All Forum Posts by: Kevin Bazazzadeh

Hey @John Stenger, welcome! I own two properties in Katy - let me know if you have any questions. 

Attention real estate investors in Houston! Don't miss out on our 7th REI meetup event. Each of our get-togethers spotlights a talk from a unique real estate investor or industry professional in the Houston market and presents a golden opportunity to gain invaluable insights. There are no sales pitches, only actionable, ethical investing advice.

Last month we were privileged to host Chris Hall and Wes Mabry of 1245 Consulting. Chris and Wes took us into the world of Cost Segregation, went through a full case study, and answered all our burning questions.

This month we are thrilled to host Steve Rozenberg. After 9-11 gave him the biggest wakeup call Steve ventured into Real Estate to pursue real estate full-time while maintaining his full-time pilot job. He then ventured into the PM world, creating the fastest-growing Property Management company in the Houston, Dallas, and Fort Worth area. He will share his wealth of experience, from working with contractors, PM Companies to running a business on autopilot.

Whether you're a seasoned investor or just embarking on your real estate journey, this meetup offers the opportunity to learn, network, and grow alongside like-minded individuals. Mark your calendar for September 20th at 6:30 pm and ensure to join us. We have reserved time for networking at the end of the event, but we welcome you to arrive as early as 6:15 pm to mingle or network before the event officially kicks off.

See you there!

If you haven't been to the location before, the event room is back behind the cannon statue to the left. See ya soon!

Hey @Jeremy Corporan welcome to the area man! I imagine it is quite a bit different from NJ! If you are free Wednesday evening 8/16 you should come out to a free meetup I co-host - would love to chat with you. 

https://www.biggerpockets.com/forums/521/topics/1132815-spac...

Hey @Michael Robinson they are definitely high, but it isn't terrible. I would talk to your contractor about making it right. I just had a rental renovated and the contractor put them high. I made him take them down and put them at the correct height. 

As a contractor, they should know things like this and there really is no excuse. On the flip side, there are a lot of contractors that will just do stuff that they don't think about, especially the more budget-friendly guys. We have to keep tabs on all contractors, but especially these guys. 

*Added photo of said cabinets - he told me some people like them that way lol.

Thanks @Shruti Desai! Looking forward to seeing you at future events!

*NEW LOCATION and Name – We have outgrown our previous location and needed a larger venue. We also changed up the meetup name to Space City REI Meetup (new name, same great meetup!).

Attention real estate investors in Houston! Don't miss out on our 6th REI meetup event. Each of our get-togethers spotlights a talk from a unique real estate investor or industry professional active in the Houston market and presents a golden opportunity to gain invaluable insights. There are no sales pitches, only actionable, ethical investing advice.

Last month, we were thrilled to have Chris Draper share his insight into flipping houses. With over 40 house flips and even more wholesales in the Houston area under his belt, Chris blew us away with how he has successfully managed his real estate business.

This month we are privileged to host Chris Hall and Wes Mabry of 1245 Consulting to discuss Cost Segregation. Wes has completed thousands of studies and evaluated over 7.6 billion in real property improvements across a wide range of asset classes. Chris has over fifteen years of experience in commercial and residential real estate and is also a Certified General Real Estate Appraiser. They will demystify the world of cost segregation and share typical costs, what to expect, and go through a case study so we can ask questions. As real estate investors this hits on one of the key pillars we can utilize which is to minimize our tax liabilities.

Whether you're a seasoned investor or just embarking on your real estate journey, this meetup offers the opportunity to learn, network, and grow alongside like-minded individuals. Mark your calendar for August 16th at 6:30 pm and ensure to join us. We have reserved time for networking at the end of the event, but we welcome you to arrive as early as 6:15 pm to mingle or network before the event officially kicks off.

See you there!

Thanks to everyone for coming out! That was a fun one! If you didn't get a chance to sign-in at the meetup shoot me a DM and I will send you the link to the FB group. 

Hi @Vahid Mostafavi, definitely feasible, just not necessarily easy. I am closing on the cash-out this week on a BRRRR I forced over $100K in equity in.

-PP-$55K
-Rehab and Holding Cost-$140K
Appraised $310K.

After closing costs, I will pull out all of my cash, plus an additional ~$27K. Challenge right now is with the rates being so high a 75% LTV with set-asides for fixed expenses plus CAPEX and repairs would technically have the house losing $300/mo. However, I am able to offset that a few elements.

The first is that the deal gave me 8 years of expenses up front with the $27K. Now I don't necessarily plan to hold the full amount as I have plenty of other reserves. It is fixed rate vs my line of credit which is now over 9% with prime rate through the roof. This gives me almost a decade for rents to increase by at least $300 per month, and with the current monetary policy, I see it getting there. Now obviously you could argue other costs could go up too, like taxes, however, taxes are tied to property value, so if the value is increasing then I am creating additional equity in excess of the loan paydown, and therefore could sell or refi and take out additional capital at a later date. Keep in mind I still have 25% equity in the house (~$77.5K) in addition to the $27K I took out. *This also assumes that the interest rate doesn't ever decrease below current levels. If it does drop next year, or in the next 8 years I can always get refi to a lower rate. 

The second is that the house has a 400 sq. ft. building I can either rent for storage for a couple of hundred dollars/month or convert that into an additional living space and either increase rent by a few hundred dollars or rent out as a separate unit - maybe as a mid-term rental.

Just need to be a little creative these days as an investor to make deals work.

Best of luck to you sir! Let me know if you have any questions. 

It should be a good one! See you Wednesday @Chase Levay.