All Forum Posts by: Ann Watkins

So true, but you know what... I credit her and her lack of ethics with being one the negatives in real estate that turned into a positive. Her and another agent are two of the reasons I got my licenses. So out of bad actions actually came good!!!

This thread is giving me life. I have a $50k threshold but have to say these homes are simply darling and make sense for buy/hold and flips!

Oh well my break is over...back to the day job! Bye ya'll!!!!

@Sharad M. Oh what a great thread! It really does take me back and I'm loving the pictures.

This was the first property a purchased. 4-1.5 with a garage converted to a den, 4 sided brick, central air/heat, huge front and back yard, all for $24k.

This was a HUD foreclosure with only $500 down. My monthly payment was like $300/month. I was a single mom at the time and I made a career move that took me out of state. I had no choice (or so I thought) at the time but to sell it in order to qualify for a home where I'd been assigned to work.

Not knowing any better I trusted a real estate agent to list the home for me. She wound up stealing it for $6k telling me it wasn't going to sell, but would do me a "favor" and assume my loan. Then she turned around and sold it twice once at $95k and again at $75k. I later found out her partner did the appraisal, another partner did the inspection, she didn't use a title company and her son was the first buyer.

@Account Closed Yep...I know exactly how you feel. I hate not being able to trust people you do business with or those you've tried to help. One of the major downsides to this business.

But the upside? The great properties we find, that make great homes for great families!!!!

Thanks for the shout out @Sharon Tzib you're a sweetie!…funny thing is I’d written a post earlier and it simply would not post. Your kind mention must mean I should chime in. There are some great realtors on this site and I’m sure he will find someone he feels compatible with.

@Manzur Y. I’m sorry to hear you had such a disappointment with your realtor. Often times we sign up with new investors thinking we can fulfill their needs and at some point instead of having that “come to Jesus talk” and saying look we’re just not compatible, just not a good team and I don’t think I can best serve your needs…we simply end communication. That is unprofessional and gives us all a bad label. I always make sure my clients know that while I work for you…both you and I can end this relationship if either of us feels our needs are not being met. It’s only fair, right? Clients are good...but referrals are better. I’ve had clients I parted ways with, refer me to others and we worked out fine.

Now let me ask you, how well do you know the Katy market…both of them…as there is the old Katy and the new Katy? The latter being the more desirable and thus more attractive to renters. A lot of folks think just saying I want to buy in Katy assures high property values and the much sought after Katy school district. It doesn’t. You could buy Katy and wind up in a different school district.

I just ran the townhomes/condos and there is nothing which has sold for $90k or less since January of 2013, perhaps further back. Granted there are several “interesting” listings for homes less than $90k, but they all need work or are in neighborhoods plagued with short sales. Before a short sale there is often deferred maintenance…so even the best of these will probably need work before they would be considered rent ready.

You mentioned you had cash from a home equity loan. Is that cash in the bank…or the plans you have to get the money once you find the home? The latter won’t work…even if you find the home that meets all your parameters; there will be stiff competition…with “ready” cash. If you haven’t already done so, do the loan and have the proof of funds letter ready for your next realtor. Trust me when a client can show bank backed proof of funds…realtors will treat them soooo differently, than that HML letter of promise. (Don’t judge me…lol)

I work with the banks and know when the good ones are coming on the market (sort of sucks because I cannot buy my own listings) and sometimes there are investors already lined up way before the listing hits the internet, so you have to be ready to move fast. So that’s my $.02…okay a nickel.

Good luck in your endeavors and if you decide you’d like the listings I ran, just PM me and I will gladly send them to you. NSA.

@Anil Sinha and @John Malahay

The HAR MLS is our Houston Association of Realtors Multiple Listing Service. It's one of the most user friendly and recognized (in the real estate industry) MLS systems out there.

As a broker and an investor I find all my deals on HAR. And yes, as some have said, investors know they have to get in quickly to find the good deals, but that also cash is king. Not to say you cannot get a great deal using financing, but when a seller is evaluating multiple offers, a clean offer (not asking for a lot of seller contributions) with a quick close, is the offer which quickly rises to the top.

One way to make sure you get the newest deals as soon as they come out is to work with a Realtor. There are lots of great agents here on BP, so your job is to find one who understands investment property analysis, knows the market and just as importantly someone who you can establish a good rapport with.

