New Investor from Houston - BP Pandemic

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New Investor from Houston - BP Pandemic

Matt Kampf
Houston, TX · Member since 2016 · 38 posts · 15 votes
Dear BP, I just wanted to extend my thanks and gratitude. Ever since visiting the BP site my computer has become infected with the BP virus! My web browsers is constantly open to a myriad of Windows from MLS listings to area maps, calculators, YouTube videos, hard money sites and so on! 24/7 I can't even shut it down anymore cause it just takes to long to bring all that info back up. Recently it has assimilated my email with correspondence from meet ups and other people suffering from the same occurrence. My phone is also going through the same thing. Now I'm getting alerts to keywords at all hours of the night. My wife is in the same boat as me. Now we believe it's gotten to the car, causing many midnight drives to neighborhoods in our farm. It's lead to meeting in the pouring rain where other people braved the rough weather to get their fix. Hi my name is Matt, and I'm a Real estate addict. I've been using about a year now and am ready for my fix....and flip. My wife and I have two deals we are pulling the trigger on. Waiting to hear back from HML on the first for proof of funds on a SFH. The second we just found today on a bike ride through the neighborhood behind us and it also looks good. In all sincerity my wife and I would like to thank all the wonderful folks in the BP community for the inspiration, the podcasts and the priceless info and education that this community has to offer. May all of your endeavors be prosperous! RTBA!
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Carlton PerkinsPro Member
Real Estate Investor · Houston, TX · Member since 2016 · 36 posts · 12 votes
10y
Hello Matt!!! How can I catch this? C. Perkins
2Reply
See this reply in the discussion

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  • Santos Collantes
    Investor · Houston, TX · Member since 2015 · 97 posts · 25 votes
    10y

    Hilarious!!! BP is awesome! Congrats on your deals. Hope the best for ya'll in your real estate journey!

    1Reply
  • Matt Kampf
    OP
    Houston, TX · Member since 2016 · 38 posts · 15 votes
    10y
    Thanks a bunch Santos! This virus also has me speaking a foreign language. Now and all my friends and family keep giving my wife and I strange looks. They don't understand this lingo of acronyms and numbers. Is this a common syndrome?
    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello and   I.  am glad to hear from you at BP!  I am glad to hear that your wife has even got the fever.  I am 59 years old and I found BP about 6 months ago and I am still trying to decide what to do.  There are a few things that I will remind you of since you are allready an inestor.  You know that market selection and picking good locations within that makes  both important.  Do not try to do everything yourself.  Have an experienced Team member group that are trustworthy and have your success on their mind.  A good Inspector may make sure you saw everything.  Capital expenses could add up.  Always do the numbers and make an inspection of the property before you make an offer.  Let the seller know why you are lower than the asking price and make sure they understand.I graduated from college with a business degree that emphasized real estate.  That same year that I graduated, in 1980, I got a broker license because my degree qualified me.

    Regardless of what I had I felt more comfortable in the construction business.  I have been in the construction business since I was 17.  My father has been in the real estate business for about 35 years and he has taught me a little bit.  Just be patient and consistent.  Just keep on going even if you make a mistake.  If you think that I can help you please contact me at any time through BP.  Good luck!

