All Forum Posts by: Nagy Wassef

Hi Everyone, I'm looking at a house in Houston TX and the garage is converted to an extra room. I would pay for this cash and fix it and sell it. I wanted to look it up and see if this work on the garage was permitted, because i heard the banks might not allow buyers to get a loan if the work was performed without a permit. 1) how can i check to see if the work had a permit (aside from trusting the homeowner (seller)? 2) is it really true that banks will now give out loans to potential buyers if the work on the garage conversion wasn't permitted?

@Kelly Conley can you please share that list with all of us 😅

Thanks @Howard Herrington!! is there a specific person you're using? i used Freedo and she got me 2 leads but didn't unfortunately it didn't lead to a sale. Feel free to DM me if you were able to get good results, i'm in Houston if that helps but would love to hear more about your experience.

yeah i've been using them, got a couple of leads for after spending ~$150 to call 400 people. the leads didn't work out but i think it was worth it so far. saves me time for sure, God willing i can get a good deal soon and i can tell you it was worth it but $150 isn't a huge expense i think for 400 leads/cold calls.

The main issue i'm finding is the margins are slim to none, you almost have to be a wholesaler that flips in order for the numbers to work out for the BRRRR method.

I'm currently looking for properties in Houston and all I find are houses that are way overpriced to flip or do the brrrr method on. On the MLS if house has an ARV of 200k, with repairs ~ 40k then they're basically selling it for around 140-150k. Which means if everything goes well I'm barely making a project if I seek it and on top of that if u refinance it, due to property tax rates being so high in HOUSTON I might be losing money on a monthly basis.

Anyways, I’m trying to look with wholesalers and auctions but it looks a bit tough. Any help would be great, I hear there’s lists out there that can help, but I’m worried that some of those are scams. Thanks and God Bless!

I agree, i'm not planning on quitting my job and i understand i need money etc... all i'm saying is that all the brokers i called said that i need to have an income in order to refinance. My goal is to eventually work full time in real estate if possible, but these are the issues i see ahead of me. I'm asking how others are getting around it, not saying there's no ways around it but is the only solution to keep doing the BRRRR method until your W-2 is sufficient from the real estate business to where you don't need a job?

i'm also asking for my dad who has 4 properties and can't buy more because he's not able to refinance because he doesn't work and is retired. Any advice would be appreciated, thanks in advance and God Bless

Hi everyone, I needed your help. I'm trying to get started with the BRRRR method. The issues I'm facing is that although I own a couple of properties already, in order for me to use BRRRR I would have to sell one or do a cash out (I'm trying to apply for a HELOC). Anyways, I'm still taking my time and studying the market (HOUSTON). There are 2 issues I found with the BRRRR method from just asking different brokers. 1) if I quit my job, then I won't be eligible to do the brrRr (Refinance), 2) if I keep my job (which is my plan), I still have to wait 6 months in order to get 75% LTV for the ARV, if I refinance in less than 6 months then apparently they'll just refinance from the amount I bought the house for +repairs.

My father flips houses but has no income. Although he owns several houses he can’t refinance them at all due to no income. Let me know if you have any ideas that can help or ways around these 2 issues please. Thanks and God Bless!!

Hi Everyone, i'm getting started in the real state industry and wanted to learn more about the process for the Tax Auction that we have in Houston. Assuming you have good idea of the repair cost, can you check to see if it's a clear title yourself or do you need to go through a title company?

Also, assuming you get the house with not hidden liens. There's a 2 year redemption process on the property. Are you in charge of maintaining the property (lawn, property tax etc...) or who exactly would be in charge? 

After two years they can buy the property back from you and they'll pay an additional 25%, however, would they also pay any expenses you made to the house or fees that you might of paid?

Thanks in advance and looking forward to working with anyone in the Houston Area!!