All Forum Posts by: Ronnie Sparrow

Is anyone interested in investing in Houston teardowns? Some areas are really hot for teardowns here in Houston and we are looking at several possible deals now.

Welcome Mark I live here in Spring. My wife and I invest for buy and holds. We also wholesale properties that do not fit out business model. We have two wholesale deals now and another one coming up in a week or so. If interested feel free to contact me or visit our site and contact me that way. Take card and talk to you soon.

So now he wants me to increase my assignment fee so that the closing costs will be covered. So my fee is $5,000 he wants me to increase the fee by $5,500 so that I can give him back the difference at closing to cover the closing costs. Is this the norm? I do not have a good feeling about this. Can you guys give me suggestions on how to proceed or should I just go on to the next buyer.

I am puzzled by what this buyer wants me to do. I have a wholesale deal under contract with X as the buyer. He has been telling me that he is the end buyer for the last two days know. So I meet him at the title company today so he can sign the assignment fee contract which is $5,000 to me at closing. He wants me to put someone else's name on the assignment contract say the name Y. This is some i dont even know or have net even met. He says that person Y is going to assign the contract to him and he will close. So it looks like he wants to do a double assignment and then pull out money at closing. All this sounds very fishy to me so I told him no way. He led me along thinking that he was going to close on it, then at the title company he wants to do a double assignment. WTF!

Single family home in Texas City for 16k. 1,200 Sqft. Needs work, contact me if interested.

I currently have a deal under contract in Texas City. It's. a. 2 bedroom 1 bath house for 16k.  Contact me if you are interested. 281.468.2601 Ronnie

Wesley do you have the Pay-off amount from the lender?Must be in writing from the lender or attorney.

I agree with Michael, My golden rule is never pay too much for the property. There must be equity in the deal when you buy. Never assume that the value is going to rise because you cannot trust in that way of thinking. Find the deals that already have equity in them, how much equity is up to you. All my properties have had 30% equity or more when I purchased them.

Melvin, Welcome to Bigger Pockets. This is a great place to learn by asking questions. I live here in Spring, Texas and my wife and I have been in real estate investing since 2010. We formed a company called RLS Home Investments, LLC. Our business model is to buy and hold, basically Landlords. We now own 6 single family homes here in Spring which generates $3,500 of cashflow or profit each month. I would love to meet you and talk to you about your goals and ideas that you have about real estate investing. I am sure that we can help each other.

Look at all your numbers for option A. If you can make a profit over the mortgage and expenses the why not go for it. You need to do you due diligence and look at all your expenses including your purchase price, closing costs, escrow, principal.. How are you purchasing. Is it all cash, is it 20% down. 10% down. How much do you have as liquid to spend. What are your long term goals? Do you want to keep investing? All of these questions are part of your current decision. Be careful!