All Forum Posts by: Kenneth Sok

I'd like to throw a question to add on.

How would you evaluate a commercial property that has no income? As in completely vacant and has lots of repairs/deferred maintenance?

Talk to Keith Griffin at Farmers. They can broker out what you are looking for. I have two policies from them now. Best of luck on your first rental!

Keith Griffin 
Office of Matthew Hill 
Farmers Insurance 
1120 Nasa Pkwy Ste 113 
Houston, TX 77058-3320 
281-333-1000 (Office) 
[email protected]
http://www.farmersagent.com/mhill2

Talk to Keith Griffin at Farmers. They can broker out what you are looking for. I have two policies from them now. Best of luck on your first rental!

Keith Griffin 
Office of Matthew Hill 
Farmers Insurance 
1120 Nasa Pkwy Ste 113 
Houston, TX 77058-3320 
281-333-1000 (Office) 
[email protected] 
http://www.farmersagent.com/mhill2

I usually steer clear of deals like this. There's always something hidden that the seller/realtor wants to avoid showing you until they know you're serious. Approach with caution.

I've seen some wholesalers throw out deals with similar requirements and that's usually a red flag for me to stay away from such deals. Often times, they are trying to wholesale another wholesaler's deal. Just my two cents.

Best of luck with this property. 

I agree with Kyle. This is usually the way we do it. 

We have a document we write up that the tenant signs. They agree to move out by a certain time frame for X amount of cash.

This will hopefully be my first one. Looking forward to meeting everyone.

Trinity Foundation.

Also try Allied Foundation. 

Though I'm not that young, I still look like I'm well below my years. Perception is one thing but having the know-how and the expertise will set you apart.

In the end, all that matters is action. Did you take action? Everyone's given lots of great advice and it's really up to you to decide what path you want to take in real estate. There are so many ways to make money in real estate that it can be daunting, but there's also lots of flexibility and freedom in knowing that there's no one right way.

Do your homework, learn the terminology, learn about what you don't know (I'll gladly state I have way more I don't know than I do know), and find a mentor who's doing what you want to do and be useful to them. Make yourself valuable and they will in return help you grow on this journey.

I currently wholesale but am getting into rentals and rehabs. I'm working with a great mentor and partner now and we definitely help complement one another. It's been a game-changer for me.

If you have any questions, feel free to reach out to me. I'll be happy to help.

Good luck and stay persistent!

I agree with the comments above.

I'm in Houston and spend quite a bit of time looking on the MLS. Deals on the MLS are far and few between. You're going to be searching for a long while before finding something that barely cash flows. Additionally, most sellers now are asking way too much.

Additionally, of the many wholesale deals that are floating around, many have thin margins too. You'll get a better deal with them over the ones from the MLS but you should exercise caution as well.

Your best bet is to do your own marketing to find deals. We're doing direct-mail marketing to find our deals. We do quite a bit of marketing and find at least a deal or two per week that we are able to get under contract.

As of right now, we're wholesaling and rehabbing. Please send me your property criteria and I'll keep you in mind for any deals we get locked up.

Good luck on finding more deals!

Hi Corbin,

I also own a 3-story townhouse rental in Houston but my water heater is on the ground floor. I thought about putting in a water softener too but decided against it.

I spoke to one of my mentors regarding this topic and from his advice, he said that you don't get much bang for your buck for putting a water softener in your unit.

I always ask myself, "What do the comps say?" If other rental units nearby my unit have a water softener and my unit does not, will that hurt my chances of getting it rented? I try to make my decisions based on this question to determine how much to put in or not put into my unit.

You can extend that question to almost any addition. Hope that helps.