    1Reply
  • Matt Kampf
    OP
    Houston, TX · Member since 2016 · 38 posts · 15 votes
    10y
    Michael Lee , thanks for all the great tips! Will definitely keep that in mind as we move forward. I agree that due diligence is extremely important. That first prosperity is requiring proof of funds before they'll allow an offer since it's a VA (Veterans Affairs) loan foreclosure by the previous owner. Did a walk through of property for base rehab estimates and noticed some some problems but yes we will want an inspector out there as well as mold remediation estimates. The second property we got to peek through the window and it looks like less of a rehab and more of a face lift but won't know for sure until we can see the inside with our realtor. Any tips for dealing with a HML? Thanks again!
    0Reply
  • Carlton PerkinsPro Member
    Real Estate Investor · Houston, TX · Member since 2016 · 36 posts · 12 votes
    10y
    Hello Matt!!! How can I catch this? C. Perkins
    2Reply
  • Matt Kampf
    OP
    Houston, TX · Member since 2016 · 38 posts · 15 votes
    10y
    Carlton Perkins Think like the Borg from Star Trek and begin assimilating all the data and free learning materials this site has to offer. Resistance is futile. The beginners guide to real estate investment was where the virus begins. The podcasts as well. Soak it in like a sponge. Look in the mirror and come to the realization of all the opportunities waiting for you out there. Find your freedom number. Reverse engineer from there. If you want to make X amount of dollars per year, how much do you need per quarter. How many fix or flips or buy and hold rentals in your criteria will be needed per quarter to meet that number. Know your criteria and find your farm area. My wife and I stared with google maps (not the lite version but the one you can edit) from there I created a 10 mile radius from my current residence. Once that was established I found which zip codes where in that grid. Then did an MLS search for neighborhoods that met our criteria and went from there. Got the real estate agent that sold out first house to start finding for closures or quick sells in said areas. He even found us properties we missed or overlooked. MLS only gets you so much. Wholesalers lists are also an option if you can get on a buyers list with one in your area. Check out Meetup app for REI groups in your area. There are tons in the Houston area and many are free. I'd caution against groups selling you something. A lot of the info they sell you can check out here on BP. Research your funding options. Know what you're looking for or ask like we've been doing. It's great on the job training so to speak. Having just closed down my own restaurant after three years I'm happy to say this new passion of mine has helped revitalize my entrepreneur mindset. Learning about real estate has been my obsession for the past year and that path lead me to BP. The journey of a thousand miles begins with a single step and by the looks of things I'm in good company. Just admit to yourself you have a problem Mr. Perkins and the rest will come! ;)
    1Reply
  • Carlton PerkinsPro Member
    Real Estate Investor · Houston, TX · Member since 2016 · 36 posts · 12 votes
    10y
    Matt, Can we talk about this in more detail?
    1Reply
  • Santos Collantes
    Investor · Houston, TX · Member since 2015 · 97 posts · 25 votes
    10y

    My name is Santos, and i am also an addict! I admit I have a problem. Lol!

    Matt, your intro is the funniest piece I have read here on BP. I can't stop laughing throug out the day when I think about it. I wish there was a way to share with other people here.

    @Matt Kampf great counsel! Very detailed info. Thanks for sharing!

    1Reply
  • Billy Runyan
    Residential Real Estate Broker · Henderson, NV · Member since 2015 · 81 posts · 36 votes
    10y

    No matter what, always call a licensed remediation expert for those tough jobs!  LOL!

    1Reply
  • Matt Kampf
    OP
    Houston, TX · Member since 2016 · 38 posts · 15 votes
    10y

    @Billy Runyan yes sir indeed! I think that is the first thing to have looked at once our feasibility period begins. Mold top of the list! Especially in Houston. Waiting to hear back from the HML hopefully by today.

    @Santos Collantes thanks bud! Glad to bring a smile to your day! 

    1Reply
  • Matt Kampf
    OP
    Houston, TX · Member since 2016 · 38 posts · 15 votes
    10y

    Update- Another day and another step closer to our first deal!

    The paperwork exchange between realtor and lender is in the works and we should be able to submit an offer by the end of the week!

    Then comes the negotiations for accepting the offer and our feasibility period to make sure this thing doesn't break our rehab estimates and scuttle the deal.

    No problems though since the Lender gave the thumbs up to sending them over the numbers on the second property for approval. Always helps the nervous waiting game to have a back up in mind.

    We're in the pipe 5x5!

    0Reply
  • Santos Collantes
    Investor · Houston, TX · Member since 2015 · 97 posts · 25 votes
    10y

    Wzup @Matt Kampf! 

    How did it go with the offer?

    0Reply
  • Matt Kampf
    OP
    Houston, TX · Member since 2016 · 38 posts · 15 votes
    10y

    @Santos Collantes, wzup bro!

    Sorry didn't get back sooner, hope everybody has a great Easter.

    So here's the update. Just as we got our proof of funds letter to our realtor last Thursday and he calls back saying we got beat to the punch by one day! Somebody else got an offer in before us, but may still fall through so we're keeping an eye on it.

    Meanwhile property 2, got the info back from the HML and he said the numbers looks a little slim, which we agree with. So waiting on that one to see if it sits on the market long enough for a price reduction to where our numbers make better sense.

    Over the weekend though we found another property with a higher ARV and were able to take a look at it today. Ran the initial estimates and it looks cherry! Great neighborhood with hot properties. This property is listing under the current appraisal and median price per square foot.

    Waiting to hear back from HML so we can pull the trigger hopefully by the end of the week!

    Went on a drive in our farm area and of the six properties we saw this one looks the best and better than the first property we were looking at.

    One way or another, analyzing daily on things we find on the MLS so there is always another option coming down the line.

    It's a good way to keep the positive mindset going. Stay active and each day we are getting closer to our first deal!

    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello! I am sorry that it has takin so long to get back to y'all but I just found this option last night.  I would love to be your background again.  Thanks!

    0Reply
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