All Forum Posts by: Account Closed

@Cody L., I like how you think. I hadn't really considered re-purposing as a new investor. Demand for space (especially in the loop) is always there; with the older properties I figured someone would purchase, tear down, and build up.

@Ariel Salvaro, welcome to BP. Do you come down to Austin or Houston often?

@Nichole Stohler, thank you for the response. "long-term tenants with a pride of ownership mentality," an excellent nugget of information!

You purchased the 7-plex with the long-term tenants in place, might I ask how much longer did they have on their lease(s) at the time you took ownership?

@Account Closed, absolutely. I'd also like to hear how the rehab on the 4-plex near sugarland is proceeding. I think exploring outside the loop is a must for new investors, especially with all the seasoned "sharks" in the city! I've been exploring and researching SA and Austin (as well as areas outside of Houston).

@Johnny Groves, welcome to BP. "Work smarter, not harder," is an excellent philosophy. So many people are afraid to embrace it or at least attempt it. You will find other like-minded individuals here that enjoy thinking outside the box!

@Dana Holland, I'm not a lawyer (much to my mother's dismay lol), but I agree with Mindy that doesn't seem like grounds for eviction.

Since they are continuously dishonest make sure to document everything. And I would seek legal counsel ASAP, 13 months is entirely too long to be miserable. 

If you are unable to remove them via legal means, I've read about people using less conventional methods, such as offering money to tenants to leave at an earlier date. Or even trying to get to know them better and assisting them in finding "better" employment opportunities or perhaps "alternative" accommodations either closer to work, family, schools, etc. That may be too extreme for 13 months, but it could have been longer.

I'm curious, in lieu of this incident, what do you intend to change (or do differently) in your current screening process so that you may avoid similar tenants in the future? 

@Michael Boyer, I really love "great places for great people," you have an excellent philosophy. In my experience, if you keep the "customer" happy then its good for your reputation as well as your mental health lol.  

@Nichole Stohler, very inspiring success story, I respect anyone that gets back on the horse after they've been knocked off!

In hindsight, the 4-plex you started with for less than $100k, did you have any difficulty with lower income tenants (I'm not sure if that's PC to ask)? Also did your first property require substantial work?

In other words, what did you learn specifically from that first purchase that enabled you to successfully purchase a 7-plex (aside from any widely available analytical tools)?

Thanks again for sharing!

@El Marie Salunga, welcome to BP!

@Bradley De comarmond, great book recommendations, just finished the 4-hour workweek the other day, it really gets you fired up. I would also suggest Rich Dad's Cashflow Quadrant.

Hi @Patrick W., I too have been exploring multi-units in the same area. Based on what I've noticed thus far, many of the multi-unit properties offered are older, expensive turnkeys that have been on the market for sometime. 

If you are looking for something under $300k and not to far out of the loop, then you may want to explore east downtown (aka Eado).

Best of luck, and keep us posted!