All Forum Posts by: Shahriar Khan

Lets pick a time and place .. i am in 

@Jacob Smith if i would have looked into as a flip then i wouldn't touch is based on the sensitivity that i ran (assuming 1) major reno 2) ARV is fixed)

On the other hand, if i would buy this to live then why not :) 

@Stefon Bostick welcome to the party .... 

1) Please dont send out deals what you think is a deal but isnt a deal (i.e. ARV 100... repair 10 and asking price 80 ) think through all associated cost such as holding cost, transaction cost, and then see if the return make sense from buyer perspective ... this alone should separate you from most of the pack

2) Think hard about selling someone else deal aka double wholeselling (they sold you with a profit and then you will sell with another profit ) since most of the equity would gone by the time that happens 

3) Try finding your OWN deals 

4) Easy money may show up once /twice but YOU will need your SPECIALTY somewhere to make and sustain earnings (mostly either have your own contract and/or have a very active buyer pool)

Best of luck ...

@Rudy Hernandez based on my investor pool, how fast you want to sell would be very much price dependent. I have seen closing within 1 day to 45 days . SFR would be easier to sell (assuming price is right) and tricky would be land ( i do a lot of lands as well). It because most of the investors would like cash flow (rent) or cash/in&out (flip) and with land it a bit long term with cash locked in. Given the location of your land , price needs to be discounted since there would not be any appreciation potential (assuming by the location of county).

Suggest you pull the comps and figure out a price based on investors rules and partner up with someone with a large and active investor list.  Happy to connect with you tomorrow if you wanted to talk. Good luck. 

@Jieh Larson Did you try HELOC on your property ... I was talking to my conventional lender and he mentioned that if you already have an existing mortgage then you would get 80% as line of credit and if no mortgage then 50%... might want to call up local community banks aka smaller ones.

Keep us posted. 

@Joey Rivera First off nice work. This is what i would do 

1) Find someone who can pull comps for you (happy to help if you needed , IM me ) 

2) Get a Single Family TREC contract (google it) and fill it out 

3) Figure out investor price and put that on the contract (mkt value minus all cost and discounted by 70% )

4) Let the owner know that will handle all probate paper work + find a customer and it till take you 60 days + offer him 100 dollars for earnest money 

5) Go to title company and clear up the title (this will take you a month or so)  

6) Once title clear ... market it here and it should be it.

Sounds like a lot but its really simple Find a partner/mentor who could help you go through the process and help you sell as well 

@Laura Hafer i would pick Garden Oaks /Oak forest and Briar Forest . Typically upside happens when area is land locked and surrounded (at least 2 sides , possibly 3 sides) by high priced properties. With that view, Briar Forest already had that phase and have reached that peak so property values should stay flat plus inflation. So your play could be how broken of a house you can get so that you can get a better value when you fix it and still come lower than market price. On the other hand Garden oaks is being pushed up by Heights overflow and locked down on 2 end (610 and 45) thus game plan could be how can you pay market value but position myself either a good place on the neighborhood or find a run down at a market price and create value via appreciation.  Run some comps and then do a price scatter plot with time and you would see those trends 

Just my 2 cents and happy hunting 

@Saeed Aijaz  all those questions that have asked are great questions... i bet if you spend 20-30 hrs a weeks in Biggerpockets then you will find answer to all those questions. So get started :) 

Also given you are young and just getting started ... i would suggest that you think differently a bit ..if you are in for short time to test water then get started with anything .... but if you in for long term then you need to get started properly which may require you to be a realtor and work under a broker a little bit to understand "Typical Business and retail buying/selling"  and then get started with wholesaling . That way you manage any sales lead both from retail and wholesale perspective ... 

Having said that welcome to the party and happy to connect with you if you have more questions. 

Let me take a shot at it from Texas 

1) Nothing wrong with 4 plex. Typically a new investor will grow from Single family to multifamily and there is absolutely nothing wrong with getting started with 4 plex. It would be easier since you will have more room to make mistakes and get away with it assuming buying price is right. 

2) Lets be real, if its a good deal .. everyone would want that and we have both great&****** people in this universe.  I personally talk about deals when i need to . RE world is small and i would rather find out those bad apples early on so don't be afraid to talk about your deals. On that note,  you should think about it from wholesaler perspective. If a deal that has been blasted out via email then highly unlikely that a new investor would be able to pick up that good deal since a lot of seasoned investors will pull the trigger faster. On the flip side, if you get a tap on your shoulder for a deal as a preferred buyer then you would have more time to make decisions. 

3) I am a big believer of getting funds lined up before looking for deals. keep in mind, everyone is looking for a deal and the hard money lenders as well. More motivated you are to make a deal and less time you have , the more you would pay. I would suggest, get your funding lined up and get the HELOC approved and go hard on your buying rules. Everyone wants a good deal and buyers needs to pull trigger faster .

4) Dont know about those areas. I look at things as risk adjusted ... riskier the area more the return and then how much risk you would want to take would help to decide how much return you would get. 

5) Really easy, hang out here online and offline in local RE meetings and you will find folks that you would be comfortable with . If new investor, try investing local , then go driving distance and then try flying distance 

Wish you the best :) 

@Hiren Patani Past 12 months i worked with 10+ title companies in Houston area and didnt see anyone with crazy charges what could swing any deal . Yes would be 100/200 here and there but mostly similar range . 

I would put more value in relationship rather cost assuming you will be in this for along haul. Idea is that if you can bring them enough business then they would know you and will help you to make your life easier when closing properties or dealing with issues  (ohhh they do help)  and as a net result you will make more revenue compare to chasing that small savings in closing cost.  Happy to share those contacts (not sure about BP rules) so IM me 

Just my 2 cents.