Houston, TX · Member since 2013 · 11 posts · 1 vote
Hello,
I am looking for a realtor that specializes in finding distressed properties to rehab and to either flip or hold as rentals in the following areas of Houston; Sugar Land, West Houston, Katy, Cypress, Northwest Houston.
I'll let you know however thatI am new to house flipping, but ready and eager to learn and review available properties. Please contact me if you have any recommendations of realtors in this area of Houston. Currently, I own a rental property in Richmond, TX (not a flip BTW) and am very interested to increase my portfolio.
I would appreciate any recommendations for general contractors in the area as well.
I don't mean to be negative, but since about 98% of agents are retail oriented it is extremely difficult to find an agent to bring you flip houses. An agent to find rental properties is more practical and yet still very difficult.
You'll be much more successful monetarily finding properties yourself. You do the searching and comps yourself and prepare your offer. Then find a Realator who will simply email your offer (read: "do no work") for 1/2% to 1% and rebate the remaining commission to you.
You can also use Wholesalers but they are just a little better than RE agents for finding deals and generally much more dishonest (some must be honest but I haven't found one. Read: BEWARE)
I started 21 months ago. I own 7 rentals in Richmond and 1 in Sugar Land. I've done 7 flips in the area. I wasted a lot of time with RE agents who generally had poor deals for this investor. (There is a strong tendency for agents to keep good deals for themselves and family, I hear. )
I don't mean to be negative, but since about 98% of agents are retail oriented it is extremely difficult to find an agent to bring you flip houses. An agent to find rental properties is more practical and yet still very difficult.
You'll be much more successful monetarily finding properties yourself. You do the searching and comps yourself and prepare your offer. Then find a Realator who will simply email your offer (read: "do no work") for 1/2% to 1% and rebate the remaining commission to you.
You can also use Wholesalers but they are just a little better than RE agents for finding deals and generally much more dishonest (some must be honest but I haven't found one. Read: BEWARE)
I started 21 months ago. I own 7 rentals in Richmond and 1 in Sugar Land. I've done 7 flips in the area. I wasted a lot of time with RE agents who generally had poor deals for this investor. (There is a strong tendency for agents to keep good deals for themselves and family, I hear. )
@Veena R. I would be more than happy to help you. I am a RE agent but do what you are looking for on the side for myself and friends. However, I will let you know alot of the Flip deals I find are not meeting the ARV*70%-repairs numbers that alot mention on here. They are tighter than that, and you need to work them. To make the numbers mentioned above you have to almost Wholesale a deal yourself.
Let me know if there is anything I can help you with.
You will learn MUCH more about what things really cost if you act as the general contractor instead of hiring one. When you learn what they are really paying per square foot for LABOR for tile instalation, backsplash installation, granite installation, painting, carpet installation, etc. you will be shocked at how low it is. Finding material costs to add to the labor is easy for anyone. After you know what things really cost you can negotiate to pay cost plus a MANAGEMENT FEE. This can save you thousands. A professional flipper likely pays about half what a new investor will pay for the exact same work.
@Robert Haney Thanks so much for your advice, it is much appreciated. Wow, you have really done well for yourself in under 2 years!! Good luck to you for the future!
@Justin Jarmon Thank you for your reply, will surely reach out to you if needed.
You will learn MUCH more about what things really cost if you act as the general contractor instead of hiring one. When you learn what they are really paying per square foot for LABOR for tile instalation, backsplash installation, granite installation, painting, carpet installation, etc. you will be shocked at how low it is. Finding material costs to add to the labor is easy for anyone. After you know what things really cost you can negotiate to pay cost plus a MANAGEMENT FEE. This can save you thousands. A professional flipper likely pays about half what a new investor will pay for the exact same work.
Very good point Robert. I plan to try to be as hands on as possible with my first renovation in order to understand the costs as much detail as possible, with the goal of being able to negotiate with contractors more effectively in the future.