Rental Property Investor · Houston, TX · Member since 2019 · 16 posts · 0 votes
G morning guys, my name is Jeffrey Fawaz living in Houston. I’m a full time real estate broker and developer and getting ready to buy my first multifamily building. For all of you who are experienced out there and have had results, can you tell me if you had to choose just one way to find deals, what would it be and what was your success stories?
I’ve come to notice that houston is flooded with overpriced properties and not really sure where to go from here.
I’ve been looking for quite some time now with no success and would like to know how do you suggest I go from here.
Like Jaysen, recommended try looking at the markets just outside of Houston or other tertiary markets in Texas that have strong fundamentals. It's best if they are within an hour from a major, strong and growing city as well.
But to answer your question, most of it is going to come through broker relationships and it is going to just take a lot of time and patience before you find anything that makes sense.
Like Jaysen, recommended try looking at the markets just outside of Houston or other tertiary markets in Texas that have strong fundamentals. It's best if they are within an hour from a major, strong and growing city as well.
But to answer your question, most of it is going to come through broker relationships and it is going to just take a lot of time and patience before you find anything that makes sense.
If I had just one way, and one way only, then I guess it would have to be networking. Drink a lot of brewed beverages with fellow BP members here in the local area, attend a lot of meet-ups, and pass out a lot of business cards.
If two heads/sets of eyes are better than one, then imagine having dozens and dozens of heads/sets of eyes out there, keeping an eye open for whatever it is you may be looking for.
Want to echo Mark on this one. I hear there are a lot of good development opportunities right now. Have you looked into that and could you partner with some investors to do a development deal?
Not to beat this topic to death, but just another word on the value of networking.... I just attended a local meet up this morning at Quest Trust Co, and guess who was there -- some guy with a 16-unit MF family opportunity in Galveston.
And that guy told me that he used to be a pro member here at BP. I told him to be more active here on BP, as I see somebody here just about daily looking for MF deals in this area.
@Account Closed I own 7 multifamilies inside Houston. For anything 14 units or less it can be posted on the MLS. On those you can set up an alert to shoot you any deals that are posted in that range. On larger deals you can work with brokers. The best bet is to create a list of contacts and just follow up every week. I have a rolodex of contacts that I am networking with every week. When you are getting started don't limit yourself to one strategy. I would recommend hitting all avenues until you find a deal.
Unfortunately a lot of the properties I’m looking at (where the numbers make sense) have a very high amount of evictions and delinquencies in rent payment. How do you overcome this issue?
Get on FB at 9:30 am or so, on Tuesday AM, find Quest Trust Co and tune in to the live video. Sit through it (or not) and wait for the deal pitch session at the end -- that will be about 10:30 AM.
@Account Closed brokers are typically the best way to get a deal nowadays. If you come across professional, there is a good chance you can get to some of their pocket listings pretty quick on 10 unit deals.
@Account Closed that brokers will be your best source of off-deals. You should come prepared with a specific list of parameters that you look for (unit mix, cap rate, rent per unit, etc.) and follow up with them every few weeks.
A good way to find brokers is to start with the big companies (CBRE, Marcus, etc.) and download OM's from their website on similar properties to what you're looking for.
@Account Closed many good suggestions above and would just try to search service (SourceList,etc) for our of the state investor who own their properties for 10 or more years (usually means that their loan is paid off)