All Forum Posts by: Adriel Hsu

I have an assistant that does my skip tracing for cheap. Numbers are extremely accurate (split test same list with him and TLO and got the exact same numbers).  I am thinking about starting to offer his services to other investors at prices lower than Lexis Nexis, TLO, NeedToSkip, etc but havent gotten to it.

@Sam B. I'm under contract for a small apartment complex and the seller's policy renews next month, and it's a lot higher than I expected. It's for Liability + Building (Windstorm & Fire etc) also no claims since Rita and Ike.

Very possible. But you need to be looking off market, not on the MLS. I picked up a house in Third Ward for $17,500 with inherited tenants that didn't want to leave and have been collecting $750 a month rent for the past 3 years and I haven't spent a dime on repairs as they said the tenant is a handyman and had been doing his own repairs, and when I go sell I can probably sell for $85k "as is" due to land value.

Have a condo Spring i will probably sell in a few months. Picked it up for $30k, spent $3k for new paint and carpet and a new stove and Rents for $900, HOA is $130, and i can throw it on the MLS for $67k and it'll be pending in a week.

I will have a 1 bed / 1 bath townhome in a gated community in North West Houston (77069) area for sale in a few months.

Rented for $900 a month
HOA is $135 a month roughly (Can't remember exact amount), they cut the grass and handle major repairs so you only have to worry about cosmetics inside your unit (great for non-local investors)
I am doing make readies when the current tenant moves out (all new paint on the walls and new carpet in the bedroom.)
Will be looking to sell for $70,000

@Ferryawaty Effendi We agreed on $390k and at current rents that would be 15-17% cash on cash assuming a 25% down loan at 6% amortized at 25 years.

The location in 77707 isn't bad, right behind a popular strip mall area and across the street from 77706 and it is zoned for the good high school (but bad elementary and middle).

However, there's deferred maintenance and a poor tenant base (owners didnt screen tenants) so that can be cleaned up with a new owner, but it's quite a bit of work regardless.  Also, rents were higher than other comparable apartments by $50 and had less amenities.  Also no washer or dryer connections in unit nor any laundry facilities on site, so tenants have to take their laundry to a laundromat, which is a big turnoff for me.

If it’s in 77701, I would need at least 18% cash on cash return to be worth it. Don’t expect any appreciation or rent increase. It’s just not as desirable an area, so you need to think about the exit strategy. A better option would be to have an onsite manager live for free in one of the 1 bed units in exchange for management services as well as small handyman work. That would be cheaper and more effective than an offsite property manager. I’m looking at a 14 unit in 77707 and am on the fence myself because I don’t know what my exit strategy would be. It’s very hard to sell anywhere thats not 77706 due to the lack of interest.

@Dustin Beam I just got the police report, and here are the number of calls the past 3 years:

19 - 2015
11 - 2016
15 - 2017
6 - 2018

The stuff ranges from Suspicious Person/Vehicle to Harassment to Trespassing to Assault.  A couple Burglaries, and one child abuse back in 2015 and a narcotics violation back in 2015

Is there a rule of thumb for how many police calls a C property has normally?

Dustin Beam the seller said “we do not do background or credit checks (if we did, we probably wouldn't stay as full as we do!)” wow lol

Awesome advice Dustin! I think if I can verify leases, I have to just jump in and get it done

Houston is a hot market for flipping and wholesaling. I flip and wholesale in both Houston and Beaumont-Port Arthur on top of my 9-5 job but am actively looking for multifamily. My friends in Houston that flip or wholesale full time are making a killing.