All Forum Posts by: Cody L.

I have one property in Montrose (area of Houston) I just put under contract to sell to someone. They put down 10%. I have another property just outside the 610 loop (to the SE). They are not under contract but our LOIs are at 10% down.

But with a bank? Nope. I used to do 20% down with my local banks, but that slipped to 25% down. Now you're lucky to get them to finance at 70%. My last big deal (I'm a bit worried to say the address as I don't want to come off as promoting) I was at 60% with my bank! And that was LTC. The LTV was closer to 50% (since my "C" was so much less than the "V" -- sounds dirty I know)

1 Vote

Quote from @Jewell Arceneaux:

Hello all! New to group and can’t wait to learn so much from you all. In Houston, Tx and planning to start short term rental through airbitrage method. Any recommendations on where to begin with searching for properties? Should I mass email? Hire someone? Looking for small unit 1bd/1 bath or even studio. Any suggestions are greatly appreciated!

It can work. We have about 50 units leased to people who do STR with them. But like others said, it's not easy and is more a job than investing. The only way I've seen it work is at scale. i.e. people that own all the units in a building (or control all the units in a building). Or have at least 10 units in a small area. Having a small handful of units spread out is going to be a nightmare.

0 Votes

Quote from @Lonnie Higgins:

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@Kevin Wood This yours?

0 Votes

Houston, Texas

Pretty easy in multifamily in Houston. All day long. And in good areas. I just bought a 16 unit in a nice area of Houston. Paid $82k/door. Avg rents are $900/month.

0 Votes

And FYI, every wholesaler in Houston has been pitching that 9555 Crofton deal.

Or maybe I'm just grumpy since 1/2 my inbox is filled with wholesalers saying they want to buy one of my properties (read: put it under contract, then try to sell it). Or they have a property to sell (read: They will put the property under contract if I say I want to buy it)

1 Vote

Houston, Texas

I love how all posts for sale are not by the owner or the listing agent. And all the posts from buyers are not buyers, but people that 'have' buyers.

Sometimes I feel that no one on this site is a multifamily owner/operator.

1 Vote

Houston, Texas

Quote from @Joel Ward:

Sounds like a good business plan!

I personally use Madison Management for the handful of notes I have. FCI is another pretty common/recommended servicer. Paperstac has a list of about 10 servicers they work with so you could use that list as a starting point rather than, as you say, just Googling (just go to Paperstac's "Knowledge Base" page and search "servicers" to get to the article). Texstar Escrow is also a company you could look into if you HAVE to have a servicer in TX, but other places will be able to service loans in TX.

Good luck!

Thanks. I reached out to Madison and FCI.

0 Votes

Houston, Texas

Quote from @Matthew Bernal:

@Cody L. It's located off of Bellfort. I'm still in the fundraising process so maybe we can collaborate.

Thanks. I don't partner on deals but I wish you the best! If you end up closing, shoot me a note. I own quite a few large multifamily properties in Houston.

1 Vote

Houston, Texas

Quote from @Matthew Bernal:

Hey Phillip!

I'm closing on a 20 unit in Houston this month. What projects are you working on?

Where is the 20 unit (you can message me if you're not wanting to share the address publicly) ? I'm always looking to meet new buyers in Houston.

0 Votes

Houston, Texas

Quote from @Don Konipol:

Quote from @Cody L.:

I'm an exception. I live in Ca, and have ~2,000 units in Texas.

(though to be fair, I was living in Texas when I started building the portfolio and got to about 500 units + a solid team before I moved)

I sold Cody property in Houston many years ago, and while he wasn’t LIVING in Texas at the time his knowledge of the Texas real estate market was at least as great as mine. Maybe KNOWING your target market is more important than BEING THERE?

I still have BOTH the deals you sold me. Not sure if you remember the commercial space in midtown (Fannin) but that's had a NNN nightclub for years now. And then the old apartment complex north of downtown. It's just limping along, doing it's thing :)

2 Votes

Milwaukee, Wisconsin

All Forum Posts by: Cody L.

Cody L. has started 35 posts and replied 3663 times.

Post: Less than 10 percent down

Post: Newbie Airbnb Arbitrage- Houston, Tx

Post: 🔥51 Unit Investment Master Lease Agreement Deal

Post: 1% Rule (or close) in Any US/state City?

Post: Hot Deal 268 Units In Houston Texas Off Market

Post: Hot Deal 268 Units In Houston Texas Off Market

Post: Loan servicing for seller financed notes

Post: Multi building in Houston

Post: Multi building in Houston

Post: Out of State investing does not work. With very few exceptions.