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All Forum Posts by: Jimmy Marks

Jimmy Marks has started 1 posts and replied 46 times.

Post: Looking for recommendations on which city to move to

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Yaqi You:

Hello everyone!

We are planning on moving to greater Houston area next year from out of state. We would like to buy a house to live in first and maybe rent out in a few years.

Which cities (zipcodes) would you recommend? We have two kids, so looking for places that are good to raise family, investment friendly and easy to rent out. 

Thanks!

Spring or The Woodlands. It’s hard to beat the schools up here and the beautiful scenery. 

Post: Hello BiggerPockets! New PRO here

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Katie Magar:

Hello BiggerPockets community! I'm Katie from Spring, TX, passionate about real estate investing. I'm particularly passionate about North of Houston (Tomball, Conroe, Huntsville, etc)

Outside of real estate, I enjoy reading, spending time with family, and camping! 

Excited to learn and connect with you all!

Hi Katie! I live in Spring too. I got into real estate investing 5 years ago and have built a portfolio of rental properties in the area. I self manage my own rentals and I also operate a management company assisting other investors nearby. 

If you’d like to connect with others, I help run a real estate investing monthly meetup in Houston. Feel free to reach out and I can send you the event details. We have a speaker every month focusing on all different topics: rehabbing a property, leasing, inspections, taxes, insurance…. you name it. Next month’s speaker is a local home builder. 

 
Feel free to reach out if you have any questions. I love talking real estate - happy to help in any way I can. 

Post: Third Thursdays REI Meetup - July 2024

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26

Looking forward to seeing you all this evening! It has been a while.

Post: Having a hard time finding cash buyers

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Nigel Yarbrough:

Currently trying to close up a deal in Spring Texas but it is a hard time finding cash buyers. Anyone have tips for finding them and how to structure the deal to become lucrative for them as well?

Have you tried Facebook for buying the property? There is a Houston real estate group that has 60K+ people. Lots of investors looking for deals. Let me know if you need help finding it. 

Post: Real estate agent to investor

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26

Yes. What you are describing is using private money to fund your deals. As long the numbers make sense for you and they agree to the terms, it is definitely a good option. 

Post: Contractor and Materials Selection

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Deonte Hill:

Good morning all,

I just had a quick question. How are you guys selecting your contractors and materials to do a rehab. Are you utilizing multiple contractors or one General Contractor? As for materials and the such, are you using an interior designer or using the interior of comps in the area?
I ask these questions because I’ve done the analysis on properties and now I’m just trying to execute!


Thank you!

For materials, we normally send the contractors to Home Depot and have them purchase what they need using our account. We use multiple contractors and act as the general contractor. We use design ideas of other homes.  

Post: Use a Lease Extension or New Lease Contract?

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Christina Swaby:

I have wonderful tenants and their lease is ending on August 31. I want to renew at the same terms of the original lease (which was created and provided by my realtor and I dont have access to that document now). Trying to do the lease renewal myself. 

Any thoughts as to using the Lease extension vs Lease agreement form?

100% just so the lease extension. That’s what we do. 

Post: Space City REI Meetup - June 19th

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Kevin Bazazzadeh:

Attention real estate investors in Houston! Don't miss out on our 16th REI meetup event. Each of our get-togethers spotlights a talk from a unique real estate investor or industry professional in the Houston market. There are no sales pitches, only actionable, ethical investing advice.

Last month we were privileged to have Billy Cook, a licensed inspector, discuss common issues to expect with properties in the Houston market, and how to spot problems with big-ticket items in houses. 

This month we are thrilled to welcome Matt Williams! Matt is a full-time real estate investor based in The Woodlands, Texas. He manages a portfolio of residential investment properties and transitioned into commercial real estate with the acquisition of a mid size self-storage facility. His journey in real estate has been marked by overcoming challenges and seizing opportunities, always striving to distinguish the true signals from the noise. With a background in software engineering and project management, Matthew brings a unique perspective to real estate investing, often conducting his most important contract work outside with his feet in the pool.

This meetup offers the opportunity to learn, network, and grow alongside like-minded individuals. Mark your calendar for Wednesday, June 19th at 6:30 pm and ensure to join us. We have reserved time for networking at the end of the event, but we welcome you to arrive as early as 6:15 pm to network before the event officially kicks off.

See you there!

This one is going to be so good! Can’t wait to hear what Matt has to say.

Post: What is the right move here?

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Michael Megarity:

We are really taking a look at our spending and lifestyle "creep".  We hardly use the pool which is $180 month to maintain and we spend all our time together in the kitchen/living which leaves 4 other zones empty 95% of the time. It seems excessive now that we are really taking a hard look at things.  However, a smaller apartment that allows pets is not much cheaper than our mortgage.  


I hear you on lifestyle creep! I'd have a lawyer review your case. But if nothing comes of that, it sounds like it may make sense to sell and move on. It seems this house has been nothing but trouble for you. A fresh start might give you clarity on what you all want to do. 

Post: Is hard money recommended for your first flip?

Jimmy Marks
Posted
  • Property Manager
  • Spring, TX
  • Posts 50
  • Votes 26
Quote from @Jake Harrington:

I've been stalking these forums for a while now and y'all are so helpful. Thought I would put out my first post :)

For background, I'm a new investor in the Houston area doing research before my first flip. It looks live ARV will be around 275k-300k.

My question is, when starting out is hard money the way to go? It seems like most investors start out this way. 

But based off the books I've been reading, such as J. Scott's book, hard money isn't always recommended and it's better to go with a portfolio investor such as smaller banks, or partnering with other investors, or of course seller financing. 

Jumping into hard money as a new investor seems insanely risky. I suppose I'm looking for any advice on how you found an alternative to hard money. 

Or on the flip side (see what I did there?), what made you feel secure taking the leap with hard money and going after that first flip.

Partnering with an investor or doing seller financing would be ideal, but I'm still growing my network by cold calling other investors and real estate agents and attending local events. Trying to build out that dream team of contractors and subs as well.

A mentor would also be super helpful, but like I said, still building out that network.

As far as my personal situation, I have a good credit score, a decent amount of savings (200k cash) and a little more than that in investment accounts along with some equity in my current home, a mortgage, and car payments.

Any advice would be greatly appreciated.


 Hi Jake - I'd actually recommend using your $200K cash and/or using a line of credit from a bank. I have a few unsecured lines of credit from different banks. I use them all the time for purchasing properties. These operate like hard money loans, without origination fees or draw requests. You can basically access the money whenever you want. As long as you have stable income, most banks will lend you some amount. Happy to provide more details if you'd like to connect through direct message.