All Forum Posts by: Phil Avery
Phil Avery has started 16 posts and replied 78 times.
Post: Brand new, looking to learn
- Investor
- Houston, TX
- Posts 79
- Votes 47
Welcome to BP! I'd definitely recommend any books by Brandon Turner (Former host of BP) They did wonders for me.
Post: Space City REI Meetup - May 22nd
- Investor
- Houston, TX
- Posts 79
- Votes 47
I plan on attending. Looking forward to it.
Post: Monthly Real Estate Investor Meetup
- Investor
- Houston, TX
- Posts 79
- Votes 47
Had a great time with great people last week. Looking forward to the next meet on May 29th!
Post: Move Up and Lease Program • 5 houses in 5 years!
- Investor
- Houston, TX
- Posts 79
- Votes 47
Quote from @Mayra Alvan:
I currently own a house. I would like to start investing in more properties. I’m also interested in the
Move Up and Lease Program 5 houses in 5 years! Should I sell my home in order to have the funds to buy my first investment property? Any suggestions would be appreciated!
If you are set on selling, sounds like you can also do a 1031 exchange to defer capital gains tax on the sell which would strengthen your buying power as well. Would love to know more about your plans and goals! Feel free to reach out anytime!
Post: Introduction to BP community.
- Investor
- Houston, TX
- Posts 79
- Votes 47
Congrats! Keep us posted on the progress! I'm looking at closing my 1st deal very soon as well!
Post: Hi all! Excited for this new adventure into REI!
- Investor
- Houston, TX
- Posts 79
- Votes 47
Quote from @Charity C Miller:
Hi all! My name is Charity Miller. I am from the Houston area. I currently work full-time, raising 2 kids with my husband, with the dream that I can quit my job one day and take control of my time and future. Just starting my journey with REI and looking forward to building my network of other investors, agents and lenders. Hoping to get my first property under my belt in the next 90 days.
Post: Seeking Strategic Investment Advice for Today's Market
- Investor
- Houston, TX
- Posts 79
- Votes 47
Quote from @Christie Gahan:
In my area, I can find split level homes. Often, the lower level has the laundry ( water, elec) and a bathroom. I changed the laundry to a kitchenette. Build new laundry in closet or garage. I added a new exterior entry to the lower level.
You are doing a great job at saving! Don't rush. You will have a lot more options next year.
Congrats.
Thanks so much. Great advice on not rushing. I find that being ready to approach great opportunities is just as important as finding them, so perhaps I'll keep saving up while actively scanning for great opportunities
Post: Investors in Houston
- Investor
- Houston, TX
- Posts 79
- Votes 47
Hey there! Always looking to connect with like-minded individuals and pull our resources together whether it be knowledge, experience, contacts, etc. Currently focused on equity plays locally, and cashflow plays out of the state. Let's connect!
Post: Investment in a Tight Market: Navigating Negative Cash Flow for Long-Term Gain
- Investor
- Houston, TX
- Posts 79
- Votes 47
Thanks for the quick response! I got $3,700 from current rentals nearby. This duplex is a new construction property with 1700 sqft on each side. 3/2. Avg rent with this criteria is $1850+
As far as reserves, I am saving about $4k/month, however, these funds were going to go towards my next property so I guess the answer would be no, I do not have separate reserves set aside for big expenses.
Currently, I am approved for a residential conventional loan with 5% down ($500k+ purchase amount)
I did not know about the increase in value of 18% needed to refinance. Thanks so much for that info! Getting a quote on hazard insurance is another great idea as well.
This investment comes with more risk than I would like. I will go back to the drawing board and see what other strategies I can deploy given the current circumstances. Thanks again!
Post: Seeking Strategic Investment Advice for Today's Market
- Investor
- Houston, TX
- Posts 79
- Votes 47
Quote from @Wale Lawal:
Considering your financial situation and the current market conditions, each of the options you're contemplating has its own merits.
Given your inclination to begin with a significant amount of equity, option 1 may be a good fit for your objectives. But, it's critical to evaluate the state of the local market, your capacity for managing several properties, and the possibility for cash flow.
If you see great potential for long-term appreciation and are okay with the higher property price, option 2 can be a good course of action. To guarantee a good cash flow, make sure you thoroughly run the figures.
For a greater investment, Option 3 gives the advantage of patience and a higher down payment. If you want to increase the size of your financial buffer or are having trouble discovering possibilities in the present market, this might be a wise decision.
Ultimately, your decision should align with your long-term goals, risk tolerance, and local market dynamics. Continue researching and networking to gather insights specific to your area, and don't hesitate to consult with real estate professionals for advice tailored to your situation.
Yes, agreed. Thank you.