All Forum Posts by: Teresa DelaMater

I have a family member who would like to invest in my first flip. What are some typical terms for private lending that I could propose? My only experience purchasing real estate so far is for my primary residence using a bank. Ideally, he would put up the money for the purchase and rehab costs, I’d run the project and then pay him back plus profit after selling it. I just don’t know what kind of payback to propose. A flat dollar amount or interest rate on the money he put in, or a percentage of the profit? Or some combination of that? I’m just looking for some examples. Thanks!

I recently drove past a house that appears abandoned, and when I looked it up on the appraisal district website, it shows that it has been owned by the county for the last 7 years. There is a small amount of back taxes owed on it as well. How would I go about making an offer on this house? To my knowledge, it's not scheduled to be auctioned. And what is common for a purchase price for something like that? Would I just need to pay the taxes owed? Or market value? Somewhere in between? Thanks!

Blue would look nice on this house.

Sorry, I just reread that it's a refinance, not a purchase.

Justin Joseph you may be able to sell the survey to whoever ends up buying the house if you back out. I did that once, and the title company they used just issued me a check after they closed. You just have to let the selling agent (if there is one) know that you have it.

There are plenty of neighborhoods in Houston that don't have an HOA. Many areas around southeast Houston don't have them. Areas around Hobby Airport, Almeda Mall, Sagemont, and into the cities of South Houston and Pasadena. Of course, any newer pocket neighborhoods that been built in these areas will likely have an HOA, but the older ones probably won't.

Joseph Venne what fuel is it designed for? Make sure you're not putting propane in a natural gas boiler or vice versa.

Maybe you could just stage the old breakfast area as a little sitting area with a couple of fluffy chairs and a small end table. Someplace to enjoy a cup of coffee in the morning. Or in my case, Dr Pepper since I can't stand coffee! : )

The old breakfast area is kind of a tricky space. If it weren't for that floor height difference between there and the kitchen, I would suggest moving the patio doors to the adjacent wall in place of the window, and extending the kitchen into that space, adding more cabinets along the back wall and a nice big island. But I'm not sure how that would work with the change in floor height. And I wouldn't add a railing under the loft. I think it would look closed in, which is the opposite of what you were going for. Also, I can't quite see clearly in the pictures, but is the structure supported properly at the intersection of where the two walls were removed? It kind of seems like there should be a column there. Hopefully a load-bearing wall wasn't removed without being resupported somehow.

That's a very good point, @Steve Vaughan  I definitely want to set myself apart. And @Baltazar Camacho I will let you know when I find something. Thanks!