All Forum Posts by: Patrick Ng

@Jim Cummings Hi Jim, thank you for the insight, makes sense why that would happen. Appreciate the help/ insight. 

Patrick

@Lawrence Rutkowski I got the comps from MLS/realtor and used what I thought was the most comparable properties.

@Dannielle Hoffman@Tim Macy

Thank you all for your insight/ responses. 

I have a another question I was hoping you all could weigh in on. One of a SFH that has been rented for about 8 months in SA is under property management. In the lease we signed, the standard Texas Pet Addendum, we agreed upon section B3: "Tenant will, upon execution of this agreement, pay Landlord $ XXX as a one-time, non-refundable payment."

I touched base with my property manager because I did not receive this pet fee, and they are stating that the fee stays with the property management company, despite me quoting the agreement. 

Does anyone have any experience or suggestions on how to deal with this? If anyone recommends contacting an attorney, anyone have any contacts for folks in the San Antonio market? I'd like to avoid that if possible as I  anticipate the attorney fee would cancel out the pet fee anyway, but I also think the company is not executing this contract as it was agreed upon. 

Thanks!

Hi all, working on closing a property currently. I originally went into the deal with thought I was buying under asking so I'd have some equity in the property in addition to the down payment in addition to cash flow. I made my original estimates with comps, calculating both sale comps as well as rental property comps with guidance from my realtor.  About a week away from closing, and just had the appraisal come in , and it is just slightly above the renegotiated price after due diligence and negotiations. With this figure being lower than what I originally ran my numbers with when making my offer and moving forward, the deal doesn't look as attractive given the lower amount of equity. Anyone with experience with this? Moving forward, any pearls anyone learned about so as to not over value the property like I did when running my original numbers? 

Thanks!  

@Rick Pozos

@Jason Hirko

@Andrew M.

Thank you all for your insight . What other areas do you invest in? I’ve been hearing the east side of town is undergoing a lot of investment and has potential for a revitalization. Also heard the same for far west(78253 area). What are your thoughts?

Also any recommendations on property management in the area? 

@Jason Hirko where are you finding 40K properties? All I could find in that area are 60-90k

Hi All, 

Anyone have experience investing in this zip code? Looking into a buy and hold, SFH in that area, wanted to see if any one has any experience with the area and if so any general thoughts.

Thanks!

Patrick

@Charlie MacPherson Thank you for the reply, trying to extend the option period

@Matthew Paul Thanks for the feedback, it'd be a killer deal at a certain price, which is a lot lower than asking.

@Matt K. Thanks for the feed back...can you clarify what a NTE bid is? Sorry...newbie not familiar with allt he lingo yet.

@Joseph Profaci Thanks for the advice, trying to stay disciplined. Have been analyzing deals for the past 50-60 days, and this is the only offer than has been accepted thus far. Hard to walk away, but definitely not harder than having to do a bad deal.

@Michael Noto Thanks for the feed back. At the price I am trying to renegotiate, should have enough reserve funds but it is significantly lower than the asking/offer price that was accepted, and I doubt the seller is going to take the offer.

@Nathan Platter Thanks, I am talking to my agent to see who can take a look!

@Corby Goade Thanks for the information. How  much, if any do you buffer your second offer after you get some prices?

@Account Closed Thanks Brian! Great point, the last thing I want to run into is underestimating these. I'm scheduled to talk to the pros about some numbers soon, thanks a lot!

Hi All,

I am in the option period for my first duplex(full rental property). The inspection report came back, and there are a ton of deficiencies( roof in bad shape, pier and beam findings suggesting movement of the property, improper electrical fittings, gas lines not to code, etc). I am just starting out, and wanted to know if it would be reasonable to negotiate a decrease in sales price given the inspection findings, without having a specific roofer, electrician and plumber come out and give actual quotes for the work that needs to be done. To schedule the other folks to come out to the property would put me beyond the current options period per the sales contract. Anyone have some experiences to share in this situation? Thanks!

Patrick

@Jason Hirko Thanks!

@Josh Dillingham Josh, thanks for the advice. Waiting to hear back from seller to talk about carrying back a percentage, hope it works!