All Forum Posts by: Richard W.

@Alexander Felice thank you!

Sad to say I have now ruled out NC and looking at Dallas and Denver where the supply of small multi-family units is far higher

@Huy Thai @Fred Heller info above was very helpful thanks. One question I can't find an answer to is whether I should expect the appraised value to jump to match the market value, i.e. if I buy the property for X will the appraised value be raised to equal X?

As an example I'm looking at this property:

https://www.har.com/homedetail/5403-dove-forest-ln-humble-tx-77346/3436602

 Which has a 2019 appraised value of 101k:

http://hcad.org/property-search/real-property/real-property-search-by-address/

If I bought it for asking price of 138k should I expect appraised to rise to 138k? 

Or should it only rise in line with the other houses around it in a more smooth manner? i.e. appraised is separate from the actual sale price of a specific house.

With such high tax rates in Harris county this makes all the difference to cash flow!!

@Tim S. quick thanks that link was exactly what I was looking for!

Thanks everyone for the detailed responses. It sounds like I'm not exactly ahead of the pack in thinking that NC looks like a fantastic place to invest from an economy & demographics perspective. The lack of small multis is going to be a problem as I'd planned to use traditional financing to purchase a couple of triplex/quads. The commercial side sounds potentially more fruitful but I feel I really need to take a smaller step first. 

Thanks again for the help!

As part of my analysis to determine target market I want to look at whats available 2-4 units in Charlotte and Raleigh/Durham. There are 3-4 listings on realtor, same ones for zillow. Loopnet has two larger multifamily properties listed. That's all!

What am I missing? Does NC trade on a different website, or perhaps not on a website at all (perhaps a handful or brokers?), or is it simply that the market is so hot nothing even gets to the point of going up online? Or perhaps 2-4 unit properties are very rare in NC..

Any insight is much appreciated!

ok thank you, helpful to know

@Cody L. thanks very much for the input, very helpful to have your perspective on strategy and also on Sunnyside. I think for my first property I'll likely stick with a lower risk/return neighborhood, but the fact you've had good success with the 200 unit speaks for itself. 

I'd be interested to know if you're happy to share:

1) Are you investing solely on your own account or do you work alongside other investors, syndicate deals etc? You've clearly built a strong and focused business.

2) Does it take long to get your head around planning/zoning rules in Houston. I ask as I've seen that there's no citywide zoning rules. Instead there are certain restrictions on number of parking places and set-backs etc etc. My initial feeling was that this was a negative for multi-family in Houston long run as there's fewer restrictions to prevent future development. However perhaps its the opposite that the lack of central zoning and transparency means its harder for outside developers to enter the Houston multi-family space?

cheers!

Hi all!

I'm picking up on this thread as currently trying to narrow down my property manager search in Houston. Thought I'd check in to see if people's recommendations remain the same 3yrs later!

@Account Closed I'd be interested to know who you went with and whether you're still with them?

@Fred Weiller Please can I check if you're still with ELDA and remain happy?

Other property managers on my list include:

1st Class Realty

Green Residential

Empire Industries

Precision Realty

Olympus Nelson

Ashoka Lion

Terra Residential

Real Property Management (htownrpm.com)

I'll be renting out SFRs. Input on any of these or other recommendations are much appreciated!

Hi all!

I'm picking up on this thread as currently trying to narrow down my property manager search in Houston. Thought I'd check in to see if people's recommendations remain the same 2yrs later!

@Jieh Larson are you still using Terra and have you been happy with them?

@Brad Larsen does your recommendation of Empire still stand?

@Brian Foster are you still using and happy with htownrpm.com ?

Other property managers on my list include:

1st Class Management

Green Residential

ELDA

Precision Realty

Olympus Nelson

Ashoka Lion

I'll be renting out SFRs. Input on any of these or other recommendations are much appreciated!

@Kevin Bazazzadeh @Kevin Wood @Ryan Johnson I'm looking to build my team in Houston and am looking please for recommendations for:

1) Investor friendly agent (for SFRs, ideally an investor themselves)

2) Property manager

2) Property inspector

If you have people you work with that you'd be happy to share that would be much appreciated!