All Forum Posts by: William Dampier

I can't speak to the Milwaukee market, however Houston has obviously slowed down due to all of the concerns with the price of oil. Of course, once oil rebounds ($70+), Houston will rebound. The million dollar question is, when? My guess is after the election, which puts us into '17.

@Stanley E. - In Houston, we have financed a couple of deals that only have window units, but they are somewhat frowned upon. I would make sure you can line up financing before you got to far down the road. Best of luck!

@Robert Leonard - two thumbs up to everything you said. 

@Ryan Terwilliger - Grab a pen and paper, right down everything Robert said, and you won't go wrong. 

@Caroline Ortego - Welcome to BiggerPockets! There is a wealth of resources right at your fingertips! Best of luck to you!

@KevinPalmer - Welcome to BiggerPockets! 

Lifestyles Unlimited is and the RICH Club are probably the two best places in town for education, outside of BiggerPockets.

In regards to networking, Jet Lending has the biggest networking event each month. 3rd Wednesday of each month at Texans Grille in City Centre.

I agree with @Paul Timmins, your income from Medical Devices Sales should be more than sufficient to get you in a few houses. You shouldn't need Private/Hard Money. 

@Cordell Hinton-Brown - First, and foremost, thank you for your service to our country. It is very much appreciated.

Pertaining to the market - the real question is Astros vs. Brewers? I'm leaning towards the 'Stros....young, athletic, fun to watch...

On a serious note, I recognize that I'll be in the minority here, but you do not want to be a long distance landlord. Think about it: if long distance relationships seldom workout, why would you trust someone to live and maintain in your house a thousand miles away? 

@Tyler Bernhard - Way to knock it out of the park! Awesome job!

@YvetterOwo - Welcome to BiggerPockets!

Friends,

The biggest reason investors do not make money is simple: They pay too much for the properties. The number is the number, and you don't go above that. The profit is locked in immediately once the investor buys the property. Due to mistakes in the analysis, the investor pays too much and then is surprised later when he/she doesn't make any money. Stick to your formula. A carefully prepared analysis can tell you exactly what your return will be, based on certain criteria. You must be willing to walk away if the seller is unrealistic or unwilling to work within your parameters. Realize that there are always other opportunities out there, and that even if the negotiation process becomes bogged down or fails, the odds are in their favor that there is another property out there that will meet their needs. It's just a matter of being patient in the searching process.

At City Bank Texas, our goal is simple – to help you achieve your goal. City Bank Texas was founded by five men with a vision in a small West Texas town on in 1941, and as of today we have approximately over $2B in assets.

We pride ourselves on providing a peace of mind and making life easier by offering commercial real estate lending solutions custom tailored to meet our client’s commercial real estate borrowing needs!

• Acquisition & Refinance
  • Single Family, Multi-Family, Industrial, Office, Retail
  • Conventional loans for Owner & Non-Owner Occupied Real Estate
  • Attractive interest rates as low as 4.25%
  • Innovative loan options with Loan to Value up to 80%
  • Flexible terms & affordable payments with long-term financing with payment schedules up to 20 years

I am here to be a resource for you, think of me as part of your team. My commitment is to help you achieve your financial goals while at the same time making banking convenient. If I can assist you in anyway, please let me know. Simply put, we win as a team!

Bill

@Gabriel Ayala - Do your homework! Interview multiple lenders, and not only Hard Money/Private Money Lenders. Be prepared to come up with cash out of pocket. E-Mail me at wdampier@citybanktexas and I'll forward you a check list of what to avoid.