All Forum Posts by: Parker Hardy

Hey everyone, I'm not having too much luck with finding deals on the MLS (duh) and want to start exploring off market opportunities. What program/companies do you guys use to send out mailers? I'll be driving for dollars as well, but I figure mailers could be a decent way to cast a wide net.

Thanks!

Happy Hunting!

1 Vote

Houston, Texas

Quote from @Myles O Lalmond:

@Myles O Lalmond mighta misread this post. If you're driving for dollars, I believe you can get owner details via property tax cards from your local town website. Though it may not be the most efficient method. Hope this helps!

no your first answer was actually very helpful. I would be interested in reaching out to owners of my targeted property type. Thank you for the advice on hiring the envelope service...that would be something I would have thought I should do myself.

0 Votes

Houston, Texas

Quote from @Nathan Gesner:

Here's an article that explains ways to do it for free using public records. If you are doing a lot of searches, it may be worth paying for a service like Joel mentions:

https://www.propertyradar.com/...

That article is very helpful thank you

0 Votes

Houston, Texas

To Experienced Investors: I've read alot about driving for dollars or reaching out to property owners of distressed properties or properties of interest. I'm wondering where you all go to contact or find these owners? Is there a place that I can go to find who owns the property? I'm trying to look for off market deals since zillow and the works typically don't have the best deals available.

Thank you!!

0 Votes

Houston, Texas

Quote from @Julie Hartman:

i agree that FB is not the best place to find quality applicants. We typically advertise on Zillow which syndicates to other sites. However, it sounds like you are trying to house-hack so advertising for that is a bit trickier. I don't know if Zillow allows that type of listing. Craigslist may be a better bet for what you are trying to do, although to @Nathan Gesner point, it's full of scammers so I would be careful how you post it.

Yeah apartments.com wouldn't accept my listing but I'll try my luck with the other ones and see where that gets me! Yeah, Facebook has not been good for finding serious candidates.

0 Votes

Houston, Texas

Quote from @Nathan Gesner:

realtor.com, zillow, zumper, hotpads, apartments.com, and about 40 others.

If you're not getting any inquiries on facebook, something is probably wrong. I don't like to market on facebook because I get so many inquiries and they are almost always unqualified.

you can also try Craigslist, but it's rife with scammers and I haven't used it for ten years.

thank you!

0 Votes

Houston, Texas

Quote from @Dwayne Poster:

Do you have a specific tenant profile that you will serve? What are their likely needs?

Yes I'm hoping to find tenants that are working professionals that would be working during the day and home evenings and weekends.

0 Votes

Houston, Texas

Hey all! I am trying to rent out the rooms in my house and I've had a listing up on Facebook for a month or so now and I haven't gotten anyone past initial inquiry.

I'm wondering, for those of you who manage your own properties, where do you post your listings? Where have you had the most success in finding tenants?

0 Votes

Houston, Texas

Quote from @Jay Thomas:

Hey Parker!

1st off, CONGRATS to you and your wife on your 1st investment property! That is HUGE!

As a realtor and investor, here is my opinion. You are correct, it does start with a "Well it depends...". It depends on exactly HOW liveable your current rooms are. If they are liveable and no safety worries are to be had, then I say go with the kitchen. Now, who says you have to do the ENTIRE kitchen? You say it is unsightly, well, maybe if you were to add a few upgrades here and there, it will flow or at least look like it can. With Rent being only $600-700/month, I do not expect full families of 5 living there, so as long as the appliances are up to date and it looks clean, I think you'll be ok for now. I definitely recommend keeping a little pit of pocket money to the side in case of maintenance issues.

With getting the 4 rooms at capacity, I recommend showing how great of a landlord you'll be. That sometimes sells a lot more than how places look! Showing safety precautions as well as items that you obviously thought through (Parking, garbage, etc) can be all the difference.

I hope I helped in some sort of way. Good luck to you, and let me know how everything goes! I would love to hear what you ended up doing!

Thank you for the advice Jay! I hadn't thought of only rehabbing part of the kitchen. I'll look into that for sure. The rooms are great, its just the kitchen so I think I'll make a few updates on the kitchen to the appliances and then focus on putting in new rooms. Thank you I appreciate your reply!

0 Votes

Houston, Texas

Hey all!

My wife and I just bought our first investment property. Yay! Its a 3-2 to which I am hoping to add one additional bedroom and an ADU in the garage. We just closed and I am starting the process of planning our renovations and additions and I'm finding myself unsure of where to start first. We have limited capital, about 30k all-in, to use for renovations.

However, here's my dilemma. The kitchen is...well lets say "outdated" to be kind. The oven is more than a decade old and the kitchen design is unsightly. I want to start adding rooms and dwelling units so that I can maximize my rent-by-the-room revenue (we don't cash flow until all 4 rooms are rented); however, I'm worried that the kitchen will be an eye sore such that I won't be able to fill those rooms with my desired tenant (working, clean, respectful, professional adult).

I'm sure the answer is a, "well it depends on X", so I'll provide as much information as possible below in case there's anyone willing to give me a detailed answer, but I'm wondering if the kitchen is worth spending money on to renovate BEFORE I begin adding rooms and dwelling units. Remember, capital is limited so depending on the cost of the kitchen it would push out the rooms and garage quite a while. Same goes for the kitchen if I choose to start on the rooms first.

To sum it all up: I'm asking if anyone with experience has found that it's better to add rooms first to a property or update and improve the current layout to help attract renters.

Thank you in advance!!!

Details:

Rent per room: $600-750

Monthly Cash Flow (respectively) at 2 rooms, 3, 4, 4 rooms + ADU: -$933, -$303, $326, $1,166 (we don't cash flow until we have all 4 rooms rented and are living in the garage)

Immediately Available Capital: $30,000, if needed I also have access to nearly 28k in credit, however that would put me at almost 100% credit utilization and I really...really don't want to do that :)

FOLLOW UP QUESTION: I've also wondered if this 30k would be better used as a down payment for a second investment property instead of on renovations for the current property given it is livable as-is (just doesn't cash flow). THANK YOU!!!

1 Vote

Houston, Texas

All Forum Posts by: Parker Hardy

Parker Hardy has started 5 posts and replied 14 times.

Post: What Programs Do You Use to Send Mailers?

Post: How Do You Contact An Unknown Property Owner?

Post: How Do You Contact An Unknown Property Owner?

Post: How Do You Contact An Unknown Property Owner?

Post: Where do you post your listings for tenants needed?

Post: Where do you post your listings for tenants needed?

Post: Where should I start my renovations on my first property?

Post: Where do you post your listings for tenants needed?

Post: Where should I start my renovations on my first property?

Post: Where should I start my renovations on my first property?