All Forum Posts by: Andrew Luong

Hey Team -

A little bit of background here is that I currently have 4 rentals in Sacramento and 2 in Houston as well as completing flips but have now decided to venture into apartment complexes.

Just had an offer accepted and am now trying to piece the process together as it's a bit different from what's needed from the SFR side.

Some details about the purchase thus far:

• Purchase Price - $771,000
• Gross Current Rents - $8,400
• Potential Income - $10,200

Here's what I'm asking for:

• Rent roll
• Leases for all units
• Profit and loss statement
• Operating income + expenses
• Utility bills

My thoughts process-wise:

1. Receive/confirm the income + expenses
2. Confirm condition via a property inspection
3. If all checks out - complete the purchase

Aside from some moral support from the BP team, my ask is if - at a high-level - I'm missing any other points?  Also, any tips for an apartment newbie?

Thanks & cheers,

Andrew

Hey @Doug McLeod - This would be helpful for me as I'll be closing on property #2 in Houston in a few weeks.  Any chance you could send across their info?

Great work and story!!

Thanks, @Account Closed. Last question here for you would be, how do you suppose would be the best way to inspect the possible leak?

Hey @Account Closed - Thanks for the help here.  It's on a pier & beam foundation and according to the inspection report, there shouldn't be other signs of settlement but the inspection also noted that there were painting/cosmetic repairs throughout that could cover up the damages.

Hey Team -

I'm currently in the process of purchasing my second rental home in Houston, TX.  I've recently gotten into contract and ordered a home inspection for the home.  Overall, the property looks fine.  That said, there's one big concern from damage seen in the room and ceiling stress cracks.  Below is the section of the inspection report exhibiting this.

Could you all please help me give this a look and let me know your thoughts?  The concern is whether this is simply cosmetic or if there is an underlying issue (eg - foundation, etc)

Cheers & thanks,

Andrew

Hey @Nick S. - 

Your criteria is spot on with the criteria I'm looking for in Houston (sorry - looks like we both have more competition)

That said, as I finalize my goals for 2017, a lot of the rental expansion is targeted for Houston and I'm really interested to see what approach you end up taking. I'm currently on my first Houston rental and it came from the MLS!

Cheers,

Andrew

Hey @Account Closed - Thanks for sharing this!  Great info.

Hey @Bradley W. -

Nice to see you on here and welcome!  We've actually spoken a little bit back when I was looking for an RE photographer but ultimately I went with someone else (sorry!!).  I believe the reasoning was though I typically do RE work in Sacramento, this particular property was in Los Banos.

Hey @Kyle Hipp - thanks for the response here.  How do you suppose would be the best way to go about detecting the source of the moisture?  I've done a leak detection in the past and it doesn't appear that this is the case.