All Forum Posts by: Peter Hightower

Glad he’s ok. For a moment I thought the vampires got him 😉

I realize it's probably not the best time to be starting a traditional meet-up group, but I think we can organize something via Zoom if we get 5-10 folks interested and lay a foundation for some actual meet-ups once life gets back to normal in a couple months. What say you. I'm still a relative novice on here so I don't know how to tag someone in the posts, but this is directly at you @Phillip Lanier, @David Valadez, @Delwyn Campo, @Garrett Benton. If there's others out there in Del Rio, let me hear from you.

My situation is that I took on a rehab project that is owned by a good friend of mine. Property is a small SFR that had been abandoned for 10 years. My friend is elderly, lives out of town and is no longer able to do this type of work. We agreed on a purchase price of $22,000. He agreed to carry the note on very favorable terms. We signed a contract but never closed the deal, so title was never transferred to my name. I began improving the property back in November thinking to do minimal repairs and flip it to an investor and possibly make $10,000 in a couple months. Big surprise, I didn't find an investor interested in the property.

I continued working on it and moved into part of the house in March. I began making payments to my friend as agreed in April. It is now end of August and I am 75% finished with the total rehab. I have taken on personal loans and maxed out my lines of credit in order to fund all of the repairs. I am in need of $60,000 to transfer title to my name, pay back taxes, pay off personal loans and lines of credit and complete the remaining 25% of repairs. I have been told by a reputable realtor in my area that the house will appraise for $95,000 to $100,000 when it is complete. Once I am finished with the complete rehab, I intend to refinance into a conventional loan and remain in the house.

Please message me if you are a lender or know a lender that can help out in this situation.

A little more about me. I have W-2 income over $100,000/yr. I own a SFR valued at $260,000 in North Central San Antonio and a duplex valued at $130,000 in Del Rio. All are currently rented and brining in $3,400/mo in rents.

I have a 4bd/2.5ba house in North San Antonio that would make a good vacation rental. Not interested in selling it and I have zero experience with vacation rentals. So instead of starting from scratch, I thought maybe work with someone who already has an established platform. I can send more details privately if interested.

Is anyone looking to add to their portfolio of vacation rentals in North San Antonio?

Excellent. Exactly the info I was looking for. Thank you both.

I'm purchasing a property from a friend. It is a 1,000 ft 2bd/2ba SFR that has been vacant for 8 years and is in need of significant repairs. The agreed sale price is $22,000. He is selling it to me on a zero down, owner financed, personal note and I am going to self-fund most of the repairs. My question is, what is the absolute minimum that must be done to transfer title to the property? Someone suggested "Just have him deed the property to you" but I'm not sure how the mechanics of the transaction work. A title company has quoted me $1,700 to close the transaction. I'm sure there is a less expensive way to transfer the title even if it involves a bit more work on my part. Any suggestions?

How is everybody handling HOA fees with a rental unit? Are they included in the monthly rental or considered a separate fee in addition? Is there an industry standard? Does it make a difference if it's a condo vs a SFR in a neighborhood?

No experience with this but I’m interested in hearing the replies. Good luck.

Where did the amount for closing costs come from? $36,842 seems a bit high. And this is in addition to your down payment of $38,000. Also, $2,920 in monthly rents on a $500K property seems a bit low. I'm not doing a deal for that rate of return. Just an observation from a complete beginner myself here. Good luck!