All Forum Posts by: Vijaianand Thirunageswaram

This is going to be our first meeting. Let's start this new year by learning something new about Real Estate Investing.

We will talk about how to get started in Real Estate Investing, try to cover different strategies in brief and talk about the predictions from various REI experts.

We might also bring in fellow experienced Real Estate Investors to about his experience.

Check out the meet up group and sign up.

https://www.meetup.com/DIY-Real-Estate-Investors

Good topic, many get confused and many implement it differently. There is no one standard process for every one due the everyone situation changes.

FNME did relax recently some seasoning guidelines, here is the good one which helped Chris and help many if you are stuck in LLC.

FNME also plan to fund 5-10 year low interest loans for investors starting this year so small investors don't have to look for commercial loans.. Read this article for info,

http://realtormag.realtor.org/daily-news/2018/01/0...

As per seasoning, there is 6 month seasoning before you can refinance your property unless you buy all cash, you can do Delayed Financing within one month of closing. Also if you are flipping, this 6 month seasoning will also hit you for FHA loans. Keep it all mind and plan accordingly.

From  my perspective, as @Tony Castronovo suggested, I tried to buy cash and refinance after renting out and do the title transfer which is clean and simple. I just bought property under LLC which I am flipping and getting the money and repeat it. So if you want to use conventional financing, keeping in your name is always the best case until it's financed.

Canyon gate and surrounding areas are flooded just because of the opening of the reservoir to avoid flooding downtown by army corps which we all know it.  Being said that, Harris county is taking lots of action to mitigate that risk in the future. As mayor turner and many other officials are seeking state and fed help to build new reservoir north of I10 and there are other working going on as well. With all those activities, many are hoping it shouldn't flood again. 

As we all know Harvey is considered 800 yr floor or more, whatever they want to call it. Hope it might happen again and if it does we can only hope these mitigation steps help to stop flooding these areas. 

After saying it all, I think Katy still has pretty good potential and it will surely bounce back up. Try with confidence. 

Om Realty Group is Investor owned, Investor Focused Brokerage. We are looking to add agents who loves to work with investors and want to be part of the Pie. If you already passed TREC exam and looking for sponsorship, we are happy to sponsor you. If you are thinking about becoming an agent, we can help and guide you to get license under our brokerage.

Agent keeps 100% commission and No desk fees, No transactions fees. Just pay minimum E & O Insurance fees for every transaction depending on the sales price. Simple and easy. 

Agents can also be part of the investment properties if they want invest smaller level and share the profit. 

Check us about it at http://omrealtygrouptx.com 

Many investors asked this question indirectly with me and other networking forums so I thought of posting here.

As we know there is no set rule when it come to real estate because it all depends on the local market. Whether it's Katy, Cypress, Conroe or Meyerland, it's going to vary. Also price wise, how much below you can buy also varies. 

If you decide to buy the flooded homes, 

1. Analyze the neighborhood whether all homes or most homes flooded or just few homes.

2. What's happening? Whether all owners are getting back in the house or many of them quitting and moving out.

3. Whether are too many investors in the market flipping the properties.

4. If too many flipping happening in areas like canyon gate etc., you better have option to hold the property for few years and get back in the market. You might not be able to flip it quickly. If it's just few properties and many owners are staying back in, then you have better chance to flip in the market.

5. Also make sure you do good job on covering yourself with adding additional protection by doing mold certifications and mold prevention measure while doing rehab. 
6. Take as many pictures possible and videos if needed to show to the prospective buyers whether now or later. 

Hope this quick list helps. BTW, I haven't done any flooded homes yet so it's just analysis and strategy which I was planning to suggest for my investors and similar things I heard from networking events. 

TREC contract covers it all. Anything not covered in the contract can be included in the special provisions. I write lease contract for my rentals and my investors rentals all the time. It's very detailed to cover every possible situation. But if you are looking for extension, it's just single page which goes along with the original contract. 

Let me know if you still need any more help.

I agree with @Jon Holdman. I have worked with investors who offered Hard money loans for my properties and we offered hard money as well. There is no set rule in stone. Most of them it's better to have a contingency to cover yourself if at all goes south. 3rd party contingency is way to go with conventional and put the terms as the lenders approval letter. I know it will turn down the seller but you cannot change to financing after putting cash offer at later which will really piss the sellers if they don't understand how it works. 

Hope it helps. 

@Travis White There are lot of newbies in the market, marketing themselves  as wholesalers and trying to build their buyers list. It's not bad thing but make sure you talk and get to know and find out how many deals they sold etc.,  Do check my profile, I am Investor's Broker who loves to mentor new investors. 

Understand! The reason BP puts limitation on recommendations. I do have CPA who I recommend. I use her for LLC creation and tax purposes as well.

Do you already have rentals? Do PM and happy to share with you. 

@Travis White

Good questions and concerns which many Houston investors have these days!! As you said, those 3 are the big wholesalers in Houston rules the market without much haggling benefit for investors. But other than that there are lots of small wholesalers  which many investors build relationship in long term by working with them or meeting them in meet up groups. You have to work towards it. Sometimes they don't want to share because of losing deals.  

I work with many small wholesalers and even big ones you talking about as an investor and also investor's realtor. As @Eric Ducommun said there is no set rule on bargaining or negotiating. It's hard when there is no supply in the market and depends on areas too. But if you really think it's good deal by looking at various numbers, go for it otherwise just let it go if they don't budge, they will surely come back if they don't find investors.  They have to sell to some investors, no good investor will buy if they price it too high.

Hope it helps.