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Category Archives: Purchases

At Long Last the Gillis House (Pope Residence) Is Officially Ours

You just don’t know how long I’ve been waiting to write this post! (To be exact, 13 months.) But, as of December 12, 2019, the house behind our former church building is officially a part of our Hermits’ Rest Enterprises properties. We seem to be the champions of extended contracts and protracted closings! But it’s done! Sometimes it takes a while to do a good deed, but we did it.

The old Pope Residence. We call it the Gillis house.

We’ve had this house under contract since November of last year, according to our web page about it (which, by the way, I still can’t edit, because the PHP isn’t updated). We have been paying the mortgage for the former owner’s family, so that it would not go into foreclosure. They need the money from the sale to help the lovely elderly woman who used to live there, but just couldn’t deal with the stairs, maintenance, etc.

We honestly thought we would close last January, but you know how title searches, legal issues, complications and such can happen, along with vacations and illnesses of various parties. It’s okay, though, now is about the time we were wanting to start working on it, anyway.

We are so glad to have been able to help this family move forward, and even more glad to own a historic Cameron property! Here are a few more pictures of the interior. We will be sharing a LOT more now that we actually own the property.

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Coming Up with Ideas for Nash

Have they reached an impasse?

We’ve been debating the extent to which we want to renovate the Nash house. I’d been talking to Anita about it, and we realized it might work out with her long term plans. She might be able to buy it and then we work out a deal for doing the renovation. After that, she’d have a rental property bringing in monthly income, and a backup plan if we have to exit Austin in a few years.

Uh-oh, they are gesticulating.

So, she came up to see us yesterday to look at the house. We went all over it, discussed what to do with all the furniture and stuff that’s still there, and decided a sage green, dark green and white color scheme might look nice.

Anita particularly loved the huge oak and pecan trees, as well as all the cool houses in the neighborhood.

These two are too old to communicate this way. Turn around!

Then she and Lee discussed options. They exchanged ideas and did keen negotiating.

Once I realized it had devolved into modern conversation, where they talk through their phones even when they are in person, I declared it time to go eat.

Now Anita is thinking. That’s a good idea, we believe. She’s a city girl, but from her house Temple is only 30 minutes, and College Station is less than an hour. Commutes within Austin are longer than that! It’s a thought.

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Business Is Slower, But That’s Okay

I can wait. It’s okay.

It seems there are fewer and fewer viable deals in the marketplace these days. While the prices of retail housing are probably sustainable given the lack of inventory, that same lack of inventory is driving the cost of the houses we buy and renovate higher and higher—to the point where we have trouble finding houses we can profitably renovate.

I’m good with that.

Just last week I looked at a house that suffered from a lot of deferred maintenance. Based on the after repair value (ARV), I figured I could offer about $15,000 less than the asking price, which was itself under market. That afternoon, my Realtor® friend let me know she already had an offer only $3,000 less than the asking price. “Congratulations,” I said. “I am really happy for your seller.”

How Is That Possible?

So how was that $12,000 gap possible? Was the buyer a retail buyer? Were they looking for a low-end homestead?

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Q&A: OPM and Effort

Argue for your limitations and you get to keep them.

Mindset plays a big role in business. What you can do is most limited by what you think you can do.

I try to answer your questions openly and honestly. This post originated with a reader question:

Is there a way to buy into the market of homes that are up for auction an or tax liens without using my own money and doing the remodel myself and having a real estate agent do the marketing for it?

There are really three—maybe four—questions expressed here:

  • Can I have a real estate agent do the marketing for me?
  • Can I buy a house at auction or from tax liens without using my own money?
  • Can I renovate a house using other people’s money if I don’t do the renovation work myself?
  • Can I renovate a house myself using other people’s money?

The answer to each of these questions individually is a resounding “Yes!” The answer when you start stacking them becomes increasingly less certain until it finally results in, “Well…maybe?” I don’t like to argue for limitations, but it depends on your reputation and how persuasive you can be. Luck does not play a big role in business. Continue reading →

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A Property Near Houston

18 Sarita RD

18 Sarita RD, Angleton
4BR/2BA on a pie-shaped lot

It looks like we have another property to offer to a savvy buyer. We recently acquired a property whose owners needed to move quickly to live near their relatives. They did not have the time or inclination for a full renovation, and we don’t have any strong desire to work on a property in the Houston area.

So, we are hoping one of our real estate redevelopment friends would be interested in a wholesale purchase from us.

The house is in Angleton, Texas, and in a pleasant neighborhood with homes in good shape around it. It could be turned into a rental property with little investment (paint and flooring upgrades), or completely renovated for a good profit. To sell at retail would require taking care of some deferred maintenance issues.

Visit the page for the house for more details, or contact Lee at lee@heartshomeshands.com to schedule a call.

 

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