All Forum Posts by: Jordan Bateman

For those of you like myself who make multiple offers per day on listed (and unlisted) properties, you know the process is tedious...for Texas at least, as I'm sure it is anywhere.

I'm currently shopping around for systems or software that are more sophisticated than what I'm currently using to efficiently streamline the process of making multiple offers per day.

I'm finding that I'm quickly outgrowing my "system" and to prepare for future growth, would like to see what others may be using.

I thought I would pose the question to this group:

1) Do you use software or some sort of system other than having a pre-filled contract to assist in making multiple offers?

2) Something that integrated with the MLS would be very helpful.

3) Ideally, I would like something that could assist with everything from acquisition, through construction, then through the property management process. Something that multiple users can see.

I would like to be able to focus more on pulling comps and other more important activities than fumbling though pdf's, etc.

We have a programmer in-house that I'm considering putting on this task, but if something already exists, I'd rather go that route.

I think I just described a potential new position...

I've found a couple that I'm testing at the moment, but am curious to hear others' thoughts.

Thanks!

Jordan

Sam Craven It went pretty well, thanks! We picked up four properties...looking to expand to more counties soon. Unfortunately, they're all on the same day so should be interesting.

I will unfortunately not be able to make tonight's meeting. Sorry for the late notice, I'll try to catch the next one.

Hope everyone has a good time!

Thanks for your input Don. I agree, it will be interesting to see what types of returns these vehicles will need to produce to be viable. I think it may wind up being more of a back end return versus the dividend most investors seek with most commerical REITs. Then is the question of whether it's traded or not (or when)...should be interesting.

http://online.wsj.com/article/SB10001424052702304451104577392383812726556.html

Figured it out! And now I'm done talking to myself. Let me know what you are all thinking.

Working link:

http://online.wsj.com/article/SB10001424052702304451104577392383812726556.html

* I give up, just copy and paste...

Not sure the rule on posting articles, but I've been following this concept very closely since the RFI announcement in August 2011. This was inevitable, but still very interesting to see which big names are surfacing first.

Builder Is Constructing REIT for Home Rentals
http://online.wsj.com/article/SB10001424052702304451104577392383812726556.html

It will be interesting to see what other big players pop up in this space and in what capacity.

I'd love to hear the group's feedback on this.

For those pursuing this or serious about it, please let me know. I worked on a similar level to this at Hines for many years, have strong ties there and would like to open a dialogue there and with others regarding this.

I'll be there...the auction hangover should have worn off by then. Looking forward to catching up with everyone again.

Thanks for the advice, it seems like it will be easier to just do a major rehab, enough to keep it to just a "rehab," which I've done, but probably not to the extent we'll do here.

The outside framing may be ok, and if it's worth it to keep it, we may just work with that and gut from the inside. Definitely don't want to bother with pouring another foundation, but we will have to repair it in order to remodel.

The ARV is close to $125k conservatively for an older house, and the neighborhood can probably only support about $150k total. I recently took a $400k house (which is a lot in Houston) down to the studs in a nearby neighborhood, and completely remodeled it, but it was in much better shape.

It's really the permitting that I was not clear about, and seems like it may not be worth it.

Some great input here that I'll consider...my gut is that the neighborhood doesn't justify a new build, but certainly a thorough remodel.

Steve Luo Thanks. Paying cash for everything, and I am looking into property tax considerations. If it takes 6 months then no way, I'm not doing it. A builder would have to knock it out much quicker than that, so that's something to consider. But since it's all cash I could wait, but certainly don't think I need to and don't prefer to.

I will be selling it retail, not living in it.