But before you do any of that be sure to have your financing in order. If you're having your loan financed, have your approval (not a pre-qualification) in a letter form before you start looking. If you're using a HML (hard money lender) make sure you understand how this works and what will be required of you to even get the funds.

The other thing a realtor can do for you is to set you up on an automated email notification for the type of property you're looking for in whatever areas you want to invest in locally. This is how I get the best deals, yes as a Realtor...I even set up the auto mailer for myself.

I know at 2:00am in the morning if a new property which meets my specific criteria, has hit the MLS, has a price reduction or a change in status. The last property I bought was in just this fashion. A property I had seen and really wanted posted at dramatic price reduction at 2:15am (I happened to be up...as I usually am) I prepared a full price offer, copy of earnest money check, letter of approval) and emailed my package to the seller's agent.

The seller accepted my offer by 9:00am that morning...most folks were just waking up. I on the other hand was patiently waiting for my banker to respond to his email...which he had been sent already. By noon, documents were signed and back in my hand. Done!

@JUNIOR NELSON

Hi Junior, and thank you.

I purchased my property in 2011 as a pre-foreclosure and totally remodeled it. Even with the expense of acquiring the property and rehab I've paid myself back and am cash flowing after current expenses. However, I did make some bad choices in management companies and had to pay to get out of the contracts. Ouch!.

The units you reference are not ocean front and sell and rent for much less. The last front unit that sold was $86k and had not been upgraded.

Also, the average CDM unit is in the rental pool and looks totally different than my unit and the one I have listed, so we do command a higher price. I've rented my unit for as much as $350/night and never lower than $150.

Hope this helps, PM me if you want more information. Lol...I feel like I've hijacked the OPs thread.

@Jon Holdman

I used to have my unit on Flipkey which is the other side of Tripadvisor. I would get no less than 5-10 hits a day. Because I'm in Houston which is like 45 minutes away I've had to hire a management company to handle it for me.

When I retire next year and if I get a second unit, I may start managing it myself. But no, I rarely get to stay in my unit, I've even given up weekends I had booked because a guest requested my unit. As much as I enjoy going down, this is a business for me, so I come second.

I'm listing another unit now and it's on VRBO, this place stays booked and has great reviews. The owner has a clientele from both in and outside the US who are long-time guests. He often sends me his guest because he's booked.

This is the one I'm listing. http://www.vrbo.com/298787 it's in the marketplace here if you want more info.

@Corey Davis

Thanks for the kind words. I'd really like to get another unit in that complex as Galveston is really moving forward and property values are going up.

@Karen Margrave

Thanks mam. The real fun was living there during the renovation...lol. But now when I can get in being able to wake up to the sun coming over the water is just unmatched.

I own a small vacation rental and when I first bought it my focus was to make it different from the other units. So I didn't do a nautical or beach theme I did a highly upgraded tropical theme.

Removed all carpet and installed tile, granite countertops with a brick backsplash. Rattan upholstered furniture and upgraded lighting. And I took one closet and converted it to a private writing space with a granite desktop and custom cabinetry.

I also added complimentary coffee and tea, enough for three days.

On occasion I offer free tickets to movies, Moody Gardens, restaurant certificates, etc based on length of stay.

Little things like that set my property apart from the others and I pretty much stay booked year round. This year I'm running an ad in the Writer's Magazine featuring my property as a writer's retreat (this was always my idea, hence the built in desk) Hopefully this will get me a long term rental and I won't spend as much for cleaning for the shorter term rental guests.

@Karen Margrave I always get calls about my Galveston unit asking could it be used for family reunions. I don't have enough space for all that, but I have rented it to a family of 6 who was part of the larger family reunion group. This is one thing that made me want to get additional units, as they usually like to be in one place. This could be one way to market your property and there are a lot of sights geared just for that.

Also, just throw it on Flipkey and see what type of response you get. You'll also be able to see your competition that way.

www.flipkey.com

http://familyreunionhouses.com/Californiafamilyreunion.html

http://www.vrbo.com/vacation-rentals/usa/california/shasta-cascade/shasta-lake/shasta-lake

@Jack Tucker

I like the first two at the top , and yes definitely capitalize on the Athens history. It is great fun isn't it!

@Jack Tucker

Big Congratulations on planning for success and finding it! I have to second @Gerald K. the red arrows are somewhat distracting...there's something hospital like an IV sign about it...lol, but I really like the one with the windows.

I did the same thing you're doing and tried to do it myself, but in the end I just paid someone to create my logo.