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All Forum Posts by: Paul Zofsak

Paul Zofsak has started 38 posts and replied 113 times.

Post: Converted garage, thoughts?

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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.

Post: Converted garage, thoughts?

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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.

Post: Need advice on a FSBO flip

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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.

Post: Need advice on a FSBO flip

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14
Originally posted by @Wayne Brooks:

Well, if 80% of the home buyers are using an agent to find their house, they don't even know your house is for sale.

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.

Post: Need advice on a FSBO flip

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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?

Post: Tenant left behind property after breaking lease; now what

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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.

Post: Tenant left behind property after breaking lease; now what

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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. 

Post: Where to buy materials etc.?

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14
Originally posted by @J Frank Cole:

@Paul ZofsakI was a contractor and an estimator for a handyman company in previous life, so I have a little bit of a leg to stand on here.  The reason a dedicated flooring shop (lumber liquidators) or a dedicated tile shop has higher prices is because it's a better product.  This is especially true with tile.  A real tile shop carries "ones" which are generally the same dimensions relative to one another (i.e. square).  Home Depot/Lowes carries "twos".  These are tiles that may not be quite square but the tile manufacturer (the same company that makes the fancy "ones") will unload in bulk at a huge discount.  Then there's wholesale establishments, we have one in Norfolk called Home Emporium.  I don't know if it's a chain, but it's pretty cool.  Definitely great for a rehab.  These guys carry "twos and threes" and they can range from out of square to colors don't match to uneven tile.  But if you're smart about it, you can save a ton of money.  And in my experience, nobody seems to really notice it if it's minor imperfections.

Wood flooring is similar, but I would caution you on using laminate from a big box (I wouldn't use laminate at all, actually).  It's an inferior product and if moisture becomes an issue, you'll have to redo the whole thing.

You can usually save a lot of money on lumber by buying from a building supply store (lumberyard) instead of Home Depot.  You'll have to calculate the wood you need in advance, but it's worth it, you'll save quite a bit.

Hope this helps a little bit!  Let me know if you've got any questions, I've definitely been there.

 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...

Post: HUD1 statement in wholesale deal has blank seller side

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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.

Post: HUD1 statement in wholesale deal has blank seller side

Paul Zofsak
Posted
  • Investor
  • Cypress, TX
  • Posts 116
  • Votes 14

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?

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