All Forum Posts by: Adam D Rinehart

@Tri Le make sure you also check the HUD zip code chart for Houston. Some zip codes are only eligible to get 97% whereas others can get 110% to 120% FMR. Joe was also very clear that his success is almost entirely based on his screening standards which are extremely stringent. His model works because he creates a high end property and has a system in place to only accept top tier tenants. Not all prospective are created equal, and section 8 voucher holders are no exception.

I just got the appraisal on the last R of my first deal this week. It came in $50k lower than anticipated which took me from getting $15k more out than I put in to leaving $20k in. I’m not too worried about it since it’s a by the room student rental with a $3500/month gross rent. The smaller note will help me cash flow more than I had anticipated though. Shaping up to be a $1450/mo cashflow.

@Michael Le I’m actually working on one those at the moment. Big mixed use development on the horizon.

@Tyler Labelle I just put 3 single zone units in a 2/2 850 sf property I have in Houston. All 3 furnished and installed were half the price of a central unit and gives great flexibility. The house previously had window units and taking those out just makes the house have better curb appeal while letting me get more in rent.

@Nicole A. Is spot on. I just went through this with a duplex I bought. The first month rent was due to me one of the tenants tried to pay 60% of the rent in cash (lease prohibits this) saying he got robbed earlier that week but didn’t bother to tell me until rent was due. I refused his attempt and served him with a 3 day notice to pay or vacate the next day. He paid in full 2 days later and said it wouldn’t happen again.

@Cody MacDonald @Ehsan Rishat @Joseph Firmin

@Uriel Aldana search Google for whatever County you’re looking to buy in. Most have the listings posted in advance.

@Uriel Aldana the first Tuesday of every month is the day for all County foreclosure auctions in Texas. Those are all cash only sales.

@Eric Piccione what part of the Houston area? Most of the ones I've been in contact with have a drive time or mileage policy, so something in Katy or Cypress (which many people still refer to as the Houston area) might not be a good fit for a PM down town.

Excellent! I'll see all of you there.