All Forum Posts by: Luciano A.

@Joe S.

I must be on a roll as I see you had posted on another topic.

TO be honest I use to use a Realtor to post rentals and show the property because I got tired of driving across town and have no one show up to see the property. Figured it was worth giving up the first month's rent. But with technology and sites like Zillow, we no longer use any agents. We have our own in-house management team. If you screen tenants and follow a guideline that you set up ahead of time and stick to it you shouldn't have issues with the tenants. Also, a trick that can help. Never tell them you are the owner. Just tell them you are the property manager. You would need to set up a management company either as a DBA or an LLC, which is different than using your own name thus giving you the ability to separate yourself from the tenant.

Hope that helps

@Krishna Chaitanya gadhiraju

Those countertops and compactor are as old as my grandmother. Go onto youtube and search how to repair the laminate countertop. I am sure someone got a video from the University of Youtube. If you put crazy glue or gorilla glue then use painter's tape to hold it in place for a few hours, you might be able to get the seem to close up a little. Otherwise, get caulking that matches close to that countertop and fill in with caulking. As a landlord, I would be embarrassed renting out a place like that with such old appliances. I bet he would have done what I just outlined himself if you would have called him when you noticed it. He doesn't seem to be the type that rehabs his place until it is destroyed. 

Before you move, clean the compactor, all the kitchen area and take a bunch of pics in good lighting and save them for your records. In case he damages it more and comes back to claim that is how you left it. 

Best of Luck 

@Ryan T

I would set up a separate account of a bank near the property. Give her a handful of deposit slips pre-printed with the account number and info and tell her to deposit into this account each month. If she doesn't then send her a 3-day notice and show her you mean business. I would never go meet a tenant to pay me rent. She needs to understand there is a new sheriff in town if you recently bought the property. 

Best of luck

@Diego Amezquita

Call Chris @ Noble Mortgage. They can do traditional and Hard Money.

Best of Luck

@Jobin V.

Be careful. It cost more to work in a 100 yr flood plain. As a builder, I don't mess with flood zones as it cost me more to build. For example, you cant bring in the dirt to raise the lot above the street line. I would call the structural dept and ask to speak to a senior and tell them what you want to do and they can better advise you. 

Raising or elevating a structure is $$$ expensive than fixing a foundation so don't let your profits be eaten away.

Also, when pulling comps make sure you get recent sales as flood maps have been updated so something that sold a year ago could have sold not being in the flood plain. 

And, if this property has flooded twice already you can be in danger of not being able to get permits from the city. But you can find this info if you call to discuss someone in the permit office. I think you can just tell the operator when you call you have a property in a flood plain and need to discuss with that dept to better advise you.

Best of luck 

It is an off-market deal that we found but the seller has owned it for many years and wants more than we are wanting to pay. I call him once a week to see if he is ready to sell lol. It is not far from River Oaks shopping center.

Another great deal that just went pending was off San Felipe in River Oaks (12 units) for $900k. I guess the agent had a buyer lined up, so networking is very important as I recently found out:)

If that is the area you want to buy in just wait. There are many veteran owners who want to cash out so once we have a small correction you will see many of them dumping their properties. At least that is what I keep telling myself.

@Mark Zermeno

If you are still looking for a place to buy, here is the direct company you can buy. They are also on Amazon which includes their shipping but you can research their site. Shows how to install and empty the lines. I highly recommend going this route than giving a future tenants a space heater and they cause a fire. 

https://www.highseer.com/

@Murtaza Cheema

The location is prime. With the current code trying to build a triplex in that same spot can be challenging, not to mention the current cost of lumber. This would not be a cash flow positive property. If you have $1m and want to park it somewhere safe then this area of town could be. 

Before I moved to Houston, a fellow investor told me don't bank on the appreciation. If you get it great but must make the numbers work with cash flow otherwise your not an investor, rather a speculator. 

In that area can find things a little cheaper. There is a 6plex close by that seller is asking too much but he is in no hurry to sell.

Best of luck

@Alex N.

I too would say go for it but make sure there isn't mold growing everywhere as that will require a licensed mold company to remove and that can eat into your profits. If your client has already cut sheetrock and dried up the place then you are golden. Make sure to look at the updated Fema map to make sure it is not in the new flood zone. This can cause issues with appraisal for your buyer so again another discount on the price. 

Best of Luck 

@Joe S.

No sorry, I meant I had an investor who specialized in Section 8 giving me advice to not have them when leasing to section 8. Also not to have ceiling fans but I broke both rules and have not had any issues.