All Forum Posts by: Philip Schultz

@Chris Mason I'm exploring it because of how saturated the Texas market is and the cashflow potential in places like Columbus, OH.
I'm not planning in Houston much longer than a few more years so I'm looking at other options near where I'll be relocating.

So I'm exploring investing out of state and I'm wondering about CPAs and lawyers...

Do I need a CPA from that state?

Do I need a CPA from the state I'm in?

What about a lawyer...is it best to have one from the state you live in? or the one you invest in?

So if you invest in multiple states...then would you need a CPA from multiple states? that doesn't make sense.

What have y'all done?
In your experience what has worked best?

@Myles Ngumezi

Nice. You know, I was watching 3 or 4 duplexes in that area that seemed to have good numbers when I anyalized them.

The reno aspect of that part of town is what really started me looking at the sunnyside area.

@Myles Ngumezi where were you looking? I just haven't found an area that has that low of an entry point but can still pull a decent rent.

I'm still thinking about it...i know that there can be good tenants and a large portion of that area is renting, but i wonder how much it would cost after each renter to get it back up to standard.

I know this is old...but is this happening?

This is all great stuff!

Thanks for taking the time to answer my question and discuss it with me.

@Randall Jacobs do you have single family homes in pearland? have you had them a while?

I'm saving up some capital right now and hoping to purchase my first rental property in a couple months. I'm from Houston so as many know, the market is crazy and full of investors. I've been looking at starting in a part of town that is considered rough. 10 miles due south of downtown, just outside the 610 loop is crestmont park, sunny side and south acres. As I've done research, the selling market isn't hot in the area, but I know there are a lot of rentals. The houses that are for sale are pretty run down. However, there is a lot of new build about a mile away and from my opinion of the Houston market, this is the only direction that Houston can go with a lot of new growth this close to downtown and central to the metropolitan area. It's 5 miles from the Hobby Airport Right off of the 288 highway 8-10 mile north of Pearland that is just outside of the Beltway 8 loop (and booming - it's where I live - but haven't been able to find a deal with near this good of numbers) Numbers on a property.... I could probably get a house for 40-45k ($.35-.45/sf), do about 10-15k in rehab (I'm in the construction industry) and rent it for about $1000-1200 ($.70-.80/sf) for what seems to be $400-500/month NOI. The fixed up houses I've found on the market are around $80-90k so I figure I could refi in a year or less and do it all over again. I did the rental property calc on a listing I found: SF: 1400 Purchase: $42k Closing costs: $2.5k Estimated repairs: $12.5k ARV: $85k Monthly Income: $1100 Monthly Expenses: $572.10 Monthly Cashflow: $527.90 Pro Forma CAP: 14.10% NOI: $8.4k Cash on Cash ROI: 26.40% Purchase Cap Rate: 18.80% I hear all the time that you never want to buy in a bad neighborhood... But someone has to, right? And if it seems to have this much potential, is it worth the risk? Thoughts?

Thanks for all the encouragement!

Is there a place on here the BP site that lists local meet-ups?

Hey y'all!

My name is Philip and I just signed up for BP.

I've been looking into REI for a couple years and just recently decided enough time has passed and it's time to get busy.

I heard about BP via Facebook and a couple friends liking posts and articles from BP.

I have many years experience in construction of residential and now am a project manager for a company that rehabs multi-fam properties for investors. I did obtain my RE agent license a few years ago and had a couple job offers but it just didn't interest me at the time so I went back to the construction side.

My plan is to start with small multi-family residential and then eventually own 5 MF Complexes in the Houston area.