All Forum Posts by: George Kountoupis

Kee - I have managed the investments for a multi billion dollar REIT, in charge of all of their acquisitions and dispositions as well. We bought and sold thousands of properties in Texas, including Austin and San Antonio. I would love to talk to you. I am a realtor/investor.

Hi Matt, I've been investing in Houston for the last four years. Most of that time I was the investments manager in Texas for a large publicly traded REIT, managing the acquisitions and dispositions of SFR homes. The portfolio was primarily made up of buy/hold assets, but we also flipped homes as well. I recently left the position to go out on my own and pursue REI full time. This time around I am concentrating on flips, and have 2 homes I'm flipping at the moment. I just recently started wholesaling as well. If there's anything I can do to help, just let me know. I always enjoy talking shop with fellow investors in the area. Feel free to reach out any time.

I'm flipping 2 houses now in Houston, and have been in REI since 2012. I live in Spring, but invest all over Houston. If there's anything I can do to help you, just let me know.

@Elliot Fritz  Try this website: foreclosehouston.com.  It will give you access to any of the auctions that take place on Super Tuesday (first Tuesday of each month).  The lists are for sale, and they include strike-off lists.

@Stephen Preston I've worked Super Tuesday in Houston for 4 years now....I bet we've bid against one another before!!  Would love to connect with you.  Are you living in Houston or still in Canada?

Good luck everyone!

@Donnell Cummings There were a lot of questions in that post...I'm going to try to hit all of them, though not in order.  First off, you would open escrow with a title company licensed to do business in Texas.  You don't necessarily need to open escrow in Killeen (where I assume the property is located).  I use a couple of title companies, and they can close deals all over the state.  

Once you open escrow, the title company will let you know if/how many liens exist, and what the debtors are owed.  The only other way to know for sure what is owed on the is to speak with the lien holder directly.....but you usually can't do that without express permission from the lien holder's client (the owner).  

With regard to getting info on the condition of the property, it really doesn't matter what the owner says, in my opinion, because they may not be aware of all issues, and in some cases, may try to hide the info.  Ultimately, inspection of the property is your responsibility....and anyway, who better to trust than yourself?

If you plan on doing business in remote markets (virtual wholesaling/flipping), you need a partner on the ground in those markets that ideally is knowledgeable about the market and the area.  Realtors are usually a great resource, and they love to make money, so you should be able to find one.  Be very picky when it comes to selecting your partner on the ground...ask them lots of questions about previous investment experience.  If you get the right one, issues like property analysis will be much easier and reliable.  I would also make sure your partner has a nice network of investors/cash buyers so you can close the back half of the deal.

Looks like you're on your way, nonetheless, and taking action is usually the toughest part, so nice job.  Keep up the good work!

I'd be careful making cash flow vs appreciation that cut and dry. Yes, it's harder to cash flow as the neighborhood gets pricier, but that doesn't mean it's not possible. More importantly, it certainly doesn't mean that C areas will be your best cash flow. As neighborhoods decline, management expense goes up. I've seen great cash flowing (C) areas on paper turn into money pits due to prolonged vacancy, crime, and too-often-recurring capex expenses. Good points by everyone. Gotta love BP.com!

Another issue is the legality involved. A lot of municipalities don't allow bandit signs. Thus, you could end up being stuck with a significant fine. Check with your city/county to make sure it's allowed. If you're early in your investing career, better to spend your money on marketing rather than fines. Good luck with your investing!!

Thanks DANIEL HANSON! I appreciate the help.

How do you send a colleague request? Also, do I need to be a Plus or Pro member to be able to send direct messages?

Bevla Reeves the inventory in Houston has been low for awhile, but there are still plenty of flips happening all around. Anything under $250k is still pretty easy to move. DOM are still reasonable. As you move above $250k, DOM definitely begins to increase, thus making it a riskier, tougher market. But I have to say, it's rare that I see a home not sell when it's been rehabbed correctly and appropriately for the neighborhood. Are you in Houston, Bevla?