All Forum Posts by: Bryan Bannach

Wow, there has been a lot of negative reviews on this post.

I think the idea is fine as long as you are OK to take the risk of not getting a new loan for some time afterwards. From what I can tell, this strategy would be following all applicable laws, rules, and regulations, and is simply trying to maximize the profit for the investor. That's what makes capitalism great.

There's a lot of responses saying what about the servicer, lender, government, future borrowers, etc, but I don't see any responses about what rules are being broken. As long as someone is affected by COVID in some fashion, they should be able to implement this strategy. I don't see it as cheating the system, but as maximizing their own personal benefit by staying within the confines of the current system.

@Manny Raimondo, what terms did they change in the management agreement?

Good read of advice and tips.

@Hoa Nguyen any status update? Did you invest in anything?

Great story, glad to hear it turned out well. I am curious what happened with your contractor. Did it slowly go bad over time, did you pay up front and they decided to spend their time elsewhere, etc? I am sure they got to know you over time and one would think they would want to build a relationship with you for future work.

My strategy is buy and hold rental units in GOOD school districts that cash flow in Houston. I am thinking that there is now a secondary market of flooded homes that have been renovated by investors and there will be an opportunity to buy as some of these investors have hard money loans at 12% interest rate and we are entering into the slow buying season. Thoughts?

Thanks for the suggestion. Yes, I do use a protest company on all of my properties. I am just wondering if people think in 2019 they will survey all of the flooded houses that they reduced values on in 2018 and increase them back up in one big step. If they do it in steps over the years this will have a big impact on cash flow over the years while they raise the values back up.

Yes, I am pretty sure they will raise them, just wondering how/when. I have some properties that were 300k pre-Harvey and then then after Harvey the city of Houston now values them at 150k. I renovated them and had them rented out earlier this year and am enjoying 300-400 dollars per month extra cash flow. Now I’m wondering about new properties that I buy later this year and the renovation period lasts into 2019.

Does anyone know what will happen to taxes in Harris, Fort Bend, etc, counties in 2019 for houses affected by Harvey?

For several of my properties the county has reduced the 2018 assessment dramatically. Most of the appraised values were reduced by ~50%. This is great for cash flow on houses I have renovated and rented. I am assuming that assessed value will remain for the entire year even if I renovated the property earlier in the year. However, I am wondering what people think will happen next year? Will they look at each house and if repairs were made it will jump back up? Is it still limited to the max 10% per year increase? Will they stay at the 50% level if repairs have not been made? Or who knows, anything is possible? Thoughts?

Thanks,

Bryan

http://www.benchmarkbroker.com

Try Benchmark Insurance, they cater toward investors and are local