Newbie to Biggerpockets and the Greater Houston Area..

[Agnar J.]

Greetings all,

Moved down here from Northern Virginia about 18 months ago.

The short story;  We purchased 24 rental units (6 four-plexes) back in early 2003, sold them in 2005 for a ok profit.   This seller allowed us to owner finance 80%.  We were able to secure a 10% credit line along with the rest in cash ourselves.

Had a clause for first right to repurchase should the seller wanna sell them again.  He did 3 years ago, so we repurchased 16 units back.   This time we secured a commercial loan through a local bank at a 5 year locked interest rate that was very favorable.

.....and sold them all again 9 months ago.

Why... Because we had a bad experience with someone else managing the properties.  Prior to relocating to Texas last year we would manage the properties ourselves but after the move it became difficult and we had had a poor experience using an external management company.

I am already negotiating on purchasing two single family homes that are already tenant occupied as well as waiting to see if a short sale purchase materializes.

Almost all my experience comes from multi-family renters so if there are anyone selling or wanting to partner up, let me know.

I've never tried a short sale before and the plan is to rehab and relist the house.  Back up plan is to rent it out after rehab.  

I am comfortable doing flooring, painting, cleaning, landscaping but would love to touch base with other investors who can put me in touch with a good handyman, plumber, electrician, HVAC, etc.

Excited to find the site.  Can't believe I haven't found it earlier.