All Forum Posts by: Mark Sewell

@James Polk you could suggest some of the meetups that you like to attend.  Then when things open up again, he can visit and do a bit of networking in person.  

@Ethan G. runs a small meetup with some good people that attend.  That's right out there in Katy.  

Another might be Houston Buyers Club - that was a good one that I liked to attend.  You will see them online as well.

@Jon Klaus I find your comment useful, that you are seeing more back on market and asking prices reduced.  This would make sense as we would expect a real tightening of credit right now. 

I cannot say that I am seeing any real reduction in values down here in Houston either - but I haven't really paid attention to properties going back on market with reduced asking prices.  I suspect that is happening here as well.  I think we had, until now, a real limited supply and demand was stable.  Now the petrojobs are going away and I think in a few months we'll be seeing a much softer market.

Sorry guys - I was actually updating my profile while I was participating in this thread - I should have withheld comment probably until I got my signature fixed.

There are traditional mortgages - I'm not a mortgage pro but I think it really depends on the scope of work and condition of the house.  If the house can pass inspection, you can live there while you make cosmetic upgrades/improvements.  If the house is in really rough shape, then this might not work.

No, there are lenders doing zero down on simple fix/flip loans - provided you have a good LTV. That has not really changed, at least with the lenders here in TX that I know.

What HAS changed is the long-term refi prospects. 

If you are going to move in at some point anyway, why not just use traditional financing and do a live-in flip?  Is it rough enough that it just won't pass inspection at all?

I am not a landlord, but I think the only thing you can do is appeal to peoples sense of decency.  Most folks will respond in kind.

Plus I think renters aren't all short-sighted and/or stupid.  Some will try to get over in the short term, but most will understand that this situation isn't going to last forever and eventually the music will stop playing.  Then where you going to go?  

I would imagine landlords that get through this are going to take a pretty dim view of anybody that didn't part with their previous landlords on good terms - at least to the extent that tenant screening rules will allow.

These guys offer class for realtors but they also train future appraisers and inspectors.  Pretty established, with a couple locations I think:

https://www.championsschool.com/

I hear a lot about various parts of town that are undergoing gentrification.  This ward, that ward... Indy Heights, Acres Homes, Sunnyside, etc.  You do see some new small MF going up in some of these areas, but I really never have gotten a good idea of what is really going in where.

So I had a bit of downtime to play around, so I fired up Redfin and just played with some parameters. I selected Harris County, SFR under $225K and built in 2017 or newer. Figured OK, this should provide at least some indication of new affordable housing going in around town. I expected to see maybe some little pockets of activity in certain areas...

You can clearly see some new stuff going in there in Acres Homes in 77088.  Sunnyside is a larger area and less concentrated, but it is clearly happening there.  And Settegast has something going on there in 77028. 

The new build activity in Acres Homes intrigued me. They are putting in these $1175 sf houses, selling for $145k-$150k and, and somebody is renting them for $1200. Pulled the MLS data to check on it, and it isn't just 1-2 houses. Cannot imagine these are cashflowing - maybe they are banking for appreciation here? Figuring this gentrification from Indy Heights is going to continue to push north?

There should be more than one club in your bag... HM lenders, PM lenders, maybe even some equity partners if it makes sense. Get those bank lines set up, build reserves, etc.

Jet has reps in DFW.  Mansfield should be OK, they go all over TX.  Call Taylor Harmon. I don't have his contacts but I can get them.

I know for sure that Jet doesn't do LTC. They don't care what you buy it for. They are 70% LTV, that's it.