All Forum Posts by: Chris Bounds

All dry for us.  I was worried about our Sugar Land house since SL got drenched the hardest, but thankfully all was ok other than some street flooding.  Now if I can get a 48 hour break from the rain so my guys can paint the exterior I'd be a happy camper!

Welcome @Thomas John Cloud.  You're in the right place!  I'm in the SL area too.  Add me to your buyers list.  [email protected].

@Wendy Hatz  welcome to BP!

I'm not familiar with the class you took, but I'd caution against paying for more guru seminars (search BP to find out why). Everything you need to know about getting started in REI is right here on the BP forums and podcasts. Also, there are several good local REI meetings in the Houston area that are free.

What's the ARV on that house?

@Huy N. - great job!  Now you can enjoy the cashflow!

Welcome to BP!

I've used HM on several flips and buy & hold deals. You have got to have your plan in order and execute it well to justify the higher interest and points HM charges. They are a good financing tool, but they come with a cost.

Using HM for a buy & hold is using the BRRR strategy. Buy, rehab, rent, refinance. Actually, the day the rehab is complete I submit my refinance paperwork. Make sure you are pre-qualified in advance and both your HML and the refinance lender knows what you are doing. Your HML may even have a recommended refinance lender for this type of strategy.

Most banks I've spoken with do not like loans less than $75k.  Another issue you may have is seasoning.  They may want you to hold it for 6-12 months.  Check around with smaller local banks & credit unions.  

Welcome @Anthony Piazza!

0 down deals aren't impossible to find but they are few and far between in hot Texas markets. You need to do aggressive marketing to get those deals IMO. Partnering with other investors can help you save some cash on deals, but I wouldn't personally do that on s buy & hold SF home.