Rental Property Investor · Houston, TX · Member since 2015 · 75 posts · 66 votes
Howdy BP,
I am a real estate investor in Houston Texas and started full-time investing in 2013. I started a wholesaling and flipping company that has closed nearly 500 deals. I sold that company in September '18 and started buying small multifamily.
A couple of friends of mine recommended I start regularly posting here on BP. So I thought I would start this thread and see where it goes. Ask Me Anything, hopefully it is real estate related.
For someone looking to get started soon, if you had to redo it all again would you still start by wholesaling and flipping? I actually kind of want to follow the path you did. Flip at first then transition into rentals once i get some capital
I just closed this one with a partner. He gets 9% interest and 30% equity. Ill cash flow 900/month and have no money in the deal
Jason, on this deal, do you repay the full loan or 70%, as the lender maintains 30% equity in the deal. Do you have more details on how this is structured?
Thanks for your willingness to share! Did you ever hold SFRs as long term rentals?
Yes, typical hold time was around 2 years. We did not keep that many.
-JB
Did you 1031 or eat the capital gains?
I wish 1031's worked as well as the do in a seminar. The challenge is selling your rentals, and getting max value, while identifying the next property.
Thanks for your willingness to share! Did you ever hold SFRs as long term rentals?
Yes, typical hold time was around 2 years. We did not keep that many.
-JB
Did you 1031 or eat the capital gains?
I wish 1031's worked as well as the do in a seminar. The challenge is selling your rentals, and getting max value, while identifying the next property.
Honestly that doesn’t surprise me. I’m guessing I will have to slowly offload my properties in order to get my capital back out.
Thanks for your willingness to share! Did you ever hold SFRs as long term rentals?
Yes, typical hold time was around 2 years. We did not keep that many.
-JB
Did you 1031 or eat the capital gains?
I wish 1031's worked as well as the do in a seminar. The challenge is selling your rentals, and getting max value, while identifying the next property.
Honestly that doesn’t surprise me. I’m guessing I will have to slowly offload my properties in order to get my capital back out.
Do you have any regrets moving the multi?
I can buy MF fast enough. In the last six months I am under contract or have close 6 duplexes, 13, 27, 120 unit. I am also closing 3 and 4 unit for airbnb.
For someone looking to get started soon, if you had to redo it all again would you still start by wholesaling and flipping? I actually kind of want to follow the path you did. Flip at first then transition into rentals once i get some capital
For someone looking to get started soon, if you had to redo it all again would you still start by wholesaling and flipping? I actually kind of want to follow the path you did. Flip at first then transition into rentals once i get some capital
I would have gone right into rentals. Find partners and build wealth. Id be worth tens of millions more if I just went right after rentals. Just partner for the capital.
Beginner looking for multi family. I’ve targeted saint Louis as I have family there and my home state of Colorado is too expensive
Expensive is a relative term. I'd first look for a landlord friendly state, I am not an expert in CO but I believe it is, and then buy. If it cash flows with a DSCR of at least 1.4, go get it.
For someone looking to get started soon, if you had to redo it all again would you still start by wholesaling and flipping? I actually kind of want to follow the path you did. Flip at first then transition into rentals once i get some capital
I just closed this one with a partner. He gets 9% interest and 30% equity. Ill cash flow 900/month and have no money in the deal
I grew up in north Houston (Spring), and have considered investing around there since I know it. H-town's definitely not a small place, do you focus in a certain area?
I grew up in north Houston (Spring), and have considered investing around there since I know it. H-town's definitely not a small place, do you focus in a certain area?
Absolutely, this market is way too big to not focus on a submarket. Its one of the biggest reasons people fail in this city.