All Forum Posts by: Mark Sewell

Yeah your appreciation in that area will be just fine.  Just don't go paying retail for anything.  Make sure it cash flows.

I believe you are from Houston, correct?  So you already know the lay of the land?

I think you probably want to partner up with some people -- to do what, I don't know and frankly not important yet.  Maybe take advantage of your time here on BP to just built contacts, network and focus on learning what others are doing.  You'll get ideas that way.  

And there is probably no shortage of investors around here that could use some help with their websites, or whatever other skills you can offer remotely.  Earn while you learn.

@Marcial Pimental that is interesting.  My buddy @Ian Middleton and I have recently adopted a spot right at that very intersection as our breakfast meeting spot.  He just picked up a rental there, right around the corner.  Come on out and join us one of these days.  

You don't have to sell me on the location.  There are some really good new subdivisions there in that general area, like Grand Oaks, that are mixed in among some older 'working class' subdivisions.  I know there is a new subdivision going in on Clay close to Mason Rd.  

I will say, however, that right there at that intersection, it probably going to be in Cy-Fair ISD... not sure, it is right on the edge with Katy ISD.  My kid goes to Cy Lakes HS just up the street.

New builds start at about $220k or $230k in that area.

Hunter, we did that whole immigration visa dance (my wife is from Russia and we lived there for years and years), so huge respect for doing this the right way.  However we can help, let us know.

if you are still down there, figure out what you CAN do there, now, while you are waiting.  

1.  Find something you can do there.  Grow where you are planted.  Enjoy Brazil.  Embrace even the parts that suck.  This part of your life you won't get to do again, likely, so make it count, brother!  Learn the language, help your father in law with the project, whatever makes you fired up to get out of bed in the morning.

2.  You are a web design guy, so I don't have to tell you about that.  Start getting your SEO dialed in. 

3.  Read and read and read.  In between podcasts.

4.  Network as best you can - I can't count the people I have met in person, whom I originally made contact with right here on BP while they were still overseas.  I still go to meet ups but I find the quality of people I meet on these forums is way above the folks I meet at many of these meet ups (with a few exceptions). 

This might come down to that last part -- find somebody that is doing this apartment syndications thing and figure out how YOU can somehow help them, remotely.  

Park the cash somewhere - where you won't lose it (not the market) and where you can get to it when you need it.  

Lastly, be flexible as hell.  Life is what happens while you are busy making other plans. 

If it is in Katy, then it is zoned to a good school.  People want to be in Katy ISD.  But that is already factored in to the price.  Some exceptions can be found in 77449 where Katy borders with CyFair ISD (where my kid goes, lol) but don't overlook that area - there are some good working class neighborhoods here and a few houses that will still cash flow.

I think right now it is less about Katy and more about buying right at the top of the market.  

Just don't go over the median price right now, stay close to the 1% rule if you can (hard to find, trust me) and just make sure you have some reserves to get through.  But if you are doing this as a house hack, then go for it!

BTW until I saw your post, Marcial, I had no idea about the Katy Asian town commercial center, UH Katy breaking ground, the future boardwalk.  So thanks for that.

How many people give advances to contractors?  I'll go buy supplies for them all day, and I'll do progress payments as needed, but no way I am ever advancing a nickel.

For me the tricky part is lack of data.  Comps aren't easy to get your hands on.  You are winging it, to some degree.  But at least hopefully you have the historical stats from the MF property itself...

Tell us about the MF property you are looking at?  Do you know the vacancy rate?  Is it underperforming?  If so, why?  Could you add value to raise rents?

I think we all hear the comments by Brandon and David on the podcast, and we all know that it irritates them when new investors ask to have a cup of coffee and 'pick your brain'...  Instead, as they suggest, as a newer investor, if you are serious, you want to try to help add value to others.  I get that.

I also think it would be a mistake to underestimate the value of what some of these newbs can deliver.

I am very fortunate that a couple local people here in BP have reached out to me and I have been given an opportunity, as a beginner, to contribute in very small ways to what they are doing.  I've learned that way, and I feel gratitude towards those guys.  And I found them to be super humble.

You are on chapter 37 and I am still back on chapter 3 or 4.  We cannot compare my book to your book - I may never know what you know.  But man, I would hope that one day we could go have coffee.

BTW I just got off the phone with @Brian Alfaro.  We are working on a Saturday afternoon when his coffee shop is quiet and not busy.  I'll reach out. 

Hey, I guess I am one of the slow kids.  I don't quite see the offensive nature in having a cup of coffee.  BTW this fellow @Ian Middleton is a pretty cool fellow, you should get to know him.

You and I already met and you seemed quite down to earth and pleasant to visit with.  So I guess I am among those that don't understand.  Is it possible that you feel that none of the rest of us have really anything to offer?

Honestly, you didn't come across this way in person.

I would not considering doing a flood house as a flip.  Flipping is tough enough.

Time heals and memories fade, so if you find a deal and you can make it work as buy/hold, then OK, rent it out.  I know a number of guys buying in areas that flood pretty often (Bear Creek for one), and they rent them out.  

You also need to differentiate from Harvey and the other massive flooding events we've had around here.  And believe this - sellers have NO problem lying to your face about flooded properties, so make sure you have a way to verify before your option period expires.