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All Forum Posts by: James Polk

James Polk has started 5 posts and replied 32 times.

Post: Curious What Everyone's Cash Flow Is

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

What Chris said....multifamily is what is designed for cashflow.  The business is valued by it's cashflow.

Post: Curious What Everyone's Cash Flow Is

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Hi Wade,

I am an active investor in Houston.  I still have 3 rentals.  I'll give the rental example for this year. A flip that didn't happen.

bought a 3/ 1 house for 59 k.  Put 55k into it, plus 10k fees/ holding and made it a 4/2.  Property is worth 145k and will appreciate. 

Rented for $1400, cash flow after piti is $559 but as you say after maintenance and vacancy real cashflow is about $300.  But $3600 on $20,000 is 18% cash on cash return.  The appreciation and principal payments will bring it to the low 20's.  Still a good return.

Post: Alief 77099 zip code

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Why do you need owner financing? My first 2 real estate deals were in alief.  I am familiar with the area.  PM me and we can discuss the details.

Post: New Western Acquisitions Houston

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

I have bought several deals from wholesalers and New Western a few times.  New Western is the largest wholesaler in Houston, Dallas, and i think San Antonio. Yes they work the mls and all the motivated buyer lists. I bought a 3/1 house for 59k. I did offer a little under list.  Put 52k into it, turned it into 4/2 and rented it for $1400.  

They send me lots of deals, most are not deals for me.  I have lost money on a NWA purchase but That was my fault for not seeing the extent of foundation damage.  Yes they made money on my ignorance. That doesn't mean they provide a trash service.  Work the numbers and most deals are a deal....at the right price.  I am on about 10 wholesale lists and see one deal a week That i would buy if i could.  

That being said wholesalers do mark deals up more than they should on average.  It is good to find your own deals if you can.  My best deals i source myself.  It is ok to source deals from NWA or other wholesalers, just believe that their numbers are wrong and offer what the deal is worth.

James Polk, Investor and Financial Advisor

Post: Houston BRRRR Referrals

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Mitchell,

Jetlending puts on the largest real estate monthly investor network meeting in the state.  Lots of investors and vendors go to it.  Not sure how covid effects it, the meetings were standing room only depending on the speaker.  Let us know when you find a deal or need something specific.

James Polk, Investor and Financial Advisor

Post: Houston BRRRR Referrals

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

I am curious if you will get a lot of responses.  Your question is too generic for many experienced investors to want to unload their vendor list in a public forum.  We aren't even sure you know how to analyze a deal, how are you going to treat a contractor we refer to you? We don't know...just trying to give you some feedback you might have gotten with silence.  I could be wrong.  

Post: Houston BRRRR Referrals

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Jet lending is probably the largest hard money lender in Houston.  Have you looked at any deals yet or made offers?

Post: Investor Property in the Heights...thoughts?

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Sounds exciting Graham.  I think you would need to buy at a comfortable discount to make this adventure worth doing.  I do not think targeting foreclosures is a good bet.  If they are government insured loans(fannie,fred) they will have a forbearance.  Even when the forbearance expires not all the foreclosures will hit the market at the same time.  Your better bet is to market to these clients now and when you find a motivated seller, negotiate the deal.

I am a financial advisor that works in the energy corridor.  I have clients effected by this.  The unemployment benefits and unprecedented stimulus will help people float longer than normal.  I personally don't feel comfortable flipping but I've never been good at it.  Buy and hold i make money, flipping i have lost money.  Your idea is good but you need to get infront of them before they ever get foreclosed. Plus you can help them save there credit vs a foreclosure.

Post: Virginia investor looking to buy the dip

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Hi Kyle, I think you may have posted this on the Houston Texas forum.  We aren't going to know about Virginia RE. My tip for you would be to get access or have money saved and ready. Make looking for deals as a habit.  Dolf de Roos says the deal of the decade happens once a week. Go find your deal.  Good luck to you.

Post: Houston mobile home investing

James PolkPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 33
  • Votes 27

Buying existing. Most counties don't want new parks.