All Forum Posts by: Haider Alazzawi

Haider Alazzawi has started 3 posts and replied 38 times.

@Haider Alazzawi Actually I own a property management company and several other businesses but my point was unless you need a job don't waste time getting started in investing. Sounds like in your case you actually need a job so it's a perfect fit. Get on NARPM.org and locate PM companies in and around Houston to see if you can get your foot in the door. To me NARPM credentialed companies are really the only A players in the business but obviously check out whoever you inquire with. Good luck!

Thanks alot for the tips.

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Originally posted by @Robert Gilstrap:

an unlicensed assistant may make around $35K if they are a good worker. Licensed PM $45K-55K and up. Cudos for wanting to learn about property management but unless you are just unemployed and needing a job why in the hell would you waste months or years learning about PM when those same months or years can spent actually investing?

Quit worrying about being the perfect PM and get out and buy property. You hire others to do what you cannot do or is not productive to do. I personally love to do rehabs. The actual physical swinging hammers, installing cabinets, etc. but I stopped doing that years ago because it's not profitable. I'm far more valuable as a deal maker finding, putting together and negotiating deals. Even though I love the other stuff I can hire that out far cheaper. Property Management is no different. You could do management for 20 years and still be learning. Hire experts in their field and let them do their job. You do only those jobs that absolutely must be done by you. I'll now climb down from my soap box...

Well, I left my job to move to Houston to work in RE. Becoming a PM will expose me to something I have never done. My though was to make some money until I get on my feet and learn this aspect of the business. I am moving there and do not know anyone. So this will be another way to meet like minded individuals. I am guessing you stopped doing PM coz you thrived doing flips or buy and hold. Either way it didnt make sense to waste your time on PM which i completely agree with. I am planning to do the same. Especially taking into consideration that I want to buy and hold properties in the future. It could be expensive for me when I first start. I am trying to safe every dollar and put it back in RE.

Haider

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Hello BP community,

Moving to Houston area and I am curious on how much a property manager make in the that area? talking about someone working for a company.

I feel it is the best way to learn how manage properties for future investment while making some money.

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Hello,

I am trying to start investing in RE in Houston Metro area. Specifically SFHs buy and hold. I am trying to analyze deals and make sense of the numbers. Here is an example:

SFH property listed for 135k that need little rehab it is on Embarcadero Houston, TX 77082. it is 1800sf 3 BR and 1.5 bathrooms.

the numbers are:

P and I 562 (based on 30 years loan and interest rate 4.5)

HOA 14

Taxes 314

insurance 90

so this come to $980 and not taking into consideration PM, vacancies, CAPeX, flood insurance. Let us assume this house will rent for 1200-1300 a month. Will all the unaccounted expenses this deal does not make sense to me. Am I missing something here in terms of calculations or logic?

looking to hear from you if you are familiar with the area.

Thanks

Haider

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love this thread, thanks for all those who replied

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Originally posted by @Jessica Wygal:

@Haider Alazzawi thought you might find some of this helpful.

Yes!, thanks alot

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Originally posted by @Russell Holmes:

@David Hanor I'm a Realtor (likely not in your area, just for reference sake) and would have no problem submitting an offer at any point below list price AS LONG AS it was a number based on your analysis. I don't want a "bad reputation" any more than the next guy, but I don't think that is what results from honest fact-based offers. I was looking at a 1924 built 3/2 house with a client for a flip. ARV was $180-185k. It was in rough shape and listed for $125k sitting on the market awhile (in fact it is still listed). If it needed a $40-45k rehab like we initially thought and they'd take $90-95k it could have been a good deal. However, once a GC dug deeper for a bid, discovered stucco issues made worse by lead paint, potential roof issues, electrical upgrades needed to at least the panel and connection from street, and added the cost of plaster and lathe demo as opposed to drywall, the rehab estimate came out to $85-90k. I've learned to now look really close at anything that old and try to stick to 80's and newer. Anyways, after the work, my client paying a small fee to the GC for a bid, and getting to a "magic number" that would make it a good deal.....I feel my reputation would be damaged if I DIDN'T at least share that offer. My client said $50k and it was a deal. I knew it would likely get rejected on paper so I called the listing broker to put a human element to the offer. I explained that we had analyzed it, had a GC bid on it, hoped to be able to offer near list, but in the current condition we could only offer $50k due to a $90k potential rehab. She declined and explained that her client is an investor too and would flip this one if it were profitable. He bought it in with many other properties at the courthouse steps for $100k and then incurred back property tax liens, Hurricane Irma damage and other expenses. It's a rapidly appreciating area near an old hospital campus soon to be rebuilt medical office park. Seller would rather ride it out for potential office use (currently allowed by zoning) and pay $1200 in taxes than sell at that steep a discount. I offered a low-ball and that broker doesn't think I'm a schmuck. she actually complimented my analysis and said she'd keep me in mind for any properties she gets that could be good flips if her clients are too busy. I made a colleague by making a low offer and nobody 'lost' anything. If your numbers say $140k, offer $140k and be prepared to back it up with a reason. If so, it's not an offensive baseless low-ball offer.

Fantastic story, learned something from it. thanks for sharing

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Originally posted by @David Olson:

@Lucia Rushton congrats!!! Is it a night course or online?

@Jessica Wygal since you live in Houston, what areas around here offer the required courses? Or is online an option? I have decided to pursue my RE License however I will need to find a broker whom does not expect me to actually sit in their office but rather pay a fee just to park it there. I work full time in the oil & gas industry but I want my license to be able to pull comps quick for flips as well as buy and holds and have access to other things that benefit investors. Just not sure where to start other than Google.

I am in the same bout. I also want to get my RE license mainly for investing purposes but also show house as part time.

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I am in the same boat except I already quit my job and going to move to TX this July. I am thinking about getting my license too.

I am planning to do both flipping and hold. My situation is a bit different than you. I will have cash on me when I move to TX and my wife will have a very good job ( she is my insurance in case things wont work for me). I am motivated and I have a good chance of not failing. I bought two properties in my life. One selling this week and the other next week. Both will be making return. I did man updates on both. I am semi handy man but want to do more and learn more. Plus I will have my own cash to use and wont need hard money lender or a bank to flip.

I commander that you learn more and more. Work on getting your license. You can pass the exam go inactive until you feel ready and sign with a broker. Safe as much as you can if you want to flip or buy and hold if your goal to amass properties. If you have a partner i would suggest discussing this with your partner and plan everything. At least one of you should have steady income. if you are single then house hacking is a good way to safe money until you get on your feet. Try to connect with as many like minded, agent, contractor, investors....etc as you can. You will need them and they will make your life easier. Maybe even consider partnering with seasoned investors to learn and minimize of flopping.

BP is the best forum I have found to connected and educated yourself about RE.

Best of luck.

Haider

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Originally posted by @Alex J.:

not to say this cant be good for a rental.. but the area is one of the most dangerous parts of houston

Thanks

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All Forum Posts by: Haider Alazzawi

Haider Alazzawi has started 3 posts and replied 38 times.

Post: How much a property manager make

Post: How much a property manager make

Post: How much a property manager make

Post: Need help with Houston SFN by and hold case study

Post: Help Me Save My Career

Post: Areas to buy in Houston

Post: Ever offer way below asking price?

Post: Becoming a Texas Real Estate Agent

Post: To be or not to be. A real estate agent.

Post: Questions about SFH in south Houston