All Forum Posts by: Rick Pozos

@Ashley Wolfe if the mobile is attached to its own land, you can use the 1 to 4. If its in a park or you are just buying the mobile itself, then you are just buying personal property, like a car. You can write something up with the owner but you will need to get an SOL with the State of Texas https://www.tdhca.state.tx.us/mh/ownership-location.htm 

Real Estate Agents in Texas MUST use the TREC forms, but anyone CAN use them also. I have used them for over 10 years. The one to four is a very comprehensive contract that covers everything and even has room for special provisions when something out of the ordinary needs to be spelled out.

When doing not so normal purchases like a sub-to, I dont use the TREC, but one that I created from several other contracts. Contracts do not need to be prepared by an attorney. A contract is just an agreement between parties. It can be hand written with the terms that both parties are agreeing to. Signed by both parties and consideration given.

There are specific rules on using your sdira, who you are forbidden to work with, etc. I would just get a little educated on the subject and go forward. It sounds like you are already doing some RE investing. You just have to learn the rules for the sdira investing.

Quest is one company that I have dealt with on several occasions. Tons of information, seminars, networking events, even a cruise!!! 

You can also lend other investors that money from your sdira. You can even get properties under contract, then sell the contract on a wholesale type of deal. Lots of things that you can do. I am sure that other people have more ideas.

welcome to BiggerPockets. Any questions problems or issues that you have don't hesitate to call email or text.

Im just curious, why not invest in the Houston area?? Just like San Antonio, Houston has many different types of areas and different price ranges. Houston is a bunch bigger too, so there is even more of a variety and more properties to chose from.

THere are a lot less moving parts with lending the money in a SDIRA to other friends or associates. They can use it to do their own flips or you can lend it long term with 1sts or 2nds. You could also go and find notes (1sts or 2nds) and buy them at a discount and collect payments.

Lots of things that can be done. I have even seen people buy car notes at a 20% discount that were already at 15%-20%. Can you imagine the return??

San Antonio Meetup.  Smaller group that meets every 2nd Wednesday of the month. All skill levels invited and welcome.

Meeting will be roundtable type of discussion of questions, problems, or whatever you want to talk about.

Any questions, call rick pozos 210.639.0600

Monthly meeting is coming up. November 11th, 2015. 2nd Wednesday of the Month. Luby's Cafeteria on 4541Fredricksburg Rd. 6pm to eat and network, 7pm for the meeting. I am always there to eat at 6pm way in the back of the restaurant.

Hope to see you there.

rick pozos

210.639.0600

On bigger 2-4 properties it is not uncommon for there to be only one water meter. Water and sewer are charged together here in town. Each unit should run about $40 per month. Garbage is collected on the electric bill, which usually the tenant pays. It would not be until you get to the larger properties (5+) that you would have to get a trash service.

As far as insurance, call your agent for your specific coverage that you want. It can vary widely between replacement cost and just to pay up to the loan amount. Umbrella coverage would work great for rentals. It does not cost too much more. All covered you would pay about $75 per month for $100k to 150k house. Adjusted slightly up or down depending on your home value. If the property is a duplex, it should only go up slightly, maybe $90 per month. This would not cover if the tenant messed up the place. 

There are definitely deals in any market, especially in San Antonio. The trick is to buy from a "motivated seller". What exactly does that mean, well, it means different things to different people. To me, the seller is usually behind on the mortgage, taxes, both, or has a property that needs some repairs that they can not take care of because of their financial and/or medical condition.  Or it could be a combination of several of those conditions. It could also be that the sellers inherited a home that they do not or can not fix. Maybe a couple is getting a divorce and neither one can afford it on their own.

Marketing and networking is where you will be able to find deals.