All Forum Posts by: Bradley Chiakas

At the moment, I only have passive rental income. I have a detailed P&L statement I regularly keep up to date. Can someone please refer me to a reasonably priced CPA?

Cheers All,

Bradley

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Originally posted by @Harlan Mott:

bump.. also looking for an agent that does investments in Houston metro.

Hi Harlan,

I've had a great investor experience with Scott Weaver at ULR. He and his team specialize in properties inside the 610 loop. Let me know if you'd like a referral for a mortgage lender as well.

Bradley

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Originally posted by @Rajiv Patel:

Hello BP! My name is Rajiv Patel and while I’ve been on BP for a few months doing my HW, this is my first stab at posting on BP. Jumping into real estate as a new investor, my immediate goal is to focus on cash flow with buy & hold properties while I learn by doing with my first investment. In the near term, I would like to acquire a few rentals to build up my semi-passive income while I’m working full time (Financial Analyst)…long term goal is to work on my terms!

Ok let's cut to the chase: With me being new to Houston (moved out from LA), I've been spending some time learning the market area by scouring the MLS, going to a few local real estate meetups, and simply driving around getting a feel for local neighborhoods. I'm definitely a numbers guys and have spent many hours analyzing potential deals and developing the type of numbers I would want from a rental property. My target: Cash-on-Cash Return = 12-15%, Cash Flow = $400/month, Cap Rate = 7-8%. Currently I am looking at 1-4-unit residential properties and open to small 5+ unit commercial properties.

I really need help in two areas:

1) Finding a Real Estate Broker/Agent
2) Financing options – big banks vs community banks, portfolio lending, low money down

I will greatly appreciate any advice to steer me in the right direction.

Last thing: Folks in Houston, is there a “BP Meet up” in the Houston area? I know many cities have them, just haven’t noticed any here in Houston.

Hi Rajiv!

I started investing in Real Estate in Houston in 2013. I have had a unbelievable experiences with my realtor Scott Weaver. His company ULR has outstanding customer service. I have bought two properties in Midtown and am looking to purchase a third in Montrose/Midtown. It's a great time to buy because of the oil downturn making it a soft market!

I also have a mortgage lender who has 30 years of experience. My favorite part about him is that he always responded immediately to calls/emails. Let me know if I can help further in any way!

Bradley

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Houston, Texas

Originally posted by @Daniel Fierros:

Hello BP community! Are there any recommendable people or companies that manage Airbnb properties in Houston Texas or in the surrounding cities? I would like to know. Thank you.

Hi Daniel,

I am an Airbnb superhost in Houston. I have a 3 bedroom townhome in Midtown. Send me a PM and we can chat details on your car rental idea.

Bradley

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Originally posted by @Harjeet Bhatti:

@Bradley Chiakas Fix HELOC is in range of 5.49%+. I don't know what will be home equity line of credit. I am not in that department just giving you my suggestion. If the lender will fix your HELOC payment will be $453.73 ($80000 loan amount). You can up to 75% LTV or some lender do offer 80%LTV.

Thanks for the info! Can I work with any lender? Or are lender's only in Houston more likely to give the loan? Also, do you see it as a barrier that I only can show passive income on tax return? I have about $400k net worth at the moment with 4 condo's, and about 50% of the overall value paid off. I guess that would mean I own $800k worth of real estate. :)

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Originally posted by @Harjeet Bhatti:

You have good interest rate. Did you try to reach out to local bank in your area and ask if they can get you line of credit on these homes? Otherwise cash out is the only option you have for these properties. I would keep the same mortgage and search little more on other banks.

I'm trying to wrap my head around the home equity loan / home equity line of credit. Can you give an example with numbers of how each would work in my case? Example, what I could get out, what I would owe in monthly payments and interest?

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I bought a 3 bedroom condo in Downtown Houston in 2013 with 10% down and a 15 yr mortgage. I put some extra cash into the mortgage and did some upgrades. I am slightly positive on cash flow, but now have 139k left on a property valued at 275k. I would like to pull 80k out along with 20k of my own and re-invest into new property.

I went full rental/passive income lifestyle last year. That means no earned income. I expect 149k of passive income this year. I'm not sure on a couple things:

1. Should I do a cash-out-refinance, or home equity loan? I have a 3% interest / 15 yr loan now.

2. How do I go about securing the cash-out/loan, and also the new property loan if I have no earned income?

3. I heard Tim Shiner speak and liked his approach of getting as many "doors" or cash producing assets as possible, while still maintaining a emergency fund. Anyone object to my suggested approach?

I have contacted my mortgage broker but have not yet heard back. Thanks all for your knowledge and opinions!

Bradley

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Anyone know of any online resources to offer property management services? . I am thinking of facebook page, website, etc. But didn't know if any online forum already existed to connect property investors with managers? Can anyone lend some advice?

Cheers!

Bradley

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All Forum Posts by: Bradley Chiakas

Bradley Chiakas has started 9 posts and replied 28 times.

Post: Looking for Real Estate CPA for Tax Filing

Post: Looking for Houston Du/Tri/Fourplex Realtor Recommendation

Post: New Investor & New to Houston, TX

Post: Airbnb Property Managers

Post: Cash-Out-Refi or Home Equity Loan Advice

Post: Cash-Out-Refi or Home Equity Loan Advice

Post: Cash-Out-Refi or Home Equity Loan Advice

Post: Marketing Advice for Property Management Startup