All Forum Posts by: Matt Kampf

Hello BiggerPockets,

I am in the process of a new residential development in the Greater Houston Area and looking for parties or individuals interested in potential Private Money Lending, JV or seed funding scenario to get this project off the ground.

Please send a DM for further details.

Hi Kathy Crosby , sounds like fun! Has a time/date been set up for this event or is there a site with details on that? My wife and I would like to attend.

Welcome Matt! Sorry I couldn't resist. Houston is still a strong market according to many out there. Fastest growing metropolis in the States! Over 700k+ people moving here in the last two years. Get your game face on and jump on in!

Courtney Hebert , so turn key rental then. As far as locating a turn key duplex you might want to consider getting in touch with a brokerage firm or wholesaler and get added to their lists. If you tell them what you're looking for they should send you info on properties that meet your criteria. Research the firm that works for you. Tyler Bernhard with New Western Acquisitions in Houston is a great guy and should be able to give you some great advice. As for funding, a turn key rental is going to be close to retail value unless you can find a good deal. You may be looking at a traditional bank loan on something like that since you're not wanting to do much in the way of rehab. Possibly a brokerage firm if you have good credit and good assets. Do some homework on who will be the best fit for you. Hope that helps some!

Courtney Hebert , is this a BRRRR property? What strategy/niche are you going for on this one?

@Account Closed, I think you're on point with the 2BR, turns out now, the property is under contract by another buyer, and the seller's agent never responded to let us know ours was out. I think we ran into an unethical or at least unprofessional sellers agent on that one.

Thanks for the great advice folks! As it stands, another deal did come along and this one was even better than the previous two combined!

Now we have a contract out on a duplex with two separate identical units, that was listing at the same price as other 2/1 SFHs in the area. These can be easily subdivided as two separate plats and sold individually, as we've seen other properties doing the same thing in the area.

We are in feasibility period and have had contractors out to give estimates. The first one came back and his numbers are in the same ballpark for our numbers on this project. Waiting to hear back on the 2nd and 3rd estimates, but so far this is looking like a great deal. We might have to partner up on this one depending on what the HML comes back with on the loan, but so far things are looking good. I'll keep y'all posted!

@Chris M., I agree, prop 1 is nearly a full rehab in a hot gentrification spot in the Houston area. We've run the numbers and won't go higher than we've already offered. As for prop 2, we agreed to come up to his counter-offer with the condition that we could at least view the property. We can still move forward sight unseen, but then that's $100 option fee out the window. Kind of like buying a car and not being able to see the interior.

@Ross Schneider, Yes I believe it is an REO, owned by an LLC. Our agent said the exact same thing, it's very unprofessional. As for prop 2, the seller doesn't seem willing to have much contact with their own tenants. If we were to proceed with the contract and enter feasibility, that's money lost on the option period if the interior ends up being beyond the rehab budget/estimates for this property to make sense. We had a 2 day clause of no EM or OM with the initial offer, and they seemed to neglect or are unwilling to make that concession. I think therein lies the frustration with this model.

@Matt Turbitt, prop 1, agreed 100% especially in this particular zip code. You make a good point on prop 2. At this point, that seems to be the choice before us. Never hurts to roll the dice and just ask the tenant and at this point, probably be the ones most forthcoming with some of the information the seller has been tight lipped about.

Hi BP,

So my wife and I currently have an offer out on two different properties and have run into the difficult seller/agent scenario and was wondering if anyone might have some suggestions.

Property 1 is a SFH 2/1. We put an offer in, waited two weeks with no word from the seller or the seller's agent, only for their agent to finally respond and ask for our best and final offer, which we submitted and waited another week only for the seller's agent to come back and say "The seller has received multiple offers and could we submit our best and final offer" (again). We are now waiting to hear back from the seller's agent, again...going on the 3rd week now, so we will have to edit the closing dates and feasibility period if we move forward on this property.

Property 2 is a duplex that is currently tenant occupied. The seller agent for this property won't schedule a viewing of the property, nor will the current landlord/owner/seller, but still expect us to meet their counter offer site unseen. The seller agent suggested to our agent that we go by the property and knock on the door and ask the tenant if we can take a look around inside. This would require knocking on the doors of both tenants as the duplex is two separate bungalows...

No option or earnest money is in play yet, however both properties are good candidates for a fix and flip, and property 2 is already cash flowing as-is and would make a good BRRRR.

Any suggestions on how to proceed with these scenarios?

Thanks BP community!

Awesome article Tyler Bernhard ! It's always good to see these success stories. Hopefully all these April showers we've had here didn't delay people's projects too much. The summer season in Houston is gonna be hot in more ways than one by the looks of things!

@Fred Heller, 2 cents given is 2 cents gained! I agree with you seeing bars and cages being a turn off.

Please allow me to clarify.

I believe that having a condenser beyond the backyard fence in any neighborhood presents a target of opportunity. This is Houston after all. I have friends that had their generators stolen and replaced with running lawn mowers in the woodlands just after Ike, and they were home at the time lol.

As for the neighborhood in question, there aren't any bars on Windows in the neighborhood and most of the AC units appear to be behind the fences. The crime stats are pretty clean and the area itself is county sheriffs not HPD. Pretty well patrolled area. My reference to "good" applies to the opportunity the area presents.