All Forum Posts by: Enrique Gonzalez

@Al Rivera there are several vendors that sell elevator systems for a home or retrofits. What you want to look for is called a Roomless elevator system. this way you wont need to waste space in your home with a small room dedicated to the equipment. these elevators are a smaller scale of what you see at the malls in the middle of the food courts (like the woodlands mall). You need to confirm code requirements because the City of Houston has updated to the new Fire code so there might be some requirements that you would need to meet.

With regard to service most of the installers have service departments that can come out as you need them. keep in mind you will also have to get yearly inspections as well. (not a hard process just something to add to your maintenance list.)

hope this helps

Enrique

Experienced Commercial General Contractor in commercial and multifamily, looking for partners to develop new construction whether its in retail centers or small to mid size multi family. Open to any market as I have experience in multiple markets in new multifamily and commercial construction. 

George, thank you

@ Cody thanks for responding I sent you a message to start the dialogue. Look forward to talking with you. 

@Dmitriy Fomichenko thanks for the tips. I am slowly making my way through the site and have hit some of the items you mentioned and they have been a huge help. So thank you, I greatly appreciate it

@Isstad Rashadeem thank you. I would agree that Houston holds many opportunities.

@Scott Morongell thanks for responding, I would prefer to and thats the direction I am leaning towards. If nothing else to get my first investment done and continue to learn more to do more properties.

@Nick Sheveland thanks for responding I will use the calculator just wanted to test my approach as I am still trying to get the steps down for the process. With regard to Managing it, I had figured on doing it myself to start, but you are right I need to factor that cost to use a PM in the event things change. Good point. Lastly the plan is to keep it long enough to help generate the cash flow for other deals and as long as I can raise the rents it would a keeper. Its in a good area with good schools so it should hold up well. thanks again

Need some guidance, I have been trying to learn everything as fast as I can (2nd week on BP) so wanted to test out what I have come up with some far and get some advise and get some validation if I should rent or sell my current house or use the money to buy other properties. We have been in the house for 7 years and have replaced the main systems that would be a big costs driver (see below). So in theory the future maintenance should be the smaller wear and tear of the house. There are not a huge number of rental in my direct area so there might be an opportunity to get some good renters. Here are the details

45+ year old house

new a/c (6 years ago)

New roof (last year)

New electrical panel (6 years ago)

New plumbing (this year) 

mostly new appliances (oven is old)

New floors in about 60% of the house

The numbers:

Currently on a 30 year loan with 3.8% int.

monthly payment is $1250

Avg rent Comps are $1600 to $1800

If I apply the 50% rule then it does not work, but taking into consideration that the main money drivers have been addressed would I still be in good shape if make the decision to not set aside as much for the expenses. does this make sense?

Greetings everyone, Just found BP and I am hooked and diving deep into the world of Real Estate Investing. I have over 22 years of experience as a Manager of Commercial and Multifamily construction and development project in various states . Most of my experience in the Development side has been on the construction of the projects, with some exposure to the financing and investment side. I have experience in the full life cycle of taking a piece of raw land all the way to occupancy of the end user. 

My Plan is to continue my day job and in my spare time learn more about how to partner with other investors to tackle our own development project. I know that I need to walk before I run so I am trying to learn as much as I can on how to structure the deals with investors, getting investors interested and having good sound exits strategies. For me the construction and figuring out what to develop is a comfortable area, its the financing and deal making that I am hoping to get some help with.  I am also interested in tackling my first investment, whether its a house or a small multifamily for either hold or flip, I know the lessons learned from it will be invaluable to getting to the bigger investments. 

Thank you guys and look forward to learning more and hopefully meeting new people on my journey.

Enrique