|Download PDF September Real Estate Investors Newsletter 2018|
In This Issue:
- Another way to sell your home
- Monthly 1st Tuesdays Sheriffs Sale News.
- New Mobile Home Park Project Update.
- Interesting Real Estate Tid-Bits.
Another way to sell your houses.
Rent-To-Own: You have a house you need to sell, but people want to rent it, or the potential buyer’s credit score is a little low. There is a company that will buy your house and lease it to the prospect. The renter can choose to buy the house at any time in the next 3-years, or move out, their choice. From your point of view, it is a cash sale. The home and the prospective renter will both need to qualify for the program.
- Move in ready houses.
- Located in an excellent school district.
- The house must be listed on the MLS
- The renter needs to use a real estate agent.
- Renter must have a minimum household income $50,000.
If you have questions, call me. If you have a person wanting to rent with the option to buy a house? Have them call me. I will e-mail them a link where they can apply for the program so that they can get pre-approved. The potential renter, looks at a house listed for sale that they would like to rent, the rent-to-own company will make a cash offer to buy the (your) house, they close on the property becoming the new owner, and the house gets leased to the client.
Tell the potential renter to go to www.homepartners.com when the program asks for your real estate agent information, use my name James (Jim) Glasgow #0644440 If you are a real estate agent you can register yourself as an agent. Alternatively, send me their name and email address, and I will email them an invitation to register for the program.
For homeowners wanting to sell a home, this gives you one more way to make a sale.
News from The Monthly Tax-Auction
I did not win any bids at the August tax sale auction. I bid on 4-properties and was outbid each time. An investor won the bidding on a condo located in the Farmington Commons condos complex on Eisenhower road, it went for $95,000 it is worth $139,000 a good deal.
Only about a third of the listed properties make it to the auction. If you decide to bid don’t forget to register in advance.
The upcoming September Sale has 36 properties on the list. To get the list see the Express-News on Fridays (business section) or at http://taxsales.lgbs.com type in Bexar County. Pre-register at the sheriff’s office.
Articles on Tax auctions: look through the post on our website for my post on Tax Auctions. Read more
3. Mobile Home Park Development Update
Palace Way Senior Life-Style Mobile Home Park development in San Antonio. Investors Wanted!
The public hearing for re-zoning is in September. The architect and engineer are working the
park design. If you are interested in investing call me.
- The average investor is investing of $100,000
- Investors get a preferred return of 8%, plus 5% of the free cash flow on each $150,000 invested providing 15% average annual returns.
- Total Project cost $4,500,000
- We are raising $1,35 mil. To $1.5 mil. in equity.
- Our Annual revenue projection at full lease up is $920,000 with net operating income of $580,000
- We anticipate holding the investment for 5-7 years.
- If the project is sold at the end of year five at a 6.5% cap rate, investors return on the sale would be an 80% of cash invested.
Email me to get on our investors list for making an investment when the zoning is approved. Early investors get the best deal. Read more about Mobile Home Park Investing.
Interesting Real Estate Tid-Bits
Evictions: There are almost 10,000 Evictions in San Antonio each year. Most of these are because people do not pay their rent. However, some are because landlords do not maintain the property and tenants withhold rent trying to force repairs, withholding rent is not allowed in Texas.
You landlords, it is cheaper to repair your properties then having vacancies. Remember that a good tenant is the asset and the empty house is a financial liability.
Know the law https://www.texasattorneygeneral.gov/cpd/tenant-rights.
Median rent $1.15: The median rent is now $1.15 per square foot. If your rental house is not bringing in a minimum of $1.00 a square foot, you might be undercharging. Don’t leave money on the table, Google, rentals in your zip code.
Flips: Nationwide the average flip profit is $69,500. Flippers are financing 36% of the projects for the initial purchase. Flippers are paying more to get the houses, making less return on investment on each deal, and they are financing more of the projects. All this adds up to flippers are dealing with higher priced properties and taking more risk.
Editor: Jim E. Glasgow210-413-7230
Do you need a good title company that is responsive to your needs?
Branch Operations Manager / Escrow Officer
19243 FM 2252 Ste. 100
Garden Ridge, TX 78266
O (210) 780-4849 | F (210) 568-4178