All Forum Posts by: Kelcey Land

I think I know if a couple of options that might work well for you. I'll DM you

@Tiffany Hoffman I highly recommend @Bret Allen. He is the Plano area, and has a very diverse background that ranges the spectrum of real estate investing. He even spent some time as a hard money lender. 

Bret skillfully navigated a touchy situation I was in, and I would seek his council again in a heartbeat.

I would confirm with them, but if they are doing equity J/V's I would imagine they would not mind if you were under contract... As long as that contract had the time and option to be assigned to their newly created LLC. This would be easily explainable to your seller as well. I'm putting this under contract and here is my option and earnest money so you know I'm serious, but I will be assigning the contract to my LLC.

@Danny N. obviously, I have no dog in the fight. Neither does any one else that has taken the time to offer you advice or possible suggestions. But they have still given their time. Reading through this thread it appears that someone offers advice then you reply back to refute it. Then raw numbers are given which are either disregarded or refuted. 

I would suggest you try to re-read this thread without the goal of defending Houston or the reason(s) you have justified your price. Pay attention to the responses that have gotten the most votes. 

It really feels like you are taking each suggestion in a vacuum. You refute it, then dust off your hands feeling like you've done a great job convincing the other person that they just don't know the Houston market like you do. Look holistically at the responses. There are some wise and experienced people that have offered you their advice freely.

After all the wise people have offered advice, you'll have to make do with me. Here is my advice regarding your property. The numbers cannot lie. Average DOM for your comps (price range) will almost always tell you when you will sell your condo. If you don't have enough data to come up with a good avg. DOM then your property is an outlier and will take longer to sell (will need to be priced more aggressively). If you have already exceeded the avg. DOM, then you are priced too high for what you are offering. If you aren't getting showings, that is the market telling you that you are priced too high for what you are offering. 

Check in with your agent and ask her what she is doing to market the property. Ask her what she thinks might be causing any delay with the sale. Doing so might reinvigorate her. Inquire about the avg. DOM for your comps. Ask her what she thinks the property should be listed for. 

At the end of the day, you need to use all the information you have at hand to decide if you want to be the proud owner of a condo that only you think is worth 3.7M, or if you want to sell your property for what someone is willing to pay for it.

@Kevin Dam I sent you a colleague request. I think I may have some information you will find helpful. I have been a bit of research on banks in our area.

You need to talk to @Chris Soignier. He works for an awesome brokerage with incredible support. I will be working with them when I get my license.

@Stephanie Trotter If you aren't seeing the value, a flipper will likely have a hard time as well. You would be gambling on appreciation, and that is speculation. As an investor that has flipped a couple of houses, I can tell you I never gambled on appreciation. I owned and sold the house in 3-4 months. Speculation would be a bad business model for a flipper. If you are looking to wholesale the property, you may be able to target a buy and hold investor. The problem you will run into there will be the conventional loan for that investor will be based on current comps. It sounds to me like you are going to be paying retail then trying to wholesale. It doesn't mean don't do it, but make sure you have a generous option period that is also very cheap. 

@Jason Hirko is the real deal. Great people to work with!

I can't speak for Houston, but I noticed a slow down about this time last year in DFW. It makes sense, seems like people would rather be home for the holidays than buying one. Not to mention, people generally spend a lot of money on presents. I think this also plays into whether people would feel like making a large financial commitment during a time they are spending so much.

@Justin Stanfield Welcome to BP! I'm also in the mid cities, and that's where I've done most of my investing. @Sherry Patterson organizes a meet up in Colleyville for a lot of people from BP. Let me know if you have any questions. I certainly don't have all the answers, but I may know the right direction to point you in.