North of Houston · Member since 2018 · 350 posts · 181 votes
I am new to this forum. Blown away by all the people participating trading useful data. I am a commercial broker too but primarily I like to design, develop and build apartments. I am always looking for good equity partners and love trading information on subcontractors (with private messages). I am based out of north Houston and try to do deals no further than a few hours away.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
7y
You should PM me some stuff you've done. I have a few small projects I'm looking to do on land I have. 3 units here, 8 units there. Then I have other land ops that would be 20, 40, 80+ units.
Welcome to BP, and congratulations on making the decision to invest in your future via real estate.
I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.
First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:
The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.
North of Houston · Member since 2018 · 350 posts · 181 votes
7y
OK podcaster i will tell you. The answer is only a few around houston but not apartments inside of houston. inside of houston? just teardowns that was many years ago. Niche RENTAL deals? that takes a special appetite. Not really good for newbies or people looking to flip. If I ever try to sell my rented apartments, my product to sell is new and marketed at lower prices than old junk but its still holy hell trying to sell them when they are under like 150 units. REITS dont want them that small. Really its a cash flow opportunity for people who are experienced at building 40,0000 sf at a time and I doubt many people knowing how to do that want to be a landlord longterm
OK podcaster i will tell you. The answer is only a few around houston but not apartments inside of houston. inside of houston? just teardowns that was many years ago. Niche RENTAL deals? that takes a special appetite. Not really good for newbies or people looking to flip. If I ever try to sell my rented apartments, my product to sell is new and marketed at lower prices than old junk but its still holy hell trying to sell them when they are under like 150 units. REITS dont want them that small. Really its a cash flow opportunity for people who are experienced at building 40,0000 sf at a time and I doubt many people knowing how to do that want to be a landlord longterm
There is a giant market for individual owners (or small syndicates) under 150 units. Even myself, as a solo guy, has taken down a few 100+ unit deals. I see them transact all the time (solo guys tend to stay in the 30-50 max but I've seen others do more. And small syndicators can gobble up 150 unit deals without much trouble.
I think a good play is to get one of those deals built, and put some high leverage perm financing on it. Your net leverage will be pretty high. If high enough, someone could buy, easily assume the existing leverage, and their down payment will basically be your spread.
Real Estate Investor · aurora, CO · Member since 2008 · 16 posts · 0 votes
7y
Hi Charlie C,
We have Land in a perfect development area of Edmond, OK (unincorporated Logan County). There is a need for more affordable housing in this update area and the property has very relaxed zoning. We are trying to find a way to leverage The Land to fund an apartment development project and I saw your post and thought there may be an opportunity?
North of Houston · Member since 2018 · 350 posts · 181 votes
7y
Cody, just saying smaller complexes have to be sold for a higher cap rate and higher again when I am not in a major city. Still sell them, just not as much so the driving force became cash flow instead of flipping
Chris, I got to stay close to north Houston (keep my eyes on my assets) I typically provide A quality higher end type of stuff. Tenants are a lot easier to deal with that kind of product. If the market has people with income to afford it, they will lease if its under supplied usually about $1.40 per foot per month