All Forum Posts by: Marsha Rost

@Mark Sewell

And I see on your profile you have completed your first project. Congrats. How did you find your deal?

@Shari Theodozio

Recently I only saw one of those pop up in the area I am looking at. But that's a good suggestion. Thanks. I will keep that in mind.

@Mark Sewell

I'm looking at the Near Northside (Northside Village). That's my main focus. And I have also looked at Independance Heights and Oak Forest areas.

@Sam Shueh

I might actually have to do that as I am not getting anywhere here in Houston

@Bill Goodland

Thank you for your input. I have been looking at houses that need quite a lot of work actually not just paint or facelift. And I have been keeping that advice about adding value in mind. Have not had any luck yet.

@Ebony Scurry

Can you please share the name of some of those sites.

Thanks

Is anyone here still finding deals on the MLS? Or is it mostly off market now?

I have been looking for a year, have made god knows how many offers and have had no luck.

I looked at a property a few days ago in need of a total redo. Nothing could be salvaged. Listed for 225k. According to my realtor the best I can get for rent if I do a nice renovation would be 2k. That would mean negative cash flow. And this was the best deal out of all the other ones I have seen in the past year. I made a lower offer but the owner came back at 200k and wouldn't come any lower even though the property has been on the market for almost a year.

the deals my wholesaler sends me aren't any better.

Where are those deals that everyone talks about with the 1% rule? Heck I can't even get close to that Number.

@Brian Gerlach

Yes I do have a realtor and she was struggling to find good comps too. It will be difficult to put a value on it.

@Bruce Wayne

Maybe what you're thinking of is people who renovate and add value and then refinance to get 100% of their invested cash back. For example if purchase price plus renovation and holding/closing costs add up to 80k and the property is appraised at 100k then after refinancing with 20% down you get 80k back then you have 100% of your invested capital back. Not necessarily 100% LTV.

@Brian Gerlach

As far as the legality of converting to a duplex I am pretty sure that won't be a problem because Houston has no zoning. And this area is not deed restricted.

But how do I accurately calculate ARV when there are no comps? There aren't many other duplexes in the neighborhood. Do I compare it to single families? I've heard that multi family properties are usually priced lower than single families.