has not filed the eviction. Get them on the phone first thing Monday to file the eviction and email you proof it has been filed.
Post: 22unit apartment in Texas
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Impossible to give an answer based on the information given. While the numbers give seem good there are many other questions that would need to be answered
-Location and neighborhood?
-Expenses? Tenant pays? Property taxes?
-Unit breakdown? 1,2 or 3 beds?
-Any immediate capital expenditures needed?
FYI- Every Deal I have ever received indicated the rents are “low”. Just once I would love to see “rents are too high as the management has done too good of a job”. Lol
Post: Analysis Paralysis... HELP
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Michael Haynes:
Hello Greg H. in Austin, Your a HUD Pro. I'm not. In Tampa before and during Covid if you did not have All Cash when the MLS and Zillow listings came out at 8AM and offered more than Asking, you did not have a chance to get that property. I spent a year researching the HUD and MLS and Zillow listings all over Tampa area and paid All Cash to Close in 30 days when I found my ideal Townhome in a quiet, safe, place 16 miles East of Tampa to get away from the Crime and Homeless and Traffic in Tampa. I paid $175,000 for a 1500 sq. foot, 3/3 Townhome with garage and pool which now is selling for $270,000 after three years. Price has come down $50,000! Because your a Pro and specialized in HUD listings you should tell everyone about it and give the step by step instructions on how you get them to work. There are 10,992 HUD houses listed and most are Foreclosures and Bankruptcies in Tampa! When will prices hit bottom again and be in the Buy Zone?
Hudhomestore.gov is the only site to track active HUD properties. Any other site is not accurate and often lists properties sold years ago. There are currently only 29 active properties in the entire state of Florida. HUD properties can only be purchase using an agent with an NAID# and are only place thru HUdhomestore.gov. A few key points on bidding are:
Bids during the exclusive(owner occupant) period are due by midnight on the deadline listed. If not sold during that period, bids are open to investors daily Sun-Thurs by midnight and will be opened the next day
The automatic acceptance bid to HUD must exceed an 87-88% net to HUD. Lower bids may be accepted days or weeks later typically after 60+ days on the market. Financing of cash is not a factor with HUD. Another bid $1 more and you lose
While I still live in Austin, We spend most of our time at our house in Jensen Beach Fl