All Forum Posts by: Wale Lawal

 Since disaster is your concern, I will suggest you buy in Zone X and make sure the house elevation is higher than the street level. 

You can buy in the Houston suburb like Spring, Katy, Cypress, Humble, Atascocita etc. 

You still need to vet each property carefully to make sure it checks all your criteria.

Good luck and reach out if you want to take this offline.  

@Steve W.

Every markets have their Pros and Cons, I am an Investor and Realtor in the Houston Area and I can tell you that Houston still remains a top destination for a lot of investors for many reasons. 

Yes, you need cash reserve for unforeseen events and I do have cash reserve for all my rentals. 

Hurricane Harvey was an outlier that prooves all meteorologist and historical data wrong and it hits places with 500-1000 floodplains. The distressed properties your seeing for sale could have been abandoned or not fixed for several reasons 

1). Maybe the owner does not have home insurance.

2). Maybe they go the insurance claim and diverted the funds to solve another personal or investment problem.

3). Maybe the properties have been sold to other buyers in "AS-IS" condition.

4). Maybe it's inherited properties and no one cares about them amongst other reasons.

This does not result in frequent insurance claims and most insurance policy cover these type of events that's why need to have a comprehensive/complete insurance coverage to cover all the natural disasters that may occur and factor it in you deal analysis.

As @Jillia Virtue mentioned, The effects of natural disasters are felt more in the Houston Downtown areas and toward Lake Charle, Louisiana. Watch out for any properties close to a Bayou or Greenbelt and properties with very low elevation. 

@Matt Jones also made a great point about Pensacola market. 

I will suggest you dig further into the Houston market if you have it on your list.

Goodluck

Great plan and Goodluck completing the project. What is the ARV of the flip? I see you are in Plano, TX.

I am currently looking to partner with a great flipper in the Plano area.

Let's connect and see what we can do together.

Let's all have a productive and prosperous 2021.

 Wow! Double-digit appreciation sounds like a lot of work to me.

Can you share how you plan to do that so we can all learn from you?

Thank you

Great plan.

Learning is great but TAKING ACTION is the most important factor. 

I am hiring 2 Virtual Assistants (VAs) from the Philippines to help free-up 40 hrs weekly activities. This will allow me to provide even better values to my existing clients and take on more clients.

I also plan to add 6 rentals to my portfolio in 2021 and complete at least 2 flips before August 2021.

Let me know if you need any help.

Good luck my friend.

 Paying cash and then refinance will give you a competitive edge against your competitors. 

Are you working with a Realtor on this deal or negotiating with the seller by yourself?

Goodluck

 Great to hear you got 95% of your rent in 2020. Not a bad one at all. I will suggest having a strict late fee penalty in your lease agreement going forward. I typically do $50 per day for up to 10 days. No tenant wants to pay this so they always pay on time via ACH. I don't do cash.

I love Panhandle I hope your offer got accepted because it's very hot nationwide now. STR is gaining a lot of traction now targeting health care professionals as ideal rentals.

Let me know how it goes.

Goodluck my man!

 Great plan. Are you BRRRing the MF deal with Hard Money or Conventional Financing?

Wishing everyone a more productive and prosperous 2021.

The year 2020 came with a lot of challenges that nobody prepared for but we survived them.

What areas are you looking to do better in your investment journey or business in 2021?

 RICH DAD, POOR DAD

THE MILLIONAIRE REAL ESTATE INVESTOR

THE ONE THING