All Forum Posts by: Rick Pozos

The area is a little bit better than a war zone. 

ps if they are stuck at that price, they are not that motivated. WALK. There are plenty of other deals out there.

Wow, you have gotten some great advice. DONT BUY IT AT THAT PRICE. Let them know you are willing to buy it cash for about 3k or 5k. Thats right, 5K. Remember you are going to probably have to owner finance this property. Maybe you can get 3 or 4k down, but most people will not be able to come up with 10k or 15k immediately(your sales price).  The great news is: you can owner finance for about 3 or 4 years at 15%, probably AS IS.

Most folks who are looking for a place like this will be more than willing to take it as is if you can finance. Tax season is just around the corner. I think most of your potential buyers will have 3k, 4k or even 6k as a tax return refund.

Mobiles are a different asset class and the owners are not quite the same as someone looking for a SFH, keep that in mind.

Howdy William and welcome to bigger pockets. Hopefully if you are making 200k, you are going to be living on 100k or less!! The absolute worst thing that you can do is make a bunch of money and quickly create bills for yourself so that you can not afford to make less money. That would mean that you are stuck.

Making that kind of money, your credit should be 800+. 

My suggestion is to continue to learn about RE here on the site and network with some of the investors here in San Antonio. At the same time, get bills off, auto paid off, dont get into more debt. Then you will not only have some cash on hand, but also you will have no debt which the bank will love.

@Nelly Licona I am sorry, but this is where you can not be too analytical. If you are, you will never get anything done. It is consistency that gets the deals. It is not so much exactly what you say, but more of the owner getting a letter when he/she needs to get one.  That means you need to get one to them about once a quarter or even more often.

I am in no way a marketing guru, but my phone rings several times a week and I consistently purchase or wholesale homes every month. I have read about a dozen marketing and sales books because that is where I needed strength. Just start sending postcards or letters or whatever, but start doing it. I would guess that after you send to your list 2 or 3 times that you will purchase a home.

In addition to sending out postcards you have to network with other investors, maybe a website on your postcards, maybe something on your facebook that says that you buy houses, maybe read a book a month (about flipping, sales, neurolinguistic programming, goal setting, non-verbal communication, etc). Sending some letters needs to be mixed with some of the above to get consistent results.

Just start doing it and then you can refine later.

Not trying to be harsh, but action triumphs everytime.

@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.