All Forum Posts by: Daniel Tanasa

Hello Victoria, 

Welcome to Bigger Pockets, and congrats on deciding to invest in your first property. 

Sounds like you have a solid financial and background situation to get started in this. Regarding the loan, I really like the 30 year fix loan type. If you want to pay it down earlier you have the option to do that by making more payments towards the principal, but you're not forced to do that if you don't want to. Also it will be much harder to cashflow if you do anything less than 30 years loan. 

Feel free to reach out if you have any questions and I will be happy to point you in the right direction. 

Good luck!

Hello Victoria, 

Congrats on getting started and having the right questions in mind. 

1. I would suggest a 10 to 15k  in reserves for the first house. You can lower that amount per house as you scale your portfolio. 

2. Classes are a more subjective metric than you tend to believe when you read about it on the forum. What is a class B for someone can be a class C for someone else. But yes, they vary on a street by street and cluster level. Especially in Houston. 

3. I would ask the realtor you're working with to send you the flood map for the particular house you're looking at. There isn't any area ain houston where you don't have any flood zones, is on a street by street basis. You can also check the flood maps on FEMA website.

4. The slowest time is December to February, and the hottest market is in the Summer time generally.

Feel free to reach out if you have any questions and I will be happy to point you in the right direction. 

Good luck! Let us know after you get your first property!

Hey David,

The BRRRR method works in most parts of Houston if you find the deal cheap enough. I did it successfully in Katy, Cypress, Spring, Sugar Land, Kingwood, Sugar Land and Houston. I like the small single family homes around 1500sqft, 3 bed 2 baths with an ARV up to 300k. But that's just my strategy, there are many other ways to do it and many other parts of town where you can do it successfully.

If you plan to pull all your money out, most likely you won't find anything on MLS, and you need to focus on off market direct to seller marketing or buying it from wholesalers. I bought most of mine from wholesalers.

If you need any help with the process feel free to send me a DM and I will be happy to ppint you in the right direction. 

Good luck!

Yeah, I like it, you're buying it at 75% of ARV and according to your estimates it only needs around 5k in repairs.

You need to make sure you account for about 15% of the rent for vacancies, capex and repairs. If you're cashflowing after that, that's something I would go for it. 

Also you want to be in an area that you believe is going to grow and the house to have solid bones, to not have a lot of deferred maintenance. If it does have a lot of differed maintenance you may need to bump those reserves from 15% up to 20 or 25%.

Based on the information you have provided here, this seems like a deal. 

I hope this helps. Feel free to shoot me a DM if you have any questions. 

Good luck!

Hey Leyha, 

What will be the ARV (after repair value)? How do you plan on financing it? Does it have floors now? Because if it doesn't, you can only buy it with cash or hard money. How much money do you need to put down?

After you provide these informations I will be able to give you my opinion whether or not I would buy it.

Hey Carlos, 

Sorry to hear about your troubles. Getting a bankruptcy attorney involved ASAP is the best course of action. 

Keep us updated on how this evolves. 

Good luck!

Hey Jorge,  

If you send me a PM I will be happy to share with you some lenders that can help with that. 

Good luck!

If you want your tenant to don't know you're the owner of the property you can tell them you're actually the property manager, and you wouldn't be lying. Since you're the member of the LLC that is managing the property but is not actually owning the property.

If you don't want your name to show anywhere, probably best way will be to just higher a 3rd party to manage it for you. But it seems to me that you are overcomplicating it for something that doesn't really provide you a much better level of protection. 

 Hey Rashid, 

In the case where you created a separate LLC for managing the property, that doesn't hold any assets, that is the protection. If they go after that LLC, there is nothing to be gained. It doesn't matter that you're the manager for it.

At least to my understanding. I am not an attorney. 

Good luck!

Hello Mohammed, 

You can send me a PM with the type of contractors you're looking for and I will be happy to share with you my contractors. I can also share with you a property management company that does STR.

Good luck!