All Forum Posts by: Mark Sewell

@Scott Byer I think that is probably not a bad deal right now, particularly on a cash-out refi.  Is it a full doc loan?

Houston has no zoning laws, but in Texas, HOAs have a lot of power.  So probably if you find larger older homes closer in, maybe just north of the 610 there in Indy Heights, as you suggest, I think your idea is a really good one.  I'll ask around over here and see what I can find out about conversions like this (what is required).

@Jake Clement you should post the listing link here of your project - the photos are amazing.  

Interesting thought on the conversion idea.  I suspect this has been going on for quite some time down in the inner areas closer in where there are lots of relatively large homes built in the 1930s and 1940s and now they are duplexes, triplexes and even some quads.  So it would seem there is a way to do it.

Here is one listed now:  

https://www.redfin.com/TX/Hous...

About $100 per month.  I'd get a Carrot site.  

You just aren't going to rethink the wheel to the extent that you are going to come up with something that works better - these guys do this and only this.  

Fast Track Remodeling - they only work with investors.

I think you are spot on, Jesse.

I don't know, could've been worse.  Anxious to see what May will look like.

Maybe ask your title company for a referral?

@Jenny Sung I would be able to run you some ARV comps today, if you wanted, but it sounds like you are already comfortable there.

Roof and HVAC are your big items here - the minor plumbing items can be fixed in a day or two.  Just be sure you have a good handle on those big ticket items.  I mean, everybody has to get a new roof eventually, and that HVAC might also be due for some modernization.  But that sets you up for the long term, and you should have nice solid little house that spits out some good cash flow.  

And I am pretty certain you'll get some good appreciation in Spring, on top of your cash flow.

Somebody here suggested running this through the BP calculator and I think that is a great exercise. 

And the flood question is BIG.  Maybe check with your local insurance agent to see if you will need flood insurance on this property (they get a history of flood claims when they do this).

Short memories here - I remember some of the local big names here saying this would be the case right after Harvey.  My major concern is those areas that flood all the time anyway, in the spring, not during major hurricane events.  

We moved here in 2008 and I know for certain that Bear Creek has flooded 4 times now including Harvey - witnessed it.  Now to your point @Andrew Taylor I see those things selling for top dollar (Katy schools, lol) and I just cannot get my head around this.

I guess I would understand if those houses are raised significantly - and I think there is a requirement to do so in some areas like around Braes Bayou in the Meyerland area (could be wrong).