All Forum Posts by: Abdul Siddiqui

I am a local investor with a few SFH's in Houston. Currently, I am looking to see about acquiring commercial land and building a warehouse or FLEX space. I wanted to see if anyone has done something similar in the Houston or surrounding area. Was thinking of buying 1 acre - 5 acre commercial tract in Katy or Richmond area and then develop 1350-1800 Sq/ft FLEX spaces. To be honest am unsure where to start after buying raw commercial land. Has anyone done a flex space build that can guide. Would love to hear feedback from other members, builders and commercial brokers.
Than

@Abdul Siddiqui

How is the development process going? I have started my journey as well here in the Houston area and wanted to get some insight from you on where you are in the project and any feedback about the process. Thank you.

@Brent Thomas ... Apologies for the delayed response. We did end up buying a 14-acre tract and a 2-acre tract. But are just sitting on it as the development cost is too high.

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Houston, Texas

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Houston, Texas

Hey Guys,

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Houston, Texas

Quote from @Erin Mullaney:

I'm considering buying an apartment, 2BR-4BR with 10% down, second home mortgage, in the 450K-550K range.

Some stats:

- We probably won't be able to find too many vacation renters in the off season. Season starts in June.

- We have about 70K in savings (closer to 80K once our tax refund comes for 2021, late filing)

- We've never been STR landlords before, total newbies.

- I really just want to be able to cover the mortgage with the rental, don't need positive cash flow, 0 is ok. We plan to visit it in the off season each year, just at the season's end when the area is still warm and nice but with way fewer vacationers. It will be awesome to have a place to go each year.

- Our realtor has access to airdna and is running numbers on how much we would likely make. I'm not getting an account yet because it's expensive and he doesn't mind doing that research for us!

Should I wait until late spring to make this purchase? The good thing about purchasing in the off season is it might be a quieter market. Suggestions on finding vacation renters for the off season?

I am also in the same boat. We have some cash saved up for a 20-25% down payment. I am looking in Freeport/Galveston Area. If I don't find anything, I might end up building. But these Rates are YIKES... still doing it because I want to enjoy quality time with family in the off-season + will Refi if rates dip 203 years from now. Good Luck with your search.

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@Hersh Shah those are Golden Words.

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@Jason V... Am sorry ..Realtor commission should be off the table.

But if one has to bring it up... it's OK to ask for a 0.5% discount. But not a 2.5% discount. In my humble opinion, pay the realtor their worth due to their effort, which might not be visible.

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@Lee Hampton, do you know what the expected build cost might be for a 2000 sqft home, or price per sqft?

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Houston, Texas

Greetings everyone.

I am looking to see if anyone has a beachfront vacation rental home in Galveston or along that coastline (BlueWater Highway Hwy).

Wanted to see how has it been for you and what the AIRBNB/vacation rental market is like? Do you recommend it? Pro's or Con's.

Would you recommend a Single Story or Two Story? Has anyone built one after buying a lot.

Appreciate any feedback.

Thanks

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Houston, Texas

Originally posted by @Wayne Brooks:

@Abdul Siddiqui Well, this is investing….you’ll always either make more, or less, than your projections. You guys are all in this boat together, you shouldn’t expect special treatment for your money.

Whatever the final sale price will be, They are going to take a fixed % of profit (for their effort) and then the remainder (profit or loss) is split amongst us with them again.

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Originally posted by @Theresa Harris:

Why don't you talk to them and ask for an update. Communication is important and can solve a lot of problems. Ask about the new list price as the sales price may have also gone up. Delays and overuns are normal, but it is all relative. Most budget 10% for unexpected repairs/costs.

Thank you ...

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All Forum Posts by: Abdul Siddiqui

Abdul Siddiqui has started 6 posts and replied 17 times.

Post: Guidance on FLEX Space Investing in Houston.

Post: Guidance on FLEX Space Investing in Houston.

Post: Guidance on FLEX Space Investing in Houston.

Post: Buying a beach town apartment for STR in the off season

Post: If buyer-seller can't agree on $, will agents sacrifice their %?

Post: If buyer-seller can't agree on $, will agents sacrifice their %?

Post: Looking to build a Beachfront home in Freeport/Galveston TX.

Post: Looking to build a Beachfront home in Freeport/Galveston TX.

Post: Investment Project with friends delayed and costs increased

Post: Investment Project with friends delayed and costs increased