All Forum Posts by: Matyndia Oyourou

I am looking for an experienced real estate lawyer who specializes in Texas landlord-tenant laws and contracts. The ideal candidate should have in-depth knowledge of leasing agreements, tenant rights, eviction procedures, and landlord obligations in compliance with Texas regulations.

Key Responsibilities:

Drafting and reviewing lease agreements
Providing legal guidance on tenant disputes and eviction proceedings
Ensuring compliance with Texas landlord-tenant laws
Advising on real estate contracts and property management issues

If you are a lawyer with expertise in real estate and landlord-tenant matters, please get in touch to discuss how you can assist with my property legal needs.

0 Votes

Houston, Texas

I am looking for an experienced architect, local to the Houston area, to assist with drawing plans for a renovation project on a small multifamily property. These plans will be submitted to the City of Houston for permitting.

Scope of work includes:

Site plans
Structural and non-structural drawings
MEP (Mechanical, Electrical, Plumbing) plans

Project Details: The project involves converting an existing 5-unit multifamily property (fourplex and a garage apartment) into a 4-unit multifamily property.

If you have experience with similar projects and are familiar with Houston's permitting process, please reach out for more details.

0 Votes

Houston, Texas

Hi George! I am happy to have come across your post because I have the same questions. I am a new real estate investor looking to do my first deal using seller financing. What I would like to know is how to find sellers motivated to do a seller financing transaction. I would love to connect with you and bounce ideas off of each other if you are open to it. Be on the lookout for a DM from me!

0 Votes

Houston, Texas

Quote from @River Sava:

Hi Matyndia, welcome!

Sounds like a great property. Are you going to BRRRR this one? Would love to connect and hear more about it.

Hi River! Thank you for reaching out! My plan is to use the BRRRR method. Since I'm only putting 5% down, I'd imagine that I would need to hold on to it for a few years before doing a cash out refinance. Is that right?

0 Votes

Quote from @AJ Exner:

Quote from @Matyndia Oyourou:

Hi everyone!

I am new to real estate and looking to purchase my first multi family property. I found a triplex in need of renovations. Asking price is $350k and I estimate to spend around $50-80k on renovations. Based on comps, the after repair value is about $425k. I have been pre-approved for a conventional renovation loan for 5% down and estimated interest rate of 7.5-7.625% and PMI $2796 annually with a credit score of 749. I have been advised to shop around for different lenders and to compare rates and fees.

If anyone knows of a great lender that specializes in renovations loans , preferably local to Houston, I would appreciate the recommendation. I also welcome any advice on what things to look for when comparing different lenders/loan programs and what important questions to ask. Thank you in advance!

Matyndia,

Sounds like a pretty good loan, given the renovations, I would ask that lender what the prepayment penalty would be so that you could refinance based on $425k.

As for renovation loans that I see, primarily hard-money type deals, I think its good to prioritize one or two of either rate, length of term, % of rehab covered, down payment requirement, what they lend on Loan-to-cost, and experience requirement. There are a lot of factors to consider, but I think having a good idea on what you want to prioritize will help you to ask the right questions.

Most of your lenders will be at about 10-12% Interest only for 6-12 months, but will have different quirks that will set them apart from other lenders.

The deal itself seems pretty straightforward though, and hopefully it will all come together! Happy to help where I can.

AJ,

Thank you for the information!

1 Vote

Hi everyone!

1 Vote

Quote from @Nathan Gesner:

1. Furnishing the unit

2. Replacing consumables, broken or stolen furniture

3. Utilities, to include TV and internet

4. Landscaping

5. Short-term rental insurance

6. Marketing, to include hosting fees

7. Extra taxes (I think it's 8.25% for Houston)

8. Maintenance

9. Professional management

10. If you self-manage, account for your time (which most STR managers don't do)

11. Vacancies

12. HOA fees

There may be more. Most STR owners that I encounter love to brag about how much money they bring in, but then don't account for all their expenses and they certainly don't account for the cost of their time. If they honestly account for everything, they would see that they don't earn nearly as much as they think.

Thank you for the detailed list. You have given me a lot of factors to consider!

1 Vote

Houston, Texas

Quote from @January Johnson:

Quote from @Matyndia Oyourou:

Quote from @January Johnson:

Quote from @Matyndia Oyourou:

Hello, I am starting on my real estate investing journey. My goal is to buy a multi-family unit and house hack in Houston, Texas. I am trying to decide between renting out the remaining units short-term vs long-term and would like to know the costs involved with each. What are the fixed and variable costs associated with having a short-term rental vs long-term rental? What are some unexpected costs? Thank you in advance for your valuable feedback!

You also have the "cost" of your time, which will vary a lot, especially as you ramp up while learning the STR ropes. After 10 years of hosting, I don't spend much time each month on my 4 STRs, but newbies who like to watch their cameras, obsess about a lot of (often unnecessary) details, and pile on a bunch of tech (channel managers, dynamic pricing tools, etc.) all at once will spend MUCH more in time, and that's worth something for sure.

You made a great point about treating time as an important part of my analysis. What do you consider are some things worth spending time on while managing STRs and what do you consider unnecessary details? Thank you for sharing!

IMPORTANT:
--Guest communications, including setting up your automated messages

--Price adjustments (key into seasonal pricing and important events in your area)

--Listing description and noting amenities

--Guest reviews

--Learning from experienced hosts with great reviews (you can do this on many social media sites, including the Facebook group, Short Term Rental, Long Term Wealth)

UNIMPORTANT:
--Watching your Ring Doorbell camera

--Obsessing about minute details that other hosts are freaking out about

--Being a control freak about ANYTHING related to this business. You just cannot control it all.

Thank you for elaborating!

0 Votes

Houston, Texas

All Forum Posts by: Matyndia Oyourou

Matyndia Oyourou has started 4 posts and replied 16 times.

Post: Seeking Architect for Multifamily Renovation Project in Houston

Post: Seeking Architect for Multifamily Renovation Project in Houston

Post: Seeking Real Estate Lawyer Specializing in Landlord-Tenant Law (Texas)

Post: Seeking Architect for Multifamily Renovation Project in Houston

Post: Seller Financing - Multifamily Properties

Post: Looking for Renovation Loans

Post: Looking for Renovation Loans

Post: Looking for Renovation Loans

Post: Costs related to short-term rentals vs long-term rentals

Post: Costs related to short-term rentals vs long-term rentals