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All Forum Posts by: Axel Norvell

Axel Norvell has started 13 posts and replied 65 times.

Post: Propstream vs Privy

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55
Quote from @Nathan Frost:
Quote from @Axel Norvell:

I've used both. From my experience:

- Propstream has more detailed and complete information and better for finding off market deals.

- Privvy is easier for seeing investor activity in the area and seeing the before/after of flips (how much they bought and sold it for)


 How do you find off market deals on Propstream?  How do you find expired listings?

 There are filters in Propstream that allow you to look through expired listings

Post: Propstream vs Privy

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

I've used both. From my experience:

- Propstream has more detailed and complete information and better for finding off market deals.

- Privvy is easier for seeing investor activity in the area and seeing the before/after of flips (how much they bought and sold it for)

Post: 250sqft detached adu???

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

I have 300sqft studios with a full kitchen, queen bed, full bath and full laundry. They do pretty well on AirBnB in the Houston area.

Location plays a big part, but if your listing is in a great area, is priced correctly and looks great it should rent just fine.

Post: Finding A Good Investment Property

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

Single Family Homes are difficult to cashflow right now unless you get creative with the rental models (rent by the room, recovery home, etc)

I like to look for properties with multiple units, or have the potential to be split into multiple units to help with cashflow

I'm going through this process now in Houston. This is what I've done so far

1. Checked if there are Deed Restrictions
2. Drafted rough plans and went to Houston City Planning to discuss and see if it's allowed
3. Hired an Architect/Engineer for approximately $2,500 to draft the plans, inspect the foundation to see if can support 2nd story, etc.

Next Steps:

4. Submit to city for approval and permits
5. Begin construction

Post: Average cost per sqft to build

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

Most of the rough estimates for new construction in Houston were in the $110 - $130 / sqft range. 

These estimates are from March 2023 and will probably change drastically with time.

Post: Texas Wholesale Purchase Agreement

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

I came across this video that walks through filling in the TREC contract for wholesaling a deal I thought was pretty helpful.

Post: Newbie wanting to get into multi-family

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

Welcome Rome.

I started my journey back in 2020 by purchasing a triplex in Houston that I'm house hacking. That triplex allowed me to save income to buy another rental property next door. I used an FHA loan at 3.5% down to purchase the triplex.

For house hacking, you want to try and find a property that will eliminate or reduce your housing costs of what you're paying now. Let's say you're currently paying $2,000 in rent + bills, I would try and find a property that reduces that to something like $0 - $500 and set aside the savings to use as a down payment on another property. If you live in the property 12 months, you can do it again by buying another house and moving into it and renting out the unit you were living in.

I wouldn't recommend single family for house hacking because you would be paying 100% of the housing cost with no renters to pay down your debt, unless you're willing to rent spare bedrooms and do it that way.

Interest rates and property values are high right now so buying where the numbers makes sense it tough. There's some creative strategies like Subject To and Seller Financing you could look into to finding better

Post: Just starting out! Looking to connect

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

@Angelo Looney - feel free to connect with me and send me a DM, I can help you run numbers on any property you'd like and help you see if it's a good investment or not.

Instead of having contractors walk all the properties, I recommend trying to figure out the cost per SQFT of the renovation based on how much renovation the property needs.

Post: How do you source investor-friendly backend financing

Axel NorvellPosted
  • Investor
  • Houston, TX
  • Posts 66
  • Votes 55

Do a Google search for "DSCR Lenders".

There you will find lenders who lend on the performance of the investment property instead of conventional loans based entirely on appraised values.