All Forum Posts by: Paul Zofsak

i think converting it back would be much more costly than what it would be worth.  However, the extra space may add perceived value to a potential tenant in this area.  I have seen several converted garages in this neighborhood, so the the type of tenant looking to move into this area may see this as a plus.

I have a great opportunity to pick up a nice single family home 3/2/2; the numbers are great but the only thing i am unsure about is that they have converted the garage into an additional living room.  The remodel looks to have been well done but I have never dealt with this and would like to know:

How will this affect the appraisal, market desirability, and would it be worth it to convert it back?  I plan on rehabbing and leasing the property.

lots of good information, thank you everyone. Just to clarify the house is listed on HAR.com, that is the go to MLS site here in houston. There is a for sale sign in the yard and the house has been professionally cleaned. I have gotten a lot of good feedback on the rehab from the agents that have seen it. It doesn't have some of the extras like a covered patio or pool like some of the other listings in the area, but is priced accordingly.

Of course, on the other hand Houston is an oil and gas town and with the price of oil below $30 a barrel the whole city is feeling the pinch.

Had another showing tonight; we'll see how that turns out.

I am not following you, my property is already listed on zillow, truila, realtor.com, the local MLS HAR.com. I am also paying the standard 3% buyers agent commission; which is listed in the agent remarks section of the listing.

I have had this flip on the market now for about six weeks; average DOM is about 5 weeks. It has gotten a lot of attention but only one low ball offer up to this point. The property is a fresh rehab that was very well done and is in line with the comps; the only thing missing is a pool and or covered patio. I have it listed at what the comps suggest, its a hot neighborhood, and now mine is the cheapest listing in the section. I have a realtor that saw my FSBO listing and has been hounding me to let her represent me; she has even sent me a standard Keller Williams marketing plan on how she is going to handle the property. At this point I am not sure if I should hold out a little longer and see what happens or cough up $5K to a sellers agent for representation. Carrying costs are running me about $1500 a month. What do you all think?

so i checked with my property manger and the lease coincides with texas property code.   So in the end i am covered and will just follow the property code they provided to me.  Texas is a landlord friendly state.

My tenant moved out suddenly and without notice.  He left behind a refrigerator, washer and dryer, and a motorcycle.  I can't remember what the law states on these matters so I am reaching out to the BP community.  The property is located in Harris county Texas.

I could sell these to recoup some of my costs for damages to the property, but I want to make sure I am handling things properly. 

 Thank you, I wasn't aware of the "ones" and "twos".  We have a builders surplus here that is probably similar to the home emporium you mentioned; commercials feature a guy yelling about how good their selection and prices are as he smashes a window with a hammer...

thanks, James.  My main issue with it is i was i was told that the property taxes were issued as a credit on the selling price, but the selling price is the same as before.  And on the line "total due from borrower" it appears the taxes have been added in and not subtracted.

I have bought several properties in the past but my most recent was my first using a wholesaler. When I received the HUD 1 statement the seller side was completely blank so I have no idea whether or not the credit for property taxes was even given. The way it reads it looks like the property taxes pre sale were added to my side, which I know is normal, but I don't see the credit applied since the seller's side is blank.

My question is, should the seller's side be blank on a wholesale deal, or is something wrong here?