All Forum Posts by: Tim Shin

Hey that was awesome last week guys. I can't wait for the next one. It was awesome to see so many familiar faces and new faces!

Hi @Kyle Lake welcome to BP! You should come out to our next BP Houston meet up. @Charles Nguyen schedules them monthly so follow him and keep an eye out. Tonight he's speaking at the RICH club in Houston. 

Be sure to read the blog and check out @Brandon Turner 's book, No and Low Money Down for some creative ways to invest. 

Also, you should definitely check out podcast episode 33 @Sam Craven from Houston Senna House Buyers! Great episode! His dad is his partner too!

Anyone interested in a good deal in Houston? 

Hi All,

I'm back again with a good deal. Let me know what you think of this:

Houston 3/1 rehab/tear-down on HUGE Jeanetta Gardens lot $101k. Lot: 0.28 acres House: ~1000 SF (buyer to verify) . The home is bigger than HCAD listed 873 SF. 3 bedrooms, 1 bathroom. 1000 sq. ft. Built 1950. Misclassified as 2/1 by HCAD.

Massive discount on single family home and property in residential area near booming commercial area below appraised value! Comes with long-time 10 year tenant. Renovate, rehab, and sell or tear down and build condos! 50-60 ft frontage of lot allows for shared drive!

$5000 deposit locks this one up.

Call 832-559-0903 for showing/access otherwise drive-by only.

This house is in the Woodlake neighborhood of Houston, TX 77063. Built in 1950.

Property website here at www.bsgproperties.com !

Let me know if you're interested and feedback is welcome!

whoops accidentally posted 2x

OK. I think I've written about this in several other forums about three or four times by now! Haha! But here's what it looks like for an oil & gas industry insider:

Falling oil prices are seriously hurting the O&G industry and therefore, as @Sharon Tzib suggests, potentially 50% of the Houston economy is freaking out about potential job loss and frozen wages. These people, many of whom I personally know were overbidding $40k on homes, are tightening their purses, wishing they hadn't bought that new car and new house and gone on that vacation to The Canary Islands. I don't have links for you but I like to think I'm a primary source here.

Oil prices are dropping because no one wants (read Saudi Arabia) to hold back production for the rest of the world to do well so we are in a dangerous game of chicken that will at best end with someone flinching but at worst end with bankrupt governments or shuttering of several O&G companies if we sustain low oil prices for more than 1 year. 

What is the immediate result? One of the largest O&G services companies has laid off or has announced 9000 people being laid off, BP is currently jettisoning people involuntarily and voluntarily in addition to freezing pay at its current level for EVERY employee, Haliburton has already laid off numerous people in its acquisition and merger with Baker-Hughes which just also laid off a massive amount of people, Apache is laying off at least 250 people in Houston, and many other companies are in a hiring freeze or are slowing down. This week you can expect several O&G companies to take a hit on the nose with stock prices as they announce they are not meeting their profit projections. This all results in this major sector of the work-force and home-buyers to tighten up their purses if they haven't already bunkered down in the new house they just bought. 

I think @Steve Rozenberg is right. No more outbidding on houses, maybe the cost of retail homes will drop, the insane amount distressed sellers request for their houses will go down, and buy and hold rental properties will become king if you get the numbers right as buyers turn to renters. I know my wife and I aren't buying a retail SFH to live in anytime soon now!

@Jerry Ta Great post Jerry! I think you're right. The other day I wrote about the oil & gas sector from an industry insider's perspective. To be honest with you, the layoffs and pay freezes will give pause to large home purchases that that segment of the population would make in a great oil price environment. Because the price of oil is so low, people are worried they will lose their jobs and so they are tightening the purse strings. I see this in my colleagues at work. I fully expect prices to stagnate if not decrease as demand decreases. No one really knows how long this price regime could last but it could be a couple of years. 

On the bright side, if prices drop with the current inventory... it may be easier to acquire properties.

 Hey David, sounds good! But I mean to say the meetup is next week on January 29!

@David Daniels Welcome to BiggerPockets David! I'm in the Houston Heights also. I specialize in wholesale and am looking to break into buy and holds of rentals. You're going to love it here if you participate. Be sure to listen to BiggerPockets podcast for great info and attend the webinars that @Brandon Turner puts on. 

We have a BiggerPockets meet up coming up next Thursday and you should attend:

http://www.biggerpockets.com/forums/521/topics/165...

It's going to be at Mongoose vs Cobra at 6:30pm more specific info here http://www.biggerpockets.com/forums/521/topics/165886-houston-meetup---january-29-2015?page=1#p1140847

Anyway, let me know if you need any help or have any questions.

Hi @Nick Weidner , thanks for posting. I tried to search eviction records but it said either there were none or they were all private. Can you walk me through how to do it?