All Forum Posts by: Lee V.

Hi all,

I live in Houston Texas, and was wondering how often are there mold complaints? I know that ac and heating are among the most common complaints from tenants, but how often are mold complaints from tenants? 

I currently manage a few properties, and was also interested in starting a mold remediation business. I’m just wondering if mold remediation and property management can go hand in hand? 

What are your thoughts? 

??

I’m a newbie. Just recently purchased a triplex and currently living in one of the units while renting the others out. It’s a unique property. There are 3 single family homes on one piece of land. None share and walls. (3 separate structures) I live up front in the “main home” The main home has its own water and electric meter, and the two rear homes share a water and electric meter. I pay their water, and they split electricity bill. 

The units cannot have their own washer and dryers. They are too small and there isn’t any space for them. Plus since they share a water meter, the water pressure is often low already... so adding a washer isn’t gonna help that. 

My idea is to add a common laundry area. It would be in the rear of my home. I would build a small shed and put in a washer and dryer combo. It will be using water and electricity from my main home. Is this a good idea?? How would I charge them to use the new facilities? Should I increase rent? 

All of my competitors in the area have washer and dryers so I want to be competitive and reduce vacancies. 

Levi, Actually it’s a whole lot easier to understand the 1% rule as opposed to the 100x rule.. to be honest. I could just punch in 250,000x.01 and the required monthly rent is instantly known. Thanks for the tip though.

Main is 900 sq ft Second home is 500 sq ft Third home is 700 sq ft All homes are fully renovated inside. Plumbing and electrical are good. You could call them “move in ready” I didn’t need to rehab any of them. I e had tenants for about 5 months now.

Family too large

Thanks for the honesty. I appreciate it. That’s a neat little rule of thumb there. I’ll keep it in mind on my next deal.

Hi all,

I purchased my first property earlier this year. It is a triplex set up. However, it’s quite Unique. It’s 3 single family homes (bungalow style) on one piece of land. The homes do not share any walls. I’m living in the main home and renting the 2 others out. The property is in an up and coming area” of Houston. 3 miles from downtown. Lots of older homes around but new town homes being built all around.

Now onto the numbers.

I bought this home for $243,000. I went with an fha Loan with 4.5% interest and 3.5% down payment.

My mortgage is $1,812.00. I currently rent one of my homes for $900 and the other for $700 respectively. If I were to rent the main home that I’m living in too, it would rent for about $1200-$1300 or so, market value.

My question is... did I do well on this deal? Or was it a bad deal? I figured, it’s not so bad since my rental income is covering most of my mortgage note. Since I’m living in one of the units, it’s like living for free practically.

What are your thoughts on this deal?? 

Sorry, I meant is houston a good market for residential investing. I’d like to purchase multi -family properties and rent them out. San Fransisco is definitely not a GOD place to go, I’m aware of that. 😎

Houston TX is a large city. Does anyone have any experience investing there? What’s the property value like? Is it increasing?