All Forum Posts by: Malek Bohsali

10.57% Cap Rate at $234,900 list price! $24,828/yr NOI. $2,325/mo rental income, 2 new 12 month leases.

One set of meters for property - tenants sign up for and pay all utilities themselves, figure out between themselves how to share the costs. They pay rent via Zelle. Tenants are responsible for lawn maintenance (please see uploaded leases).

Landlord covers property tax ($3,072/yr, 2.0477% rate) and maintenance.

Main house (unit # A) is 3 bedrooms, 1 bath - new shower, commode (2022), washer, dryer and fridge. Studio (unit # B) is 1 bedroom, 1 bath - new kitchen, tub/shower combo, commode, window AC unit (all in 2021), fridge. New roof, sliding glass door, Breaker Panel, 220V lines to Stove, Dryer (11/10/2021), attic insulation - certificate (11/11/2021), water heater (2/28/2022). Appliances included with sale.

Seller has *no* pressure to sell! ie, please don't submit low ball offers. Sorry, cannot assume the bank loan. Seller *may* be willing to provide owner financing, with a large down payment, under onerous terms.

Do NOT walk on to property - you will be cited for Trespassing! Do NOT disturb tenants. Showings after executed contract, option fee and EM clear the bank. Please provide POF, signed SD, LBP Addendum, TREC 1-4 contract.

Both leases, P&L, survey, IABS, etc. are all the MLS, link below.

HAR listing

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Houston, Texas

Quote from @Adam Martin:

If they own property under our property tax website you can type anyone’s name and it shows what properties are attached so maybe your county has something similar.

some appraisal districts allow property owners to change over to "Current Owner"... it's become more difficult to locate people using that method.

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Quote from @Cody L.:

This isn't want you want to hear but the best way to go after a tenant for bad debt is to not let a tenant get that far behind.

I have well over $1m of bad debt with collections agencies. They collect almost nothing. And even if you sue and win, you just get a judgement. I have way way way over $1m in judgements against tenants. But making good on those judgments is also almost never successful.

The only reason to go after a tenant for bad debt is spite (and the .1% chance you get something from it)

PS: Not saying spite isn't itself a good reason -- but don't think you'll see any of that $30k. That's the downside/cost of investing in a tenant friendly state. In Texas they wouldn't get to $30k as you'd have tossed their a*s out well before then

"In Texas they wouldn't get to $30k as you'd have tossed their a*s out well before then" - exactly this!

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Quote from @Eric Spond:

Quote from @Dalton Willett:

Good Evening everyone!

I want to bounce an idea off of you all and see if my logic on this makes sense.

My uncle owns a property in Iowa City, which is a great place to own real estate and a market I want to get into. There is a chance he moves within the next few years and I had talked to him about purchasing the property from him to add to my portfolio as a rental. I was thinking that, since he got his loan through the VA and I believe it is assumable, if this is something that any of you have done, and what goes into assuming a loan, and what are some things to look out for. The reason I want to assume the loan is his interest rate is far lower than I can get today, and at a 6-7.5% percent interest rate the numbers do work, but if I could take over his loan of sub 2%, obviously, it would enhance the investment a great deal on a cash flow basis. I ran the numbers back of the napkin, and here are 2 scenarios given the higher interest rates.

Property Price	$315,000
Loan Amount	$252,000
Down Payment	$63,000
Rent	$2,650
Mortgage	$1,960
Taxes	$350
Insurance	$105
HOA	$100
Total Cost	$2,515
Monthly NOI	$135
Yearly NOI	$1,620
Appreciation 3%	$9,450
Debt Paid Down	$8,400
Total Yearly Earnings	$19,470
Yearly Return	30.90%


Property Price	$315,000
Loan Amount	$252,000
Down Payment	$63,000
Rent	$2,800
Mortgage	$1,960
Taxes	$350
Insurance	$105
HOA	$100
Total Cost	$2,515
Monthly NOI	$285
Yearly NOI	$3,420
Appreciation 3%	$9,450
Debt Paid Down	$8,400
Total Yearly Earnings	$21,270
Yearly Return	33.76%

