All Forum Posts by: Daniel J.

@Tony Nguyen Thanks! I have no doubt it will, but all in good time!

@Jeremy Hua Very true!

@Account Closed That is true! Sadly 500k didn’t buy quite so much here!

I'm not sure this is the best forum to place this is in but it seemed logical. , so mods please move it if appropriate.

I just looked at a 2 building 6 plex in the Houston, TX area. In general renovations do not scare me, because I know that's where you gain a ton of value, but this is a whooper. It would need to be completely gutted both in and out, all new exterior, probably foundation work, hopefully the bones are good, but there was termite damage that I saw, so who knows.  As well to add on to that, it is about an hour away, so that does add another challenge. How do you decide as well whats worth remodeling vs bulldozing? This would be my first deal, the upside is pretty nice, but is it worth it?

Thanks!

Daniel

@Sarah Kline Was the overall condition good, or did y'all have to replace facia, bug damage etc? The one I looked at was quite the sight lol.

@Jordan Moorhead That is true! Thanks!

@Eddie T. Not to get into that debate but there are pros and cons whether to be free and clear, or to leverage. Many people ascribe to each side and are successful. You do have a point about property taxes, its one of the worst plagues on our society but thats a story for a different day.

@Justen Ashcraft That is very true, thanks!

@Gus Ross That is true, thanks!

@Will Stafford There is truth to that. Thanks!

@Steve Bracero Thanks!

@Account Closed That is very true, though for many people leverage is the only solution. If you buy correctly and maintain the correct reserves you SHOULD be fine.

@Sarah Kline If you don’t mind me asking what rents are y’all getting and is it college students or others?

@Sarah Kline Did y’all do a full upgrade, granite, wood floors etc?

@Kevin Riles Ok, thanks! I am running numbers for a refinance of a 6 plex after renovation in 6-8 months.

Is anyone familiar with the vacancy and cap rates for the third ward area, specifically for 5-10 units?

Thanks!

Daniel