All Forum Posts by: Shelby LeBlanc
Shelby LeBlanc has started 9 posts and replied 86 times.
Post: Sheriff sale for HOA with existing mortgage balance
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
I don't understand how this works. If am the high bidder of , let's say, $25K, what happens to the mortgage balance? I don't know if the mortgage payments are up to date. Is there a possibility the mortgage will reimburse me and add it to the mortgage balance? Any insight to this is great appreciated. Houston Texas area is the location.
Post: Learning how to be creative, but hit a wall
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Quote from @Account Closed:
Quote from @Shelby LeBlanc:
Quote from @Account Closed:
Quote from @Shelby LeBlanc:
Any ideas and insight you can provide will be greatly appreciated!
If it's REO, then the bank owns it and they will post it on the MLS when they are ready to sell and a real estate agent will be involved.
What stage is this one at?
What makes it a deal?
How much can you buy it for and how much can you sell it for?
It's a REO. It's listed on MLS with a realtor.
It's a deal due to the ARV being $450K and I am going to offer $175K (the realtor can not submit the offer without POF), will go $200K because it's a nice brick home on an acre. Very rare property S. of Ft Worth, TX. Rehab is $100K
Got it. My experience in markets lke this, is that there are multiple offers and banks demand full price, not low offers. If you are offering the asking price and no one else is offering, then your deal may work.
This property has been on the market since Jan. 2023. It's a large rehab. The realtor is asking more than is owed on the mortgage. The realtor is asking $265K. with $100K rehab (min) it will be close. If the buyer repairs the pool, the rehab will be another $30K.
Post: Learning how to be creative, but hit a wall
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Quote from @Account Closed:
Quote from @Shelby LeBlanc:
Any ideas and insight you can provide will be greatly appreciated!
If it's REO, then the bank owns it and they will post it on the MLS when they are ready to sell and a real estate agent will be involved.
What stage is this one at?
What makes it a deal?
How much can you buy it for and how much can you sell it for?
It's a REO. It's listed on MLS with a realtor.
It's a deal due to the ARV being $450K and I am going to offer $175K (the realtor can not submit the offer without POF), will go $200K because it's a nice brick home on an acre. Very rare property S. of Ft Worth, TX. Rehab is $100K
Post: Learning how to be creative, but hit a wall
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Quote from @Chris Seveney:
@Shelby LeBlanc
How much you buying asset for and how much you putting Down / need financing?
I am offering $175K
I need $50K
I plan to rehab it and sell it. It will bring conservative $450K
What’s the purpose of the property ?
Post: Learning how to be creative, but hit a wall
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Any ideas and insight you can provide will be greatly appreciated!
Post: Lease transfer for private home sale
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Quote from @Nicole Givler:
I'm using a title company to purchase my grandmothers home as a private sale and long term investment. We want to keep the current tenants there as they are reliable and have been there for 6+yrs. What is the best way to transfer a lease from her to me? How are security deposits handled? Any advice is appreciated, this is my first investment and I'm new at this. Also the home is out of state so we are communicating with current tenants via email/text/phone. We won't be able to physically be there for a few months to meet them but my whole family has met them/knows them. Do I still need to follow a process of running credit check/background check etc? If so, what is the best way to go about that?
It's best to treat every investment as a business. In this case, a credit check and background check may not be needed due to the length they have been tenants. It won't hurt either, so you know what you are dealing with and have it in your files. Send a new lease showing you as the new owner and instructions for paying rent. The deposit should transfer.
Post: Intentional Tenant Damage / Alternative Eviction Options
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Quote from @Bryan Normal:
Quote from @John Underwood:
Quote from @Bryan Normal:
Quote from @John Underwood:
For squatters I call the police. They put the person/s on No Tresspass, if they come back they can be arrested.
Wish it were that easy; have gone to the house twice with police, they just keep saying it's a "civil situation" and therefore they don't get actively involved. Also, since I bought the house with squatters in it, they technically are "residents", which is semantics. I almost had them all out where I was going to quickly change locks and screw shut windows, but the head drug guy showed up and my opportunity closed.
Fairly certain at this point I need to make sure if they damage the place it is vandalism under insurance. Not sure I have many other options
Are the utilities turned on?
If not call code enforcement. They can condemned the house as it is not habitable without utilities. They can set any occupants out with a 24 hour notice.
You change the locks turn on utilities and they un-condem the house.
I have had to do this a couple times.
Utilities are all on (squatters are paying for them), and the place is actually half-way decent inside. Kitchen is clean, living room clean... Some of the bedrooms and baths need work but it's nice I guess for a drug house.
I guess I could try to get the utilities turned off somehow but I think those are all covered rights of the "residents"... Someone once suggested to me that I should rent a skidsteer and "accidentally" hit the gas line outside. Haven't put much thought into that, but given my limited options with a druglord threatening to cause heavy property damage, it could be considered more.
Don't worry about the damage, not sure you can avoid it or he is just threatening to keep a place for free. Don't let him bully you.
Post: Looking for a local REI club in OKC
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Post: New to Real estate investing, tips?
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59
Quote from @Jeffrey Bollo:
Quote from @Caleb Brown:
I would house hack initially. Gives you a taste of investing. Could be a multi family. Or a single family that's turn key or needs rehab. You could start with 3.5% down on a FHA loan. Personally my house hack needed rehab. I am finishing the rehab and will be able to pull a HELOC for another deal.
I’ve seen many people say this, and I’m definitely going to pursue that path. But I think I will hold off on house hacking because I am currently living with my parents not paying rent, only my food and light. I feel like It would save me more money
If you study house hacking, you will see that it's basically free for you to live there. It's a good way to get in the RE investing world. Parents home is comfortable, but you will do better if you step away from comfortable.
Post: Looking for a local REI club in OKC
- Flipper/Rehabber
- Houston, TX
- Posts 87
- Votes 59