All Forum Posts by: Joey Ickes

I'm looking for a HUD Registered Broker in Houston. I want to make offers on several HUD homes on a regular basis and I'm looking for a Realtor to submit those bids for me.

Thanks!

As I said in my initial response, I don't have any data or comps to support my estimate, it was based on my personal instinct that if my budget can accommodate a set monthly payment amount, and I have the choice to either rent or buy, I'm going to buy if the two houses are of similar quality(size, finishes, location etc).

I understand the different considerations made by a B&H investor, I simply wanted to give you a little insight into that particular area of town, to help make sure you get a better deal this time than your deal in Spring.

Sandeep,

I live in Baytown, probably 1/2 a mile from this property, and you have to be very careful in this area of town. This propery lies on the north side of Baytown which is the area that is growing very rapidly, and will likely continue to do so. However, most of that growth is coming through new constructions with several builders putting communities in the area.

The Eastpoint neighborhood has been around for ~20 yrs if I had to guess, and there are probably 3-4 brand new communities within 2-3 miles of this property that would go to the same schools. So your competition is steep.

As far as your numbers, if you consider $155K to be your ARV (which I would think would probably be the highest you could estimate) and $10k in repairs, You're too far in at that point.

As far as the rental price, if I'm a resident, and I can pay you $1,500 a month to rent the house, or I can literally go across the street and purchase a home for the same payment and little to no money down, it is going to be difficult to convince me to rent from you.

Before you close the deal, I would run the numbers and make sure you're OK in the house at an $1,100-1,200 rent number. I don't have any research or comps to tell you those numbers, I just know that you can buy a pretty nice house in Baytown with an $1,100 payment.

Of course I'm being conservative here, but IMO it's better to back out of a deal at this stage than get in, put $10k add'l into it, and be stuck b/c the value isn't what you thought it might be, whether rent or purchase.

Welcome Jon.

I've been around BP a short time myself but have been welcomed with open arms and have made some good contacts through BP.

Have you considered what REI Niche you're planning on entering?

Alia,

Yes, I have been in contact with him. Thanks for the headsup.

Thanks to everyone for the responses so far!

How much do you pay attention to what a foreclosed or REO property is listed for when you do your analysis?

Do you disqualify a place if the list price is outside of your comfort zone, or do you just ignore it and make an offer at the price that makes the numbers work for you and put the onus on the seller?

@Darren Sager Ideally I'd like to connect with at least one General Contractor, as well as specialists, that way I can make a more educated decision on how to run my business.

As I continue the final stages of my prep before making my first REI deal, I know it's important to have my 'team' in place, so that when the deal comes I can act quickly and maximize the situation.

I know some realtors, and I am planning meetings with a few, but I don't really have any connections with contractors.

Does anyone have a contractor in Houston that you have worked with that met/exceeded your expectations (cost, service, diligence etc)?

My name is Joey Ickes, I'm a new guy, entering the last semester of a Professional MBA from Texas A&M, looking to begin my Foreclosure Rehabilitation business in the Houston Area, excited to be a part of BP and get my business rolling.