All Forum Posts by: Charles Fletcher

Tristan S. I like these guys a lot: bigstatehousedeals dot com exclusivewholesalehomes dot com

Tristan S. I found it from a wholesaler who had it listed on myhousedeals dot com. It's a 4/2.5 2500sqft in 77346. Bought for $135k, needs $20k in updates and general repairs (could have done a lot less probably) and the appraisal came back at $191k, subject to the scope of work and budget that I submitted. It will have to have another appraisal when the work is done and I'm hoping to push the appraisal up to $199,000.

@Kris Seelbach It's a bit unnerving making the decision to take on a rehab, especially while having a full time career that takes up almost all of my time and attention. I decided to do it, but not to reinvent the wheel. I started following a few wholesalers with good reputations, I got to know a reputable hard money lender, I met a General Contractor who only works on investment properties and have a lot riding on their reputation, I have a few REALTORS that I trust to lease properties depending on what area or class, and I do my own numbers.

I'm excited to learn all that I'm going to learn, but we shall see how it actually goes. I'm Downtown and can usually get away for lunch most days.

In my experience finding a turnkey rental with those criteria is hard, what won't be as hard to find is a turnkey rehab. If you can find the right property in the right neighborhood that needs general updating and repairs or maybe a roof or some foundation work, you can hire a turnkey rehabber to do everything for you and then you can reach those numbers. I'm doing my first one like that right now, the rehab started on Saturday.

@Kevin Spring: I went to the New Owner Orientation, I thought it was very informative. 

So far, so good but I am about to attempt to raise the rent significantly and we shall se what happens then. I bought the house with a good tenant installed, only to learn that the previous property manager had done something shady with the contract, giving the HHA a contract with rent of about $1,100 then taking it back to the tenant and adding a $300 "maintenance fee". I've consulted with an expert on this and learned that this was just an idiotic move on the property manager's part since the tenant was approved for more than enough to cover the full market rent of $1,400. I'm not sure how all of this is going to play out, but I have to get a new lease anyway and I'm submitting it with $1,400 which is fair market rent but a big jump up from $1,100. The tenant should end up paying less or maybe even nothing.

Any Section 8 experts want to weigh in on how you think this will play out?

I just became a Section 8 landlord in Houston. So far, so good but I am about to attempt to raise the rent significantly and we shall se what happens then. I bought the house with a good tenant installed, only to learn that the previous property manager had done something shady with the contract, giving the HHA a contract with rent of about $1,100 then taking it back to the tenant and adding a $300 "maintenance fee". I've consulted with an expert on this and learned that this was just an idiotic move on the property manager's part since the tenant was approved for more than enough to cover the full market rent of $1,400. I'm not sure how all of this is going to play out, but I have to get a new lease anyway and I'm submitting it with $1,400 which is fair market rent but a big jump up from $1,100. The tenant should end up paying less or maybe even nothing.

http://www.fasttrackremodeling.com/ Elijah at FastTrack is very well known in Houston and has a great reputation. They are starting a BRRR job for me this week.

As a landlord who relies on Section 8 money as much as my tenants do, this nomination does concern me. Not just because he has no experience in Housing but also because he has stated his opposition to government assistance programs. What do you think about the future of Section 8 under Trump and Carson?

I'm in Houston, but I have been considering property in OKC, Enid or Stillwater. Has the last 2 years of more frequent tremors and earthquakes effected property values at all? Are people worried that the long term effects on foundations, roofs and structures could lead to higher maintenance costs?

I guess I'm asking: Has this changed the real estate market for investors, wholesalers and Joe Homeowner?

Thanks!