All Forum Posts by: Jose A Serrato

Investment Info:

Single-family residence other investment in New Caney.

Purchase price: $45,000
Cash invested: $33,000

Have land currently under contract for 45,000 to build a one story 2622 sqft single family residence with 4 bedrooms & 3 full baths.

Land Details:
$45,000
29,632 Lot Sqft
Public water & sewer
Located in Roman Forest New Caney, TX

Est. Sale Price
$400,000

Construction Budget (doesn't include Fixed Costs)
$243,000

Not even 3 minutes away from land, Tavola subdivision is being built with new homes priced from $300,000-700,000.
Similar build to ours is going for $440,000-480,000.

**Check my profile investments for home elevation, floor plan, & lot.**

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

I've been around new residential construction since I was a kid in middle school, every weekend when I was off from school my dad would take me to work with him. All summer break instead of hanging with friends or what not I was in job sites.
I've seen many master planned communities from start to finish hence my interest of becoming a home builder along side my father.

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

On the MLS.

How did you finance this deal?

Currently have a hard money lender with a loan amount of $273,000, currently waiting on lender for the appraisal of the new build. Only problem we have is cash reserves. We need 20% in reserves of the construction budget hence $48,600, PLUS cash needed at closing of $33,487. This totals to $82,087... we only have $60,000 cash in the bank to play with plus roughly $6,337 in available credit which the lender accepts. Still short $15,750, lender allows others to bring money to the table.

Lessons learned? Challenges?

Cash reserves is the challenge for me so far. Would like to find a partner willing to bring some money to the table & in return profits will be shared.

Hey BP Community👋🏽, I have a list of my local county that includes every single tax delinquent property owner here & it's a list containing 40k+ owners which is crazy huge! I'm using it to target motivated sellers & going through each & every individual property to do research on them is inefficient.

Do you happen to know a website that I can upload this list to & filter out properties that don't match my CCC? (crystal clear criteria)... example can be: Homes with 3+ beds & 2+baths, owners with equity, no pool, etc..

Hello BP Community & any Tax Professional reading this👋🏽, I'm looking to get my first deal & would like professional advice on general questions I have ranging from what expenses can be deducted to how taxation works with Partnerships. I'm looking to book a consultation type of thing to simply ask questions, any recommendations on a CPA I can poke their brain on for answers?

Got it, thank you both gentlemen!

Hello BP Community newbie here👋🏽, as stated in the title, can agents for example type in any address that is off-market & find that current owner's information like phone number, email, last sold price, etc..?

Hello BP Community newbie here👋🏽, if I buy a fixer-upper with cash & I rehab it (BRRRR). Will seasoning apply to me if I try to cash out refinance? My guess is no since I own the property free & clear correct?

You guys rock thanks for your time!

Hey BP community newbie here👋🏽. I am currently reading BRRRR by the super hyper sports car David Greene & I am a little confused as to how does refinancing your home during a market crash save your equity. When property value drops our equity does too & I understand that perfect but how can refi save our equity, thanks!

Hello @Tucker Kincaid, I am planning on doing the exact same thing as you. I guess we have to get a very good deal & rent out our unit once the 1yr is up to combat the PMI. But Mr.@Brad Hammond we can also refinance to get rid of the PMI to a conventional loan correct?

Thank you guys very much for the knowledge I will definitely look into all of this more!