All Forum Posts by: Alex Ramirez

@Alex Jacobson absolutely! Do it! That will boost your NOI and your property will be worth more. If you didn't know this, there are companies that will put laundry machines in your complex and they will pretty much maintain them for 50% of the profit. I think it's a win. You will not have to worry about anything but just collecting more income. Best of luck to you!

I am personally investing in commercial mtf and I believe that the demand for apartments is higher as people are not able to afford a house due to raising interest rates/inflation. You obviously don't want to invest in class A properties because those are the ones that struggle the most in a recession due to affordability reasons. I stick with the B and C class properties. To give you an example, I am currently doing the BRRRR on a 12plex and we are not even done with the project and already have a big waiting list of people wanting to live there. Mtf is a recession proof investment. One thing to note is that you should never buy hoping the property will get appreciation with time. Always buy for cash flow. Best of Luck!

@Ali Nurmohamed, Hello. Don't let others discourage you. If I was living in a foreign country and wanted to invest in the United States, I would start networking with people and get into a partnership with somebody here. Maybe you can partner with that person and start a wholesaling company here. That person will be boots on the ground and you can be in charge of all the marketing, financials, cold calling, etc. It is all about getting creative. Best of luck to you!!

I don’t but I’m also very interested about the subject 

@John Mitchell that's really strange that seller is asking for money down as EMD. Typically you specify your terms, including EMD and your option period within your offer (contract) and everyone has to go by the contract. I would go back and check what was put in there. You don't have to do anything that's not written in your contract. Everything is negotiable in this business. So just because the seller is asking you to put all this money up front, doesn't mean you can push back on it. Again, I would start by checking what's written in your contract. Best of luck

I’m a multifamily investor in the Houston area. The best deals to wholesale are value add deals, where you can come increase the income And reduce expenses after executing your business plan (I.e. remodel the units and bring the rents to market value). What you need to be looking at is the financials of the deal (rent roll and t12). An end buyer will be asking for those to see how much they will be willing to offer for the property. Let me know if you have any questions. I can help you underwrite your deal if you need someone 

Not very sure what can of help you are looking for but I specialize in small mtf 2-50 units. What kind of questions do you have?

The way it works is that the investor who is investing from his/her IRA will basically draft a contract with you with the help of whoever holds their IRA account. Once everything is signed and good to go, you will receive the money. It's just paperwork for you

I am not a big fan of condos because the monthly maintenance fee will absolutely kill your profits. Also, in most cases you only own what's inside of the walls, nothing else. However, if this condo is in a great area and maybe you list it as a Short Term Rental and that yields a good profit after all expenses then that's something I would buy.

I am a huge fan of multifamily and that's what we focus on in the Houston area. You not only have full control of your asset but you have so many more benefits such as appreciation, depreciation and many more tax benefits. 

@Erere Ovirevarie Welcome to Houston

Answers to your questions:

(1) is this the right time to invest in multi family due to high interest and skyrocket home prices?

It is always a good time to buy as long as the numbers make sense. What you have to do is consider all of your expenses into your calculation and if that makes sense then by all means it's a good deal. Now, a lot of times people are waiting for the perfect time to buy but I can tell you right now that will never happen. RE goes along with inflation and while interest rates can go down, the value of RE will not. What you need to do is refinance at a later date when interest rates are low. Also, consider this; if you are currently paying rent let's say $1200 and moving to a new house that you will buy will cost you $1300 per month I will say yes to this. Why? because you are at least putting money into your own property and no one else's. I did this and in 3 years the equity of my personal residence is about $70K. You could also house hack and split the bills in half or even get more creative and rent by the room.

(2) what are the things I should be looking for in order to get a good multi deal that will be profitable?is it fixed interest,the value of the house and the cash flow after expenses?though I order for Brandon turnel multi family investing book but not yet arrived

The best deals out there are value add deals. Why? because technically the BRRRR method is one of the most profitable methods out there. You could end up in a scenario of not putting any of your own money after all is done. However, I would not recommend taking on a big rehab by yourself if you have no experience. Either partner up with someone that has already done a few or get something more turned key, which sounds like what you are looking for. One thing I will say though, it is going to be challenging to find an on-market cash flowing property in the Houston area. For something on market to cash flow, you will have to get really creative about what strategy will generate you the most profits for your property.

(3)should I contact FHA lender right now for pre approval or still hold on?

Definitely, I would contact a few actually. Ask them to pre-approve you and to issue a letter for at least 3 months (6 months ideally). One thing to highlight here is that your credit score will be impacted a bit (soft credit check) after the first lender pulls your credit, but it will not continue to drop regardless of how many lenders you apply for within I believe a month or two (please double check this) 

(4)can anyone also link me to REIA meet up in Houston area if there is any...thanks

There are plenty of RE meet-ups in the Houston Area. I usually attend a meet-up every Thursday. PM me for more details on this

(5)will 25k be enough for down payment for triplex or four plex multi family ?

This will depend on the value of the property and the type of loan you get. Best to talk to your lender. They will have a very accurate answer on this for you once you sort out the property and the loan type.

Hope that helps