All Forum Posts by: Huy Thai

One trick I use is I copy the table with all the rates into an Excel spreadsheet to quickly sum up the total rate. Hope this helps!

Says it’s appraised at 152k. You can add up the 2017 rate and multiply it to the appraised value To get the amount you are looking for. 

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

have you tried hcad.org?

Have you tried dcad.org? I’ve noticed the same pattern used for other counties in Texas like hcad.org and fbcad.org. They all have the same property search engines with the breakdown of all the taxes associated with the particular property. You can even get contact info on current and past owners. Very powerful tool.

Thank you all for taking the time to read my thread and comment!

This makes sense as to why I can't find a cookie cutter answer as I could with say a conventional loan. @james C. I do have a Series LLC in place. I'll can use the same attorney to begin looking at my deals to make sure someone is acting in my best interest. Great advise and something most overlook.

@Theodore- I've used private lenders (family) but prefer to work with a HML so they aren't calling daily asking how their investment is going etc. While private money is always better because of the low or no rates/fees.. they aren't without their own stresses and headaches. For my calculations, I have learned to lowball everything. That way I'm almost looking at a worst case scenario. Anything better is just a bonus!

@Mike I want to be where you are with 66 houses so it sounds like I'm moving in the right direction with HMLs. I guess the next step is to reach out to a plethora of lenders and start a spreadsheet to compare deals. 

one thing I forgot to ask is how quickly does this process happen? On a conventional loan, I get preapproved then go house hunting. Obviously, that isn't the case here so how long does it generally take to have cash in hand to begin?

BPers,

I searched the forums for a list of do's and don'ts for hard money lending without much luck so I'm going to see if I can get all the answers in one place. I am at a point in my REI where all my personal and private money is tied up in equity or stuck in a seasoning period. I want to scale my business with a goal of at least 10 new properties in 2018. The only way to reach this goal is to enlist the help of HM lenders. I get the basics of needing them for the rehab period but what I don't know are the details and what I should be looking for and avoiding. If I'm correct, most get HML's and only pay the interest accrued monthly, but I've also read that some are able to defer all principal and interest payments until the loan is paid back. Some give 100% to buy the house and rehab while others give a percentage. How many points is standard? If i pay for points is that a transaction cost or is that part of the loan somehow? Is the interest based on the deal being funded, my experience, or my credit report? What are the main points I should to compare between lenders? Local or National brand? .... and so on and so on. Those of you who have extensive experience please help us fellow novices from getting taken advantage of.

As and example, the deal I'm currently working on (in Houston, Texas) is a 4-plex of 1 br 1 bths that I'm buying for ~50K. 60K in rehab with an ARV of $175K to 200K (no comps in the area). My credit is in the low 800s. I've got 2 SFH financed, 1 condo free and clear, and 1 SFH in the rehab stage of a BRRRR aside from my financed primary. Oh and I still work a W2.

I'd like to keep this thread educational so please refrain from trying to pitch your services!  Thanks in advance for your help. 

Hey Tuan, I've been avoiding the houses with recent drywall installed. My thinking is this: If the seller is selling for rock bottom prices to get out of the home, why would they come out of pocket 5 to 10K to sheetrock, tape, and float the walls? As others have mentioned, I'd get proof of remediation for peace of mind for you, your renters if they ask, and for your future buyers when you sell.  

@Edgar, have you been having any luck buying in the 50K range?  I'm rehabbing in Bear Creek but can't get them that low because wholesalers are buying up everything. 

Hello BP investors,

First off, let me say that this website has been an amazing resource for someone like myself that is new to REI. I am working my 4th buy-and-hold and it happens to be my first BRRRR. I live in the Houston, Texas area and have picked up a hurricane Harvey damaged home.

here are the rough numbers

paid 100K

rehab 30K

ARV 200K

Rent $1750 in the area

My offer was accepted sight unseen last night. I visited the property today and while it is a great neighborhood, about 70% of the homes on the street are vacant and damaged. In a typical BRRRR scenario, the comps in the area help to support the cashout refi, but in this situation, I'm assuming it will have a negative impact on me getting a top dollar appraisal. I know appraisals and comps are different things but doesn't the appraisal take into consideration the comp values?

In order to maximize forced appreciation, do I:

rehab as quick as I can, (in less than 60 days) and try to refi hoping the appraisers use comps PRE-Harvey 

or

do I rehab and wait it out a year+ before refinancing so that all the homes are rehabbed and values go back to where they were before the storm. (the drawback with this option is I am borrowing some money from a hard money lender)

Your input is greatly appreciated! 

I'd like to attend too