All