All Forum Posts by: Cortney Arenstein

 This makes me sad. It takes so much time to run correct and proper comps on property after property, and I know MANY newbie investors that do not have access to an agent willing to put in this time (I wouldn't do it for just anyone--it is a full time job!) 

Asking for an agent friend: 

Repping the buyer, buyer wants to offer on 5 houses, all of which currently have tenants. 

Tenants' leases each end on different dates. 

Buyer wants to wait to close until AFTER each tenant's lease is over and they have vacated. (Got burned in the past) 

No lender involved--all cash offer. 

SO...agent wants to know if she can write ONE offer for all these houses with separate closing dates. I said "NAH." Separate closing dates means separate contracts, because title will be involved multiple times, etc. BUT, I can't find any actual RULE that says this--and i assume an attorney could draft an offer contract like this. (since the agent can't alter the promulgated contract forms) 

ANyone have a similar experience? Thoughts? 

 Oh yes. 

 Definitely. 8/10 isn't bad. I'm seeing 1/5 accuracy. 

 OK that is good to hear! 

Interested! 

Anyone have a positive experience with NWA in Houston? I have been on their mailing list for a few weeks now and run well over two dozen comps on their listings and have found that the comps are SO far off as to be almost unethical. Granted, "buyer beware" and "due diligence" all that jazz, but they are so far off I am surprised they are able to continue doing business. Are there just so many unsavvy buyers working without good comps that are willing to take these things at face value? I recently filled out a survey they sent me and said all these things essentially, and the broker called me to "go over a few of these issues" with me. Which is a nice customer service gesture, but I can't imagine what he is going to say other than "we are in the house sales business and this is just marketing." 

I mean, I get it; I have been an agent in Houston for 6 years or so. When you list a retail house, you are going to aim toward higher comps to push your listing price to wherever the market can handle it, (although I make damn sure my sellers are aware of the most accurate and TRUE comps that exist because the appraiser sure isn't going to care to pick the "better" ones) and when your a retail buyer's agent, you find the comps that support those lower prices you hope to negotiate down to. (with the assumption you are not competing with 6 other offers--obviously depends on the area and price point.) 

But DANG. Am I missing some important piece of the puzzle here? Has ANYONE had a successful buy and hold or buy and flip from a NWA listing? 

I think with the right connections there are still deals to be had. But those relationships take time to cultivate. (gotta know enough wholesalers PERSONALLY that will bring you stuff first, or dig up your own deals)

I recently cut a few wholesalers loose after personally reviewing their comps (I am also an agent and have MLS access and can run my own comps) and finding them WILDLY wrong--I don't mean sloppy, I mean unethically wrong. I imagine quite a few of the CA investors snatching up houses for cash over asking price from these kinds of wholesalers may find themselves negative cash-flowing if they try to rent it out.

I am currently analyzing the "near Houston" submarkets of Beaumont, Sealy, Brenham, Alvin, etc. Some promising things there I think but I can't say for sure yet. Still working on my own network in THOSE areas. Lots of corporate jobs here have moved to permanent WFH (at least a few days per week--even oil companies--I can speak with personal knowledge of one super major--BP, and one major E&P, Marathon--if the job CAN be done at home, they have allowed for a 2 day/week or more WFH schedule indefinitely) so lots of people are moving OUT of the city--even out of the pricier suburbs like Katy (where I live) and opting for that "small town country life" situation. Cheaper to live out there and if they are still getting paid the same salary it goes further. 

Which mentorship group/mastermind? And how did you "connect" with your current partners? I am sitting where you were in 2019. I know I want to go straight to MF. I know I MAY have to go out of state. I have zero experience yet but have read all the things (literally ALL THE THINGS) and now I need to find those partnerships and mentorships/masterminds. I have looked at a few "coaching" programs but so far they want $3k--which I would pay if I KNEW they are going to deliver hands on training but then...they typically try to sell me on passive investing in their current projects or buying a turnkey. I'm happy to be an LP if I can have visibility access to the process with a mentor to actually LEARN what is happening, but being an LP is NOT my goal. I would happily give away big chunks of equity and/or forego typical syndication fees for the chance to JV with an experienced person on something like what you have just done. (I even have access to quite a bit of private money already) But where are these mentor people/programs?

I have recently agreed to host the InvestHER meetup here in Houston. And I will start attending the multifamily meetups (we have tenjillion). But as far as what comes next--I'm stumped! "Hey big time investor person--wanna let me do ALL the grunt work for you and let you take MOST of the profits just as a way for me to learn this process?" Seems like a not great pitch... :) But maybe I'm wrong?

 I think it was cancelled in Harris county? The website said per the orders of Judge so-and-so. But thank you! 

ANd yes I will look up your webinars.