All Forum Posts by: Fillipe Silvas

Curious if anyone has used managerenthouses.com in the Galveston county area. Did a quick google search because I am wanting to hire a manager for my rental property since I am planning to grow and would be an additional benefit to have someone screen tenants for me. A few companies came across but this one stood out because of low fees and great conversation when I called.We are meeting up this weekend to discuss the possibility of working together.  Any advice for a beginner looking for a manager would be much appreciated! 

@P.J. Bremner

I did consider that but it will be worst case. It just sucks because I want to get the refi done before the first of the month so I don't have to make that interest only payment to the hard money lender. I don't think any of those are an issue in my situation. At this point I think the second appraiser is just screwing with me.. lol 

Guess we'll see what happens in the upcoming week. Thanks so much for the info! 

@P.J. Bremner

Thanks for the response! That's some crazy differences you're seeing.. I wish more people were discussing this issue because this could really hurt me if nothing can be done about it. The house is gonna cash flow well but the investments return at that point won't be nearly what it should be. We are getting the original appraisers info to compare to the new one. 

My broker told me he saw where the current one used comps in another city!! ( A city with what I would consider to have slightly lower values).  Have you seen this before and do you think they will hold up when we bring in the original info? 

I recently purchased my first investment house using a hard money loan. I am planning on using the BRRR strategy to continue to build a portfolio. SO many mistakes were made but I have also learned so much and had a lot of fun going through the process. The issue I'm going through right now while going through the refi process is that the appraisal for the refi loan came in $9,000 lower than the initial ARV appraisal did. I'm not sure how this happened but my lender and I are going to try to fight it to get it higher so I'm not so much out of pocket on the refi. Just wondering if anyone else has been through this or has any advice on what I can do to get this appraisal higher.

When using the BRRR strategy, is there a down payment necessary when it comes time to refinance with a bank and pay off your hard money? I haven't seen this discussed so maybe I'm just missing something but it's the only thing about this strategy I'm not quite getting.

@Dan Logsdon

I honestly don't know much about it other than what the GC that looked at it told me. I haven't been able to get inside myself but I'm sure it would be possible. 

I have come across a single family home in Bacliff that is due for demolition. The home does need work and I had a contractor tell me it would be 25-30,000 to get it to like new resell condition. I found this deal through a home moving service and he pretty much said it's mine if I just pay to have it moved. My problem is I have nowhere to put it. I'm reaching out in hopes to find someone with a decent lot that the home can be moved to and repaired. I would be interested in partnering on this deal or even taking a smaller percentage if someone wanted to handle everything once they get the home to their property. The timeline on this is probably short because the mover told me the county wants it gone asap. 

@Ethan Atkinson 

Very Close! I have a lot that is owned by someone I met recently and we are discussing what type of construction to go with. Looking into a 3 unit complex or possibly mobile homes to rent. Any recommendations about either one? 

I think I have finally narrowed down my interest to multi family, buy and hold investing. I have been searching my area and found many more multi family units for sale than I imagined there would be. Along with looking at units for sale though, I have looked into lots that would allow me to build a multi unit home. I have ran numbers on what I believe would be a very good deal for a 4 or 5 unit and am wondering why this isn't more popular. Am I missing something? Just want to make sure there aren't some hidden costs to this that I may not be considering. 

@Timothy Church

I have not. I did go to a newbie meeting a couple weeks ago at RICH and enjoyed it!