All Forum Posts by: Theodore Rivera

@Aaron Redding Typical lending rates here in the Houston market can range from 8 to 12% depending upon the lender. Generally there are some points associated with the loan. Lenders generally require a monthly payment of some sort to act as a trigger should things go sideways on the loan. 

If you are looking at becoming a lender for those fixing and flipping properties here in the Houston market, I suggest you get familiar with running comparables (Cost Market Analysis). You will need access to a data source like HAR. Next would be to get familiar with assessing repair costs on subject property, You can't simply depend on the borrower to tell you what the cost will be. There is some pre-work that needs to be done prior to lending money like vetting the borrower and their team, contacting an attorney for drafting of loan documents, and collecting of documentation or loan requirements (ie. hazard insurance, survey, etc) You are responsible for getting the funds to the closing table on time, sometimes not as easy at it would seem. Then there is also some post work that is required. Inspections for draws, the draws themselves, preparing payoff statements prior to property being sold. This list is just some of the basics that I believe will help you get a basic idea for private lending. 

@Brandon Watts Plenty of networking events in Houston, one for everyday of the week. Let me once you get underway. Currently looking for rental property in the Northwest side of Houston. 

@Ayman Elmasik Your property has only been listed for 36 days, so lets not panic. Fine job on the home by the way! Best looking house in the neighborhood as far as I'm concerned. A couple of suggestions, please find and verify the amount of times the property has truly flooded. In my opinion a one time flood especially the Harvey flood would be much easier to overcome than a property that has gone through several floods. I pulled up some of the disclosures on a couple of properties a few blocks north and they noted that their properties flooded twice. Doesn't mean your property flooded twice, but would be a good idea to verify. Yes, your property was initially overpriced at $275k, however the drop to $259k seems about right for a one time flooded property. Looks like half of the listed rehabbed properties have dropped their prices, more than likely for the same reasons you dropped your price. Very important that you price your property right the first time, it adds a negative connotation when properties need to drop prices.  Best of luck!

Hi Hillary, Welcome to BP! My wife and I also reside just outside the Jersey Village area. There are plenty of real estate groups throughout the Houston area. Checkout the Meetup real estate groups online for locations and times.

Hi there New York! My name is Ted Rivera and I am a private lender here in the big state of Texas. I am hoping I can get some insight from those who private lend in New York, with regards to lending. I just read that your state foreclosure process could take from 2 to 3 years to get the property sold at auction. That is a long time to have funds tied up in the judicial system. Is there a creative way to lending in New York that provides a more secure method of returns and the avoidance of having your funds tied up for that length of time?

@Josh Caldwell Great post! 

@Jordan Decuir They are based out of the Austin area and have been in business since 2006. I attended one of their marketing meetings several years ago. Their main pitch is being investor friendly being investors themselves, and understanding the creative side of investing in real estate.

@Guy Gimenez Yes, most definitely.

@Guy Gimenez Thanks for your response!

Hi All,

I have a question regarding removing a partners interest on a property. One of the partners wants out of the recently purchased property that was purchased by 50/50 interest. The first partner will be buying out the second partners interest. Would this be considered a typical real estate transaction where a TREC contract is used to buy the interest of the second party or can a grant deed be given to the 1st partner to convey the 2nd partners interest. What would be the most effective, efficient way of doing this transaction? Consideration will be given for the conveyance of partners interest. Your comments are greatly appreciated.