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All Forum Posts by: Jeffrey Fawaz

Jeffrey Fawaz has started 5 posts and replied 11 times.

Post: Lending appraisal issue

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

Hey guys, I have a question.

I’m buying a 6 unit complex in Seabrook TX for 460k.

The lender (city bank of Texas ) said initially that they could do a desktop appraisal. I went with them because they are a local bank and have good terms .

Now that we are at the finish line, they told me that the appraisal is coming very low and that they need comps. I told them to use the income approach and cap rate as this is what should be used to determine value. There are no comps because these properties sell off market and seabrook is very single family oriented.

I am 3 weeks to closing, and now have this huge issue. They are saying that I need to pay $2800 to get a 3rd party appraiser which I think is an outrageous number and I don’t think will make a difference.

Are they doing something wrong ? Or is this how it’s supposed to be ? Why are they needing comps?!!

Any help will be appreciated.

Thanks,

Post: 6plex did not appraise (lender wants to use comps)

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

Hey guys, I have a question.

I’m buying a 6 unit complex in Seabrook TX for 460k.

The lender (city bank of Texas ) said initially that they could do a desktop appraisal. I went with them because they are a local bank and have good terms .

Now that we are at the finish line, they told me that the appraisal is coming very low and that they need comps. I told them to use the income approach and cap rate as this is what should be used to determine value. There are no comps because these properties sell off market and seabrook is very single family oriented.

I am 3 weeks to closing, and now have this huge issue. They are saying that I need to pay $2800 to get a 3rd party appraiser which I think is an outrageous number and I don’t think will make a difference.

Are they doing something wrong ? Or is this how it’s supposed to be ? Why are they needing comps?!!

Any help will be appreciated.

Thanks,

Post: Building multifamily ground up

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

@Jaysen Medhurst houston has no zoning . The land is unrestricted and there are no deed restrictions.

My question is very general. Assuming there are no zoning restrictions, how many units of approximately 800sqft per unit can you fit on an acre . How do I know what size land to look for if I want to build 50 units ?

Do you have any experience building multifamily ground up?

I’ve already done research and that’s why I’m on here asking .

Post: Building multifamily ground up

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

Hey guys good morning,

I’m looking to build multifamily ground up.

It would be in houston, TX.

Can you tell me what is the minimum land needed to be able to meet parking and storm detention/retention requirements, for a 50 to 100 unit apartment complex?

Would you recommend going 4,5,6 stories high to minimize land requirement ?

How many stories can you build with wood frame construction ?

Any and all information will be greatly appreciated and very helpful.

Thank you,

Post: Most effective way to find a good deal on a 10+ unit

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

@Jaysen Medhurst

Yes I’m trying.

Unfortunately a lot of the properties I’m looking at (where the numbers make sense) have a very high amount of evictions and delinquencies in rent payment. How do you overcome this issue?

That’s how Houston is

Post: Most effective way to find a good deal on a 10+ unit

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

G morning guys, my name is Jeffrey Fawaz living in Houston. I’m a full time real estate broker and developer and getting ready to buy my first multifamily building. For all of you who are experienced out there and have had results, can you tell me if you had to choose just one way to find deals, what would it be and what was your success stories?

I’ve come to notice that houston is flooded with overpriced properties and not really sure where to go from here.

I’ve been looking for quite some time now with no success and would like to know how do you suggest I go from here.

Thanks!

Post: How To Get Started WITH No Money?

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

@Sheila Campbell I assure you two things. 1. It’s very possible 2. You are not the only one. It’s just going to be harder to start.

It’s inevitable that you would need to find a partner to compliment your skills. There’s always a money partner and a swear equity partner. Do you think you can find someone like that? It’s a great way to start and will take you a long way. Once this first property start to generate returns, you can then take that money and move to another one and that’s how you get started.

Post: Tenant Impacted by Government Shutdown

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

@Matthew Paul I was 24 too and I had plenty saved. Living paycheck to paycheck is a choice. Shouldn’t come at your cost. He can get a loan if needs to.

Post: First multifamily purchase advise

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

Hey guys, hope everyone’s doing well this morning. I’d like to get some thoughts and advise from folks that made it from zero in the multifamily world. I’m 28 years old, I’ve been in real estate for the past 6 years; own a brokerage firm in Houston and have been in development (spec homes development ) as well. My partner and I are at a point in our career where we’d like to consolidate and choose the best route for our future where we can start building lifelong wealth and cash flow through multifamily investing and syndicating. Even though we do own a ton of real estate, none are rentals at the moment.

Can you guys give me personalized advise on what the best strategy to start is? We’ve been to Rod Khleif’s 3 day boot camp, listen to a ton of podcasts for quite some time now and network with others in the industry. We also have lots of funds awaiting from investors and people we know. We just need to start finding properties that are not overvalued and where we can add value to and reposition/rebrand etc!

As you all probably know, it’s not easy to find. Would you recommend looking at different markets as well? Do you think having a criteria of no less that 40 doors is a wise decision? We really want to go big.

Any advise you can give me would be very beneficial. I’d like to hear anything and everything you have to say.

Look forward to meeting some of you!

Jeff

Post: New to BP! David McCauley

Jeffrey FawazPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 16
  • Votes 0

@David McCauley welcome!