All Forum Posts by: Tyron McDaniel

You basically want to find a builder that will do your project at cost, plus. There are some Owner Builder and Builder Assisted programs that can assist you in this process and it can be seamless and hassle free with your having already done the hard parts (securing financing and land)

Ideally you can find a builder who will do your project at a certain dollar amount a square footage which I am sure there are several in the Austin area.

Right around Thanksgiving we bought a deal from a local wholesaler in a key area where we buy property in many cases sight unseen! Before we finished rehabbing that deal I sent out 200 postcards to the addresses within 2 miles of our property and only got 1 call.

Lo and behold on Wednesday, the phone rings and it's a person who got our postcard, been holding onto it and FINALLY decided they were going to get rid of this property... After it's been vacant for 5 YEARS and no payments to B of A (amazing how in a market like Houston, the banks still have mortgages where people are YEARS behind... utterly amazing! I gotta create a business large enough for a BAIL OUT!)

From the looks of things, B of A has sold the loan as a Non Performing Loan to Green Tree Financial so we are gearing up for a Short Sale with them (anyone dealt with them before)...

(Doesn't look like this place been vacant for 5 years huh?)

 WOW Keith...

Good to see you rocking and rolling man! And with the 3 lots approved to go and 1 of them under contract, that officially makes you THE MAN! Great job!

 That pretty much sums up what I have been considering although I will most likely have my own GC oversee it for me! Thx

I am sure there is a something I am missing but it seems to me that no builders are constructing small multi family anymore! Here in Houston there are HUGE apartments going up everywhere but they are all Class A and overpriced while the entry level, bread & butter renter has only outdated 2-4 plexes built from the 50-70's...

What are your thoughts...

Hey @Candice Rogers

It's generally a good idea to meet with a Hard Money Lender and get qualified as well to see what loan programs they have available for you. Find the deal, the money will follow!

How did I miss this...

 Hey Gabriel, the $2k is an estimate for handling the paperwork and minor repairs needed; I have yet to see a situation where a motivated seller of a multifamily property has gotten rid of a property that needed next to nothing but maybe this deal is one of those. 

It's not too good to be true...

It will cost you 3 months plus ($2,000 or more) repairs to get it fully rented out. If he is behind 3 months, I'm sure there is some vacancy and disrepair but it looks to be a nice deal although it seems to have really cheap rents which depending on the area and condition, with some updating you should be able to increase the rents. 

Hey Chris, 

As seeing how we share the same last name AND are in the Houston, how can I not reach out. Inbox me the particulars and I will respond my friend!