All Forum Posts by: Jay Thomas

Hey Winston! 

This is a great question that I asked myself when getting into Real Estate! I actually asked a local title company that I like and worked with before and asked them to host a class with an appraiser if possible. Appraiser actually took us to a house that One of the agents was listing, walked us through it and then answered all questions. I recommend going that route! Below are a few notes that I took that might help!

1.- State facts. Do NOT INFLUENCE the appraiser... But you can send list of updates that were done. Leave FACTUAL info for appraiser. (age of appliances, years since repair, etc)

2.Pools are adding more value to homes ever in history

3. Listing agents can "Leave" a comp package for appraiser at the home. - Put it in a binder
-Pool Specks. Kitchen Specks.

4.What Adds value to a home:
-Kitchen (Counters, appliances,
-Primary Bath (shower,
-Main Living area (Flooring)
-WHOLE PACKAGES (kitchen,roof,windows, bath, and living together)
-Generators

5.What doesnt add too much value:
-New Roof
-garage features( cabinets,epoxy flooring, etc)
-Windows
-Pex Piping

6.When solar panels are PAID OFF, then can the appraiser add value to it.... and only to other comps that have paid off solar panels....

7.CLEANLINESS is a factor!!!! Paint the baseboards... clean the appliances,

8.  2 acre lots have a much HIGHER per acre price than 8 Acre Lots (Recommend Dividing it up)

Hi Nathan! 

Both Listings look great! You provided great angles and descriptions. I would maybe add a few more photos of the exterior and street. What major highways or streets is it near? Is it near any schools or grocery markets? 

Good Luck!

Hi Giang! 

Look into Terra Residential Services.

713.568.1775

They are based in Richmond and have a great structure! You'll like them for sure! 

Hey Vincent! 1st off, CONGRATS! That is a big deal! 

I recommend having a getting to know your new landlord meal or maybe a simple letter for your inherited tenants. If you go the letter or email route, ask them if there are any major things that you need to address. Be wary. Tenants will say all sorts of things that you can't change all the time. (The neighbor's dogs bark too loud, parking situations, the interior is outdated... etc) Ask them if you can do a quick tour to address any problems or anything with a contractor. 

If you need to do any updates, start with the main and big things that will attract future tenants or increase your rent value. Floors, Bathrooms, appliances, paint, etc. 

I would also make friends with local housekeeper services, lawn care, electricians, & maintenance companies. Find a Pest Control and landscaping company and start having them come out and keep everything ok. 

Make sure you have your rules and regulations sent out to all current tenants.  Even if they do not change from current rules ands regulations. This will help establish that you are the landlord and for them to have your contact info if needed. 

Good Luck!

Hey Stephen! 

From a Realtor perspective, I too, have dealt with some sellers that refuse to budge on sales price. Usually, I find that being straightforward with the agent and seller is sometimes the best policy. Show how with the current rent, plus any updating costs you might have, will not work with a 169k price point. Offer to take care of more closing costs or title costs that she may have to take care of. If you aren't offering CASH, then speak to your lender and see if you can close faster than the usual 30-45 days. Do a current comparative Market Analysis and show that most places are selling for less than what she is asking for.

GOOD LUCK!!

Hey Thani, I think that I can help. Can you send me some more information?

Hi Tanya! Welcome to the amazing and fun world of REI! Also, Welcome to Houston! Man, Your question is a big one! haha. There is all sorts of hot spots for rentals and investing. Inner loop areas surrounding, EaDo, Heights, Montrose areas are popping due to the city working on getting the city more up to date. Then you have the work place centrals like, Energy Corridor, Memorial, Jersey Village, Woodlands, and Fulshear. These places are getting more attention because they are close to big businesses and with Relocation happening, it can be very profitable for you! Lastly, you have the Family oriented areas. Sugar Land, Richmond, Pearland, Katy, Cypress, and Tomball. These places promote family living and convenience of life within the city limits.

Know how to market your properties to a specific market and you will do well! Please keep in touch, I would love to continue to hear about your success and journey!

Welcome to the amazing world of REI, Chad!

I have always been a hands on learner, so I always look out for networking events to connect with boss-minded people in Houston. I recommend looking into HTXMillennials on Instagram and getting on their newsletter. They have amazing events and a lot of investors are sponsors and even attendees. You can meet mentors, clients, vendors, and more! 

Keep self educating through books, blogs, and BP. Keep that fire lit and ROCK IT! Welcome again, brother! If you would ever like to connect, I would love to meet and talk and learn more about your story and your WHY!

Hey Monte! Congrats on the duplex! Have you spoken to any other investors in your area? They might have a better insight with your market area. I would recommend possibly getting a SFR for a short term rental.

Hi Miguel! 

Have you spoken to any lenders that specialize in investments in your area? They would be the best people to talk to. They can look closer into your financials and help guide you to the outcome you want! If you need lender referrals, let me know! I have a few out in that area!