All Forum Posts by: Mehul Shah

@Asad Halai what type of work needs to be done on these properties?  I hope you are right and local officials start putting money into rebuilding the area. Good luck on your search!  Keep me posted on your progress, I am interested in that market too! 

@Austin Jacobsen hey Austin, I have a fully operational RV Park in Pasadena TX under contract, right outside of Houston. It is a 31 site park that sits on approx 2 acres and is in pristine condition. Many capital improvements recently made to the property including new paved roads, Welcome Center with laundromat, and ADA compliant bathrooms. All units have full hook ups, 30 or 50 amp. Being offered at a 8% cap, but lots of room to increase rents and reduce expenses. Can easily be re-positioned to yield 10-12% returns. I am asking $1,325,000. Please let me know if you or someone you know are interested.

@Peter Galik Peter if you are looking for a fully operational RV park in the Houston area I have one under contract that may be of interest to you. It is located in Pasadena, right outside of Houston. It is a 31 site park that sits on approx 2 acres and is in pristine condition. Many capital improvements recently made to the property including new paved roads, Welcome Center with laundromat, and ADA compliant bathrooms. All units have full hook ups, 30 or 50 amp. Being offered at a 8% cap, but lots of room to increase rents and reduce expenses. Can easily be re-positioned to yield 10-12% returns. I am asking $1,325,000. Please let me know if you would like more information.

@Asad Halai  My family was there for July 4th and wondered the same thing. My wife and I drove around the surrounding area and was shocked how many homes were abandoned and just in very bad condition. There were very few Airbnb options and the range was around $37-$50/nt in not so desirable looking areas. It feels like there is so much potential there considering how packed with tourist, shops, hotels, amusement parks and commerce there is on the Canadian side. 

@Frank Lin thank you for the insight and guidance.  I will definitely exploring that option.  Thanks again. 

@Austin Neal- thank you for the response. I have contacted about 15 local banks so far. Most of them are interested in taking a look at the deal, but lets see what happens. As far as the seller financing route, they were very adamant that they do not want to do it.  But if we find it extremely difficult to secure financing they may have to. SBA also seems to be an approach as well. Like you said you have to explore all avenues and be creative. 

Hey BP community. I just put a RV park under contract and was looking for referrals on lenders that work with that asset class. Thank you in advance 

Hello BP Community, 

Victory Investment Partners will be hosting a casual networking happy hour at Moxie's Grill & Bar on Thursday Feb 21.  We invite anyone that invests or that works in the real estate transaction process.  The purpose is to get like minded individuals in a room to discuss what they do, what they see happening in the Houston real estate market, and to grow their professional network.  We look forward to meeting everyone and hearing about how they are making 2019 their most successful year!  Please RSVP if you will be attending in order for us to make the appropriate accommodations.  

Best Regards, 

Mehul A. Shah

@Michael Ealy thank you Michael for the information. Very useful!

Recently I purchased a fully occupied duplex in Houston TX. I am looking to implement a modified BRRRR strategy and cash out refinance it. In order for this strategy to be successful hangs solely on the appraisal. Finding recent comps have proven to be difficult as there no other duplexes in the area. From an appraisal stand point, how would be the value differ or not from a single family home. In my opinion a cash flow duplex should be appraised differently than a single family home, but I am not familiar with the process. Has anyone else gone through this process? Any appraisers out there that can shed some light on this topic? Any advice would be greatly appreciated.