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Category Archives: Purchases

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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Planning for the Nash Renovation

Lee and Jennifer are ready to work!

Now that we’re officially working on the Nash house, it’s time to start making a plan. It always helps to have another set of eyes to look at a potential renovation, and a real estate specialist familiar with the local market is a really good choice, because they know what sells in the area and what renovations that might work in one place won’t be so great where you are.

So, our first thought was to get in touch with Jennifer Young, who is doing such a great job with our Washington house, and who has managed to find the perfect new owners for Travis 1. I enjoyed working with her on Washington, and it was so great to have an on-site project manager to check on things and manage issues as they come up.

She was delighted to come meet with us and bounce ideas around with us for the Nash house, and has agreed to do the project management again, in addition to getting a sales commission when we eventually sell.

But first

Before we can resell a house, we have to renovate it. We had lots of ideas for what we can do, but those ideas have to allow us to make a profit. Here’s some of what we are thinking, with photos of a lot of the “before” areas:

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Nash! Our New Project!

Welcome! Come in, unless you are allergic to mildew.

[This post is really by Sue Ann, but she had to log on as Lee, because she’s using his computer. She brilliantly left her laptop in Austin. That makes it hard to get work done!]

We are pleased as punch to say that we finally own the Nash house, otherwise known as “Aunty’s House.” Our friends who showed it to us in February were hoping to quickly sell it to us, but legal and financial things happened and it took a while. However, Lee went over and signed all the closing papers yesterday, and I signed some today (and got to talk to my friend, Liz!), and it’s ours as soon as it funds. The previous owners also have one more thing to sign, but we feel safe to say we now have another Hermits’ Rest Enterprises house to work on in Cameron.

There is cuteness here. The owners are getting the things they want to keep this weekend.

While the house is cute as heck, we will have some work to do on it, and some decisions to make. There are a lot of original features we are considering keeping, such as cork tile floors and cheerful tile in the kitchen (yellow) and bathroom (pink). We even found some spare pink tiles. By the way, if you’ve never walked on cork floors, you should some time. They are quiet and very warm in the winter. I love them.

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Ups and Downs

Can’t resist more Washington photos. Look at that back yard!

Ups and downs are normal in this business, especially the very cautious way we’re doing it. We just don’t buy on a whim, and need to make a profit when we sell, so we don’t take every offer.

It’s more of an “up” right now, but it’s a cautious one. Thus, we aren’t talking a lot about what’s going on, but here’s a quick project run-down for the Austin and Cameron businesses:

The Travis 2 house in Cameron, where Mandi used to live, is out of the option period and scheduled for closing soon. It’s going to be a law office/home!

Russet Valley in Cedar Park is in the option period with another full-price offer. We’re hoping this one goes smoothly. It gets inspected today. With improved landscaping, it’s showing well.

I also can’t resist sharing this all-new kitchen again. It was SO dim before.

Washington in Cameron has already had a few showings, with very positive feedback on our rehab. It’s a small house, bedroom-wise, so the buyer will need to be okay with that.

Meadow Arbor 1 in Universal City just went on the market, but we already have lots of showings scheduled. Carol said her phone was blowing up all day yesterday!

The Nash house/Aunty House in Cameron is moving forward and will close soon (it’s our next rehab).

The Gillis house paperwork issues are closer to getting taken care of, and we look forward to converting it into our personal assistance service office, with an apartment above.

This is all we’re officially working on, though Carol is working on a couple of deals, including one she and Russell may do as a homestead flip. Fun Times!

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