All Forum Posts by: Tom Cooper

Gordon,  That is a very generous offer and much appreciated. I will not be able to join you due to family commitments, but hopefully someone else will take you up on that.

Regards,

Tom Cooper

@Jason Deck, As you have already figured out, you need to get a clearer picture of the going rental rates in that area and particular condo community. When you asked about "solid COC return", one of the issues with condos is that they sometimes can have astronomical HOA fees, which can seriously hinder or eliminate your cash flow. You need to find out, not only what the fees are, but what is the financial position of the HOA. For example, if they have to put new roofs on the entire complex a year from now, do they have the cash reserves set aside to pay for it? Or will they hit the owners with a special assessment? You need to dig into those issues.

@Roland Rasos,  If you have an investor with all cash to cover purchase and rehab, you are probably somewhat low on your costs.  Items like insurance, taxes, and utilities will be tied to how long it takes to rehab and sell the finished property may be okay with that estimate.  If the investor needs to borrow funds to buy and rehab, you will need to add in points and interest (again, the holding period is a major factor) which will add to your costs.

@Sara Schiman,

I am in the midst of using Real Estate Express and am very pleased.  I looked at all the big 3 or 4 and all have mixed reviews.   Real Estate Express is about half the cost of some of the others.   Offers a textbook along with the online, so you can go back and forth if you like.  Sometimes I get tired of staring at the computer screen, and read from the book (I can highlight also for later review), then jump online to take the quiz at the end of the chapter.   Please send me a PM, I may be able to help you get even a further discount with them.

Good luck,

Tom

@Chris Adrian,

Thanks for posting this detailed personal experience.  Your posts will undoubtedly save a number of folks from "investing" huge dollars they do no have with Fortunebuilders!  If more would post their own experiences like yours, then some of these "gurus" would likely stop these practices!  Good luck to you in your investing!

@Jeremy Godwin, Not true!  We do not have these threats to move out of the country after every election!  This election was unique, and it was a handful of "celebrities" who threatened to move out of the country if Trump won!  Nowhere have I seen any projections of a "mass exodus" from the USA!  I agree with @Wayne Brooks - Unfortunaltely all these "celebrities are backpedaling on their promise - there were thousands ready to help them pack!  SAD!

@Michael Abernathy,

What about property taxes and insurance? Unless that is already in your mortgage number, that will eat significantly into your cash flow. I agree with the other posters, that the equity in the townhome would generate more cash flow in rental(s) that provide more rental income relative to the property value. You should be able to generate a significantly higher COC return.

@John Cantu,

Typically the term "private money lender" refers to an individual - could be family, friends, someone you meet at a REI meeting, etc.

If you are looking for firms that work with investors, that is typically referred to as a "hard money" lender.  There are a number of them that are active in the Houston area.  A couple of the larger ones I am aware of are Noble Mortgage and Jet Lending.  Google the term and Houston for more.

Good luck,

Tom

Great thread, @Sandy Uhlmann!   I was actually just on my County Clerk's website trying to figure out how to file an assignment earlier today.  With the much appreciated input by @Paul Birkett and @Bob Malecki, I will be saving myself a trip downtown and a likely wait in line!   Thank you all so much.

@Chris Johnson and @Sean Dolan,  Any updates to this thread?  Chris, what did you end up using and how do you like it.  Great meeting both of you this past weekend at Right Path Weekend Retreat!