Yearly return of either 30.90% or 33.76%?????????? Let's talk cash flow. Your yearly return is based on the cash flow, not your equity. Remove both debt pay down and appreciation out of your equation. Those are not earnings. Your equity is a return when you decide to sell. Your earnings are the rent you collect. Some items missing to factor in for your cash flow are vacancies and repairs. Once you factor those items in, you will likely be in negative cash flow. Even if you were at $285 a month cash flow with those factored, that's not much on the bone. Good place to start I suppose, but, that sure won't get me out of bed.

agreed - too skinny, I wouldn't bite on that deal either

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interested anywhere:

inside 610 Loop (Kirby Ice House on Eastside Dr. https://www.tripadvisor.com/At...)

Galleria (Rustic in Uptown https://therustic.com/houston-...)

City Centre area (I-10/ Beltway 8 West Kirby Ice House on Gessner https://kirbyicehouse.com/memo...,

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Houston, Texas

Quote from @Malek Bohsali:

I have a 4 bed / 2 bath under contract in College Station. need to decide between AirBnB and longterm rental. interested in everyone's thoughts Anyone willing to share their very reliable cleaning crew ?? probably do the long term rental unless I find that cleaning crew

2 days before closing on it I leased it out for 4 months at a huge premium to list price. By 12/1/2022 I may ditch all the AirBnB furniture to convert to a LTR... not yet decided. Not especially enamored of a long distance STR management.

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Investment Info:

Single-family residence buy & hold investment.

Purchase price: $235,000
Cash invested: $5,000

SF home, was an AirBnB property run by former owner. Purchased it 100% furnished, leased 2 days before closing for a substantial premium over list price.

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Investment Info:

Townhouse fix & flip investment.

Cash invested: $650,000
Sale price: $1,650,000

Welcome to this hidden River Oaks gem in armed guard & gated Raintree Place. Designer/ architect/ builder team made spectacular use of space & design after property was taken down to the studs. Large Western sliders, new windows brighten the open floor plan. Kitchen appointed with 10 Thermador®, 2 KitchenAid® appliances, Wood-Mode cabinetry. 1st floor primary bedroom: custom walnut door, closet built-ins. All 4 bedrooms have ensuite baths. Bonus Studio/ Home Office or 4th bedroom w/ full bath

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Quote from @Cody L.:

Best rule of thumb there is:

The more likley you are to be in an area that you'd want to live in, the worse the numbers.

So you have to decide what trade off you're willing to make. Better location or better cash flow. You don't get both.

That’s right on target. Much higher ROI being in ‘tougher’ neighborhoods. I imagine Sunnyside / MLK would be top notch returns but personally won’t venture there after dark.

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Houston, Texas

Quote from @Tammy Jackson:

We are brand new investors and I know the post is older but was curious how the CS market is now ? I have a daughter starting A&M soon and have been thinking about investing in the area but unsure of the market and whether or not we should go for a SFR or one of these student geared condos. Any and all advice and suggestions welcome :)

Did you invest Tammy? I have 4 bed/ 2 bath under contract now. My son starts in the Fall of 2022 but he'll be in an apartment, at least the 1st year

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All Forum Posts by: Malek Bohsali

Malek Bohsali has started 9 posts and replied 47 times.

Post: 10.57% Cap Rate, Duplex in Houston - Airline Drive area

Post: What is best way to go after a tenant for rental debt?

Post: What is best way to go after a tenant for rental debt?

Post: Question about assuming a loan

Post: Houston Real Estate Meetup

Post: Duplex College Station

Post: CSTX Rental property

Post: High end Townhome flip $1,650,000 in H-Town

Post: How is the duplex market in Houston?

Post: College Station Rentals?