All Forum Posts by: Adriel Hsu

Hey BP,

I'm thinking of starting a meet-up dedicated solely to multifamily/apartment investing (>$1M loan amount). There are already a few local meetups, but most focus on single family BRRRR or wholesaling/flipping. There are none that go in depth about multi-family, and I am looking to change that. It would be to service the Beaumont, Nederland, Port Arthur, Orange, TX area.

Just trying to see the interest, and if its worth my time. I've seen very successful ones in Houston that I attend myself.  I've also heard stories of people that just had beginners and tire-kickers and no potential partners or investors would ever attend.

Thoughts?

On top of what everyone else said, I would say go to multifamily conferences and meet the players syndicating deals IN PERSON.  You can always tell a lot via body language and face to face interactions you won't get from emails or phone calls or Google searches.  

@Amy Friend Just keep in mind, if your husband is working at U of H and you live in the suburbs, prepare for 45min - 1 hr commutes each way.  Third Ward area and Midtown, located close to U of H is seeing the most rapid appreciation at the moment, with many homes gaining $100k-$200k in value over the last 3 years. These are gentrifying areas that you can catch on the upswing.  

Yes, the public schools there are terrible, but you can do charter or private school possibly. 

Many areas now offer Flat Fee MLS Listings, where you pay $100-$400 and they throw the listing on the MLS for you, but you handle all the work and prospective buyer's realtors. That way you can only pay 3% buyers commission and get a whole lot of visibility

Yes, Since @Ethan G. mentioned not using specifics, I will just say I use a "Plano-based firm that is now the largest independent title agency in U.S" 

@Josh Korsten Welcome! I flip in the Beaumont - Port Arthur - Orange, TX area.  Only about 45 mins from you!

Welcome Turner!

As far as setting up an LLC, if it's just you, there are many online sites to set one up for a low cost and probably the best starting off. The main focus is to do deals

I paid $4,500 for a brand new shingle roof on a 1,000 sq ft house near Houston, windstorm certified and signed off by an engineer.  Learn to cut out the middleman contractors and source direct to the laborers.

@Adam D Rinehart Have you seen the MLS? Even worse than wholesale deals from bad wholesalers.

As Vijaianand said, there are definitely good wholesalers in Houston, but they sell 90% of their deals first to their VIP buyers.  You have to spend the time networking and building that relationship to buy from them.  The first deal you might have to buy at their asking price to start the realtionship.  Just like contractors wont give you discounts on their first job with you.

The wholesalers I use aren't really on here.  Derrick and Ben have solid deals, If you go to Ron Rana's meetups, they have a time set aside for wholesalers to bring their deals to buyers.  You have to realize it's a hot market and buy and hold buyers are paying more than flippers because appraisals for refis are coming in higher than comps.

@Michael Barry you will probably find better deals from the wholesaling community in Houston compared to the MLS. Less competition than MLS and they might not be home run deals, but they will have more margins than MLS and more opportunity of getting a deal.