All Forum Posts by: Alexander Tesfamicael

Hi BP San Diego - 

I'm an aspiring San Diego real estate investor, and am looking to learn more about general inspecting. Not for a career change, but just to understand what goes into the process and see as many different homes as I can.

My story:

• born and raised in North Park, have lived in Linda Vista, San Marcos, and Escondido
• lived in Boston and Washington, D.C. for school and work - recently moved back to San Diego
• working as an Account Executive for a fleet telematics company

Would anyone be open to having me shadow them on an inspection of a property? 

Value I can provide:

• during the inspection - acting as an assistant, taking detailed notes by hand or by computer - either for your Inspection Report or just for your personal notes
• after the inspection - pleasant conversation over coffee or lunch on me

Or if anyone has other shadowing type offers, I'm open to hearing them!

Hi BP community - 

I'm looking to purchase a triplex or fourplex in the Houston area and would love to get feedback on the expenses that I'm estimating (too high, too low, any that I'm missing, etc.). Thank you in advance!

Expenses:

1. Property Taxes - 2.89% of home value

2. Homeowner's insurance - 1.3% of home value

3. Ongoing repairs - 12-15% of rental income, based on how recent major CapEx items have been replaced

4. Flood insurance (if applicable) - $592/year

5. Vacancy - 8% of rental income

6. HOA Fees (if applicable)

7. Property Management Fee - 7-10%

Hi BP Community - 

I'm a real estate investor looking to buy a triplex or fourplex in the Houston, TX market. I'm wondering what tools/websites investors use to quickly estimate the rental income of a MF property. My goal is to get to the point where I can look at a triplex or fourplex and know whether it'll pass the 1% rule or not (where the predicted total rental exceeds 1% of the purchase price).

As I churn through analyzing deals, my concern is that I'm inaccurately estimating rental income of the property because each property usually has its own mix of bd/br/sq ft. In comparison, this process is MUCH easier for single-family homes.

I understand that a realtor with access to the MLS can get a pretty accurate read with a quick CMA, but I'm talking as an investor without access to the MLS doing initial analysis to send the more promising deals to my realtor.

My current process is:

- go to https://www.zillow.com/rental-manager/price-my-rental/

- go to https://houston.craigslist.org/d/apartments-housing-for-rent/search/apa

Search for units that as closely as possible match:

1. 1) Location of the property
2. 2) Number of bedrooms and bathrooms of the unit I'm estimating the rent for
3. 3) Square footage
4. 4) Amenities such as air conditioning, parking, shared common spaces
5. 5) Condition of the unit

Thank you in advance for your help!

Hi @Adam Wrobel- 

I myself am looking to get into small MF investing in Houston as well. I have a brother doing well in residential and have learned a lot from him and the BP community.

Are you planning to live in the property? Originally I was looking for SFH homes based on what I could put down with 20%, but after getting pre-approved for a 3.5% down FHA loan, I've switched my target to duplexes and triplexes. They're certainly not as easy to find but are more attractive investments.

My goal is to purchase my first home in Q1 of 2021, and quickly grow a rental portfolio from there.