All Forum Posts by: Michael Finkelshteyn

Sam Levin I tried to PM but the app was being weird. I wanted to get more information on new construction small multi's. I've been doing basic number crunching and thought exercises on something like 20 x 2/1 units at ~1000 sq ft/unit and rent out between $800-$1000/unit in the Houston area. But it just doesn't seem like those numbers work out. So I wanted to see what kind of construction cost,land acquisition, permitting and engineering costs you're seeing.

I am an agent and investor from Houston and I am looking for someone with MLS access in the Beaumont,TX area. If anyone could provide a lead, I'd greatly appreciate it!

@Rashad Alexander and @Terry Evans let us know how you guys do. Don't get discouraged if you don't get any calls especially if you mail less than 500 postcards, you'll need to make several rounds of mailers. In addition to that, the market is pretty competitive right now so it makes it more difficult. 

As far as zip codes go, depending on how many leads you intend to mail, you may be better off targeting whatever you get because you might not have enough leads if you're picking zip codes. Now, if you intend on mailing 1000+ and you can get 1000 leads by choosing zip codes then have at it. 

@Fred Weiller you don't have a need to sell your properties, so that's why the postcards don't work on you. I've got a duplex myself and I am always looking for 2-4 unit buildings. If you ever decide to sell your duplexes let me know, I may be interested in buying them or at the very least, help you list them.

@Clayton Natho I've used Real Acquisitions in the past before I got my license. It was enough to get an idea on comps, but was still missing a lot of information. I don't know how they are now. 

What others have said about getting an agent or your own access is true. Having MLS access is the best.

I'd recommend for you to focus on pulling in leads and speaking with sellers. You can use Zillow, Redfin and even HCAD to get ball park figures. You'll quickly find that pulling comps on every lead is not a good use of your time. 

Drill down and pull comps when you get a solid prospect. 

@Trent Herbert I actually tried to do the same a few years back. I ended up talking to an attorney based on a recommendation from a real estate agent. The attorney operated under a typical law firm name, but also provided legal services for the title company in the same office. I am guessing he owned the title company too. Based off what I've seen, most RE attorneys may be coupled with title companies which is why I suggested approaching it that way in my previous comments. 

Also, getting an attorney to draft up an LLC for you is expensive for an SFR. I was quoted something like $1,XXX for an LLC on a cheap duplex.

Here are some of the attorneys that I know of practicing real estate law. I have not worked with them before, I don't know the quality of their work, but I am sure someone on BP from Houston has worked with one of them directly. 

• Jerel Ehlert
• Steve Newsom
• Jeff Laird - Laird Law and FIdelity National Title
• Hanzen LaPorte - First Republic Title
• Ashley Patten - Patten Law Firm and Texas American Title
• David Willis - http://www.lonestarlandlaw.com/
  • David's website has a lot of great info and he posts his prices on setting up an LLC.

@Jonathan Bonck Was that price of the policy you got from Texas General or Hotchkiss?

I spoke with @Jacob Passmore about insurance and builder's risk and he had some interesting points to bring up. So I'd speak with him if you get a chance.

Hey, @David Hines I actually used Goosehead on a new policy and I am sure the guy I worked with knows Kordell. I am guessing that you're selecting a less comprehensive coverage than I am and also, my property's age is going to be a big factor in the higher cost of the policy relative to yours.

@Cody Purtle the good, small multi's are hard to come by in Houston, but that's not to say they're not there.

What part of town do you want to live in?

• East End (Eado) is gentrifying and there will be some multi's but they will be old.
  • (Walking distance -5 minutes from downtown)

• There are some 70's and 80's duplexes in Alief (Southwest) area . 
  • (20-30 minutes from downtown)
• There are some newer duplexes scattered around Cypress (Northwest). 
  • (20-30 minutes from downtown.)
• There are 4-plexes and duplexes close to University of Houston and Texas Southern University. Geographically, this is a very centralized location. 
  • (5 minutes from downtown)
• There is a development of new Fourplexes in Spring (North Houston) but they're at 585k.
  • (25-35 minutes from downtown)

PM me if you'd like.

Try @Waylon Themer

@Waylon Themer

What do you need help with? You should try some of the title companies. 

Patten Law Firm - Texas American Title and Fidelity National Title in Heights are investor friendly.