All Forum Posts by: Tanner Carson

Originally posted by @Stefan Stankovic:

@Kevin Wood Good luck with those two projects! I'll keep in touch and see how the renovation is going soon.

@Account Closed to market the H.I.T. (Houston Investment Team) meetup on the events page if you can make it to that on Jan. 17. Otherwise, hope to see you at another soon. Happy Holidays!

Stefan, at our age I think something that needs a lot of work makes sense ( if bought right) For me personally, some of my biggest unanswered questions are due to lack of construction experience. Even after reading Jay Scotts book on estimating rehab costs, you just never know. If you are willing to live there like you say, and can afford to do so, meaning this first one wont financially devastate you. It is definitely something to look into. Everyone calls it the school of hard knocks, but seriously would be beneficial to the rest of your career in investing. 

There are tons of what if's with population, crime, school expansion, but learning to fix something is worth its weight in gold as long as you buy right!

Now, I am only putting my own beliefs to be true as i sit on the sidelines without any experience except my primary residence. but I will tell you first hand, we have made massive improvements on this house we live in. 

we bought a house with 2 vacant lots next door. i have a big dog and wanted a fence. quotes came in from 7-10 for privacy fence.

Doing the job scared me. I spent about two weeks on youtube. My buddies dad runs a parker lumber. went to him with my measurements. 

Borrowed my father in laws tractor. and built over 500 ft of privacy fence myself. (network and resources are huge)

The process was grueling and at times i wanted to quit because maybe that 7000 was worth it. all in all i finished the fence, in material i spent 2700 and i paid a highschool kid 200 bucks to finish putting my middle screws in along the whole fence due to running out of time with the birth of my daughter! a bottle of whiskey to my father law, a bunch of sweat and blood, and becoming the guy that paid the highschool kid who needed money ( used to be me ) good money for an easy job . 

moral of that story is i saved 5 to 8 thousand dollars,***** if quotes were right i have no idea****. But now i wont need to know that information because i can do it myself. 

Now i am a fencebuilder. any house i ever go to or buy, i got the fence building feather in my hat. my next project is adding a bathroom possibly to my pier and beam house.... we will see how that goes

Looking forward to meeting you soon!

I would love to meet up! I am not too far away from austin being located in yoakum, have a few buddies there doing real estate, the craze has scared me from even analyzing in that area, but always looking to connect with experts or newbies close to home Please count me in

Originally posted by @Nathan Gesner:

It was 2004. My father-in-law was a REALTOR in the town I eventually wanted to live in. I asked him about investment property and he told me about a townhome that he used to own. I bought it based on his recommendation. At the time, I knew nothing about calculating returns or being a Landlord.

We bought it for $67,000 with about 10% down and the rest financed. We got a tenant in and everything was going great...for two weeks. Sewer line backed up but the plumber snaked it and all was good...for a month. Sewer line backed up again, this time destroying the carpet throughout the downstairs. We spent nearly $6,000 putting in a new sewer line, replacing the flooring, and taking out the tree that had grown through the sewer line.

Everything was going good...for two months. I received a letter from the HOA saying my "special assessment" was due. They were going to replace the roof and siding. I called the HOA President and asked if this was already paid by the seller because nobody mentioned a special assessment. She told me all the information was passed to my REALTOR (my father-in-law) on more than one occasion but he failed to tell me about it. If this were any other REALTOR, I would have sued them and made them pay the special assessment. But it was my father-in-law so we sucked it up and didn't even say anything to him.

Long story short, I spent nearly $10,000 within the first three months of owning my first investment property. Insurance reimbursed me for nearly $5,000 of the sewer issue so I was really out only $5,000.

After that initial fiasco, we set aside all rent money and never paid for another repair out of pocket. We sold the unit 8 years later and cashed out nearly $60,000. Not a bad return.

WOW!!! This story is crazy, i think you have one for the record books there as a first property. Everything you mentioned is pretty much what terrifies me of diving in. How can i see roots in the ground? i guess nobody can right? Gosh, you are a good man to have not told your father in law anything or ask for help. I really respect that. I am glad it turned out good in the long run for you and thank you for sharing your story with me. Some definite things to take away from this post.

A mutual agreement here! Anyone looking to get there license online can get it half off through Christmas , and if I refer you I get refunded half of full price I paid back in October . Would be good for both parties First come first serve Let me know

Austin institute Right now they have a 50% off deal for full classes 895$ cut to 4 something If you send me your email I can get you the email they sent me to send for referrals of new students I'll get refunded half back and will save you half

@chrisortega Hey Chris I would like to connect when you get back to houston, both in real estate and construction, on the safety side if your interested! I currently work that market in my day job ! Stefan, I was reading the grand parkway part of this and have thought about the areas above 99 and 10 in KATY, the school districts keep getting better and bigger and I heard about another stadium being built even though they just built legacy? I currently am in houston 2-3 a week with my current job as outside sales for a safety company. Would love to meet for coffee and discuss markets in houston. Looking for partners myself or just like minded individuals in this area!

Congratulations man! I just moved out of the humble area, back down to Victoria TX and am currently lurking the forums for over a year now Having small kids have kept my hands tied! I am in the houston market all the time with my current job we should meet for coffee sometime I would love to hear in person how you structured the deal and made it happen! I have tons of friends that moved to college station I know it's a great rental market , let me know if you would want to partner on anything over there

I am curious to know when and where you jumped into investing. I am trying to get out of analysis paralysis.

Thanks @briankarlow

I will reach out to him and see if i can find some of these things out!

He definitely loves to talk and seemed like he kept pretty good record of his units!

Ross, have you by chance analyzed 605 Cannon St.?

The current situation is 3 siblings taking over an estate looking to cash out by the end of the year. They had it pending for 165k. but whoever it was the finance fell through. BRAND new roof on since Harvey .

My family lives a few doors downon the street and I have spent much of my 27 years in the area. 

last rents were 1550. and is in vickers school district. 

a couple updates have been made. 

very sought after neighborhood. by academy and walmart and lowes!

Sorry for crossing over to new topic

Just wanted to get your thoughts