All Forum Posts by: Chris Bounds

Jon Holdman seasoning is needed for cash out but not for a clean refi. Technically if no repairs are needed you can file the refi a few days after the initial closing. [REMOVED] here in Houston has a great "Temp-to-perm" program for investors that follows that strategy.

Oops. Note to Admin. Joshua Dorkin Using the iPhone app when clicking reply again it looked like I was editing my first comment but it actually posted the entire message again.

Yes you can refinance immediately after repairs (if any) are completed to bring it to ARV. You can refinance up to 75% ARV so if you bought the house cheap enough you can refinance with little to no out of pocket costs. The downside to this is paying closing costs twice. As long as you factor that into your costs when you buy it's a good strategy to use though. Be sure to find a good mortgage broker that understands this strategy before you buy. Your hard money lender should have referrals. Also, generally speaking using hard money can be considered cash but technically it's an asset based loan. Most sellers won't have an issue with it, especially with a pre-qual letter.

I'm interested.

Updated! Click to view the Postlets Flyer.

Golfcrest Apartments

3045 Golfcrest Blvd., Houston, TX 77087

1BR/1BA Multi-Family, 29 units Offered at $869,000
Year Built 1955 Sq Footage 17,400 Bedrooms 1 Bathrooms 1 full Floors 2 Parking Uncovered Lot Size 27,219 sqft

This Class C property consists of 29 one bed / one bath units in two 2-story buildings located in the Gulfgate area off 45 South and 610 - a very HOT area for investors. Most apartments in the area stay 100% occupied. 21 units have been completely remodeled. The 2 vacant units need about $5k of rehab each. There are 3 W/D hookups in the boiler room for coin laundry machines. Managed by tenant. Great cash flow property with upside! Occupancy: 93% Cap Rate: 11% Current GOI: $169,241 Proforma GOI: $179,945 Proforma Value: $1.3M+ at 8% Cap Rate. Financials available upon request. Serious inquiries only please. Drive by, but do not disturb tenants.

@Michael T.
No I self managed while I was rehabbing. I am listing it for sell next week.

Hi Dean, I'll e-mail you.

Quick update. Exterior rehab is basically done. Some minor touch up painting and that's it. Vacancy should be at 21% by the months end. It's been fun turning this thing around. Ok it wasn't ALL fun at the time, but looking back it was a good buy. Now I'm pursuing a refi while considering an off-market sell.

Golfcrest Apartments

3045 Golfcrest Blvd. Houston, TX 77087

1BR / 1BA Apartment Complex, 29 units Offered at $834,000

Year Built 1955

Sq Footage 17,400

Bedrooms 1

Bathrooms 1 full

Floors 2

Parking Uncovered

Lot Size 27,219 sqft

NOI: $67,756

This Class C property consists of 29 one bed / one bath units in two 2-story buildings located in the Gulfgate area off 45 South and 610 - a very HOT area for investors.

19 units leased at $520 and $525 per month (gas & water paid). One efficiency leased at $500 per month (all bills paid). 16 of 20 leased units are fully rehabbed. 4 units rent-ready. 6 units need rehab (Est $3k materials each). Managed by tenant.

Estimated Proforma Value: $1.1M+ at 8% Cap Rate.

Drive by property, but do not disturb the tenants. Serious inquiries only please. Act fast if you are interested because soon I am going to refinance and finish the lease out. Financial statements available for serious buyers.

@Bryce Y. No I'll just refi and enjoy the cash flow until I sell it. I will consider off-the-market sales before the refi. Afterwards, I'll likely sell as the 365 days nears to save on capital gains.