All Forum Posts by: Robbie Case

We purchased another property in June. This one was from a family member who wanted to be done with the property. When I say done, I mean they walked out of the house one day and never came back. There are still clothes in the closets, books on the shelves, and dishes in the sink among other things. The fun part is looking through everything, its like a treasure hunt! Unfortunately we don't live close by and it would take several days and trips back and forth to sort through the stuff. We wouldn't be making the best use of our time by handling it ourselves. We were considering hiring someone to do an estate sale, but the property is off the beaten path and I worry it will end up costing more than it yields. I'm curious how others have dealt with this situation. I bet there are some great stories to be told!

Investment Info:

Single-family residence buy & hold investment in Trinity.

Purchase price: $20,000

3/2 1500 sqft on two lots. We purchased this one from a family member. It needs some work to make it rent ready, and we are still trying to decide between renting it long term or making it available on air b-n-b since it is walking distance from Lake Livingston.

What made you interested in investing in this type of deal?

This is another opportunity to learn and the deal was too good to pass up on.

How did you find this deal and how did you negotiate it?

A family member passed away a few years ago and their wife wanted to be done with the property. It was on the market for awhile but wasn't getting much attention. We agreed on a price for as-is cash sale and were able to secure it for $20k.

How did you finance this deal?

We used cash from my retirement account (I can feel the glares as I type this)

How did you add value to the deal?

I haven't made it that far yet. The house will need to be emptied from previous owners abandoned belongings. After some patch and paint work, new floors, interior doors, and general landscaping we will be all set.

Update: The county completed my request and I now receive two separate property tax statements/bills, one for each lot. The refi is moving forward and the appraisal is scheduled for today. Not long before this step is complete.

Update: I spoke with my mortgage company to make sure there would be no adverse consequences to having the lots taxed separately from each other. I filed the request with the county appraisal district to update the APNs and spoke with the city to get a list of requirements for my plan. This is all new to me, so I am learning a lot! One thing I've learned is how good I am at making mountains out of mole hills. There really is "nothing to it, but to do it". cheers! 

Think of the opportunities available with this empty lot! I'm waiting on the county offices to open so I can call and get additional instructions. I will keep updating!

Here is the existing survey for reference. Thanks for the input guys! 

I have two lots recorded under one deed and financed under one mortgage. Lot #9 has my home, and lot #10 (my back yard) is empty. I want to build a second home on the empty lot as a rent house. I am looking to refinance the current mortgage and utilize the equity to hold clear title on lot #10. I have been told by one lender that the lots would need two separate APNs before they will refinance. I was under the assumption that the APNs are assigned after the deeds are recorded. I’m hoping someone is familiar with this process and can offer some advice. Thanks so much!

Might be cliche, but I really like listening to YouTube clips of Napoleon Hill on my way to work. Can't go wrong with "Rich Dad Poor Dad" either. Also, any information I find on the habits of the successful vs. the non successful.

update: got the contract signed and sent to the seller. The seller received notice of foreclosure and someone else made her a cash offer on the property and she is taking that offer instead.

I'll be running it as tight as reasonable. The house is five miles from my current residence, so I will be able to keep a good eye on it and address any problems quickly (not that I can see through walls). Good tenant screening should go a long way, also. I appreciate your help. I will be accepting that number and going forward.