All Forum Posts by: Mitchell Dyer

@Tyler Buck just to get the creative gears turning, what about converting the 50% to mixed use?

My goal is to add value to at least 100 units by the end of the year and I got my hands on a list of ~3000 off market properties in Houston, TX (Harris County), about 20% of which are 100 - 300 units.

Would it be proper broker etiquette to share this list of off market addresses and ask for the broker to focus on properties between 100 - 300 units to determine which properties are ready to sell? If possible, the broker could represent the buyer and seller.

I do not know of any PMCs in Orange, but what I would suggest is to search around aparments.com and click on listings to see who the PMC is and reach out to them with Drew's approach. Ive gone through a few (table below) and ITEX is a PMC on a few apartments listed in Orange.

https://www.apartments.com/ora...

Hello David! I am just getting started again in the Houston area and can be boots on the ground for larger deals.

@Lance Harris Welcome! There is an event in Houston called Sips and Flips on Apr 28th. https://www.biggerpockets.com/topics/1030894

@Jake Brown these are great questions and congratulations on this deal! I would reach out to your lender to answer some of these questions. They will do their own underwriting and you can pick their brain about their assumptions and if capex is considered when calculating the dscr. Also is this loan non recourse? If it is, you ad your credit should be off the hook if the cf can’t cover the debt.

I can provide some things to consider!

1) What is your license number?

2) How long have you been in business? Typically you wouldnt want a newbie doing your work...unless they have their ducks in a row and you listen to your gut.

3) Is the GC insured with enough coverage?

4) How does payment collection work?

5) How would you get in touch with your GC. What happens if they do not answer?

6) Is there a warranty on the GC's work?

7) Is the GC in good standing with associations?

8) This is a mini project, so get these three in writing: scope of work, cost, schedule. 

     * What work is to be done and by who?

     * How much will this project cost? Who buys what?

     * How long to complete? How would you align the GC's incentive with yours?

9) How will additional cost or time be handled? Do not add to your scope, freeze it!

10) Get it all in writing :)

Best of luck!

When is the next event?

James, I have not made any offers yet. I would like to have two options of people to work with for each stage of the BRRRR process before I start making offers.

Thanks for the Jet Lending recommendation, I will check them out!

I' am starting my REI adventure in the Greater Houston market and looking for Key Players to build a quality BRRRR team. If you know any Hard Money Lenders, GCs/Handymen, Property Managers, or Lenders in the area please share! Myself and others looking to start out would greatly appreciate it:)