All Forum Posts by: Minh Le

@Sam B. thanks for the heads up on Lumberton and Silsbee. The owner of the set of properties that I was looking at owned a number of properties in Lumberton. It must be a good place to buy.

@Alex Saleeby with the above mentions, I wouldn't be doing myself any good to limit myself to just Beaumont. It just happened that these set of properties were in Beaumont, and I wanted to learn more about the city. Thank you very much for the additional info about Beaumont and what all else to consider.

@Mathew Wray I appreciate the insight the ongoings at Lamar University. I was blown away by its expansion and development. All of this may lead to gentrification of the area, which may spark some investment interests there.

@John Thedford thank you very much. I will reach out should we procure the properties.

Hello BP community,

I am ready to make a cash offer on a major rehab property and plan to utilize the delayed financing exemption to get my capital back out (sales price, closing costs, and rehab). I am hearing conflicting things from the forums regarding this as there are lenders that have commented that you can only cash out the purchase price plus closing costs (no rehab) or 70% of the appraised value, whichever is LOWER. However, those who have done it has said that they were able to cash out at 70% of appraised value on rehab projects. I am leaning towards those who have done it, since it sounds more plausible. I'd like to hear more from those who have used the exemption strategy.

I approached several of the big banks in town to ask about the delayed financing exemption and they all look at me as if I am speaking a foreign language. They all try to push me back to a HELOC on my primary residence to fund the project. I have seen comments suggesting to reach out to small local lenders who specialize in working with investors for this, but I do not know who they would be. Can fellow BPers refer me to some Houston area lenders that I can contact?

One more thing...my partner and I have an LLC and the funds to take on the project, but do not have the W2 income to support the financing option. I do have someone in mind to help with this. Does this person needed to be added to the LLC as well, if we are to purchase the property under the LLC and delay finance afterwards?

Thank you in advance for your inputs!

Hi Farah,

I am a commercial realtor, myself. Banners, signage, online listings generally gets us lots of hits. On top of that, networking with other agents helps, as you can refer prospects to one another.

Another thing that you can do is cold call. I feel that with the progress of technology today, people will reach out when they are ready to relocate or expand their business. However, older agents swear by it, that cold calling still works.

Good luck!

We love Teen Titans Go! So much random, silly humor. Thanks for sharing the clip Mindy!

I shudder to think there are people in our own backyard to that would create such a horrible living condition for themselves and their poor kids. Even people in third world countries would not subject themselves to living as such...

Thanks for sharing. It is an eye-opener.

@Ryan Cox I will do that to see if they can provide market conditions there as well.

Thank @Dannie Davis and @Alex Saleeby for your referrals!

@Eric JamesI thought so too, yet the properties that I am looking at did not flood during Harvey, nor did they had wind damage.

Does anyone have insight on the job market and rental needs there? I pulled data from the depart of labor but got nothing out of it. What key metric should I focus on when viewing labor statistics? The report I looked at did not contain unemployment rate. 

I looked at rent rates on rentometer, and the average rents are showing much lower than what the current owner is charging on these properties, i.e. $525 average rent while current owner is charging $750 - $1,100. My concern is would the higher prices being charged sustainable? The 80/20 rule shows that there should be a market for the higher rent rate, provided you can justify charging that amount.

I chatted with the owner quite a bit, as he was onsite maintaining the property, and he spoke of gentrification taking place in the area. Lamar University, which is literally right down the street, has expanded tremendously. However, during my drive around the area, I did not see any new developments/renovations taking place. There aren't many national retailers nearby either, until you get back out on I10, so it's kind of difficult to accept that gentrification is in progress.

I have identified some properties that I would like to purchase in Beaumont. Does anyone have a good referral for some property managers in the area?

Hello all,

Since the Houston market is ultra-competitive these days, I would like to look outside the city and Beaumont, TX came on my radar. I looked at threads pertaining to the Beaumont, and they seem to have a favorable market. Can someone living or investing in the area give some insight on the current ongoings there?

Can I also have referrals to good, reputable property managers there?

Thank you in advance for your inputs. 

I would like to piggyback on this thread to connect with MHP investors as well. I have title to 10 mobile home trailers that I am offering for sale. I have reached out to various mobile home parks, but so far no luck, as the majority of them are at full capacity. 

I would like to sell the entire set as a package for a very minimal price. I thought it made sense to reach out to mobile home parks, since I figured owners/investors can resale or rent them back out for some good cash flow. Are there other parties that I should consider reaching out to?

 Thanks Minh. Somehow, I feel the same about your name...

It's a great feeling to run into fellow BP members in the real world. I ran into an acquaintance who I kinda knew from college, and we never spoke back then. However, knowing that we are both on BP gave us that connection that we never had, and opened up a line of communication that we otherwise would never have. 

I love how fellow BP members are readily willing to help each other out, even though we are all total strangers to one another. You would think that because we are all competing against one another to find deals that it would be a detriment to transfer your hard-earned knowledge and experience; however that is far from the case here. I am forever grateful to be able to find Bigger Pockets. Keep up the great work fellow BPers!