All Forum Posts by: George Gao

Hi, there is an expired listing for a 4plex in North Houston asking $200k. It's vacant and needs about $80-$100k (according to seller) of rehab work. The units will each rent for about $800-$1000/unit. The building is 4,140sqft, built in 1995, consists of 4 2bd/1ba units. But it's hard to get good comps with SFR in that area. Based on cash flow and 10 cap, I got to around $200k ARV. What am I doing wrong?

Hi All,

I found a 16-units (5 bldgs) for sale in Wharton TX but it's in a small town 1.5hrs southwest of Houston.  The town doesn't appear to have any major employers, but seems well established with 9k population of $30k average income.  The duplexes and 4plex all needs work.  Average rent is probably in the $500-600/mo range. My main concern is the ability to keep the units occupied with big enough potential tenant pool.  Does anyone have experience investing in southeast Texas near Wharton?

Thanks,

George

I'm looking to syndicate my first 40-unit deal.  Does anyone have a well-versed attorney to set-up the legal docs?

Thanks @Walmsley Gedeon!

Thanks @Jason Hirko and @Seth Teel!

Hi BP, I would like to move my rental properties into my LLC. So I gave my local banker a call as a courtesy heads-up. Unlike other banks I dealt with before, he said I would need to get my loan modified, which would take $500-$600 in attorney fees. Has anyone heard of this before? Any recommendations for local Texas banks that doesn't have a problem with moving properties into LLC's name after financing in personal name? Thanks.

Hi BP, I'm looking to purchase a duplex in Humble, TX. The listing agent advised me that it's a concrete building not up to code and therefore won't qualify for FHA financing, but it will qualify for conventional financing. I guess I don't understand why it would qualify for conventional if it doesn't qualify for FHA financing when it's not up to code. Does FHA have a more strict inspection/code requirement on the properties? I don't know what the specific issue is, haven't done the inspection yet. Just wondering if I should take the next step. Thanks in advance.

Hi All, I plan to transfer my rental properties into my series LLC. So I called the loan reps at the mortgage companies just as a courtesy heads-up. Most of them are fine with it. But my local bank said they would need to do a loan modification and need to get a lawyer involved. Has anyone run into this before? Is there anything I can do to ward this off? Thanks.

Thanks @Ron Flatt for sharing you experience.  I'll try to connect with you and get some insights on the foreclosure process here in Texas.

Never mind, I found some older threads on the same topic.  But please feel free to add any new experiences or opinions that you would like to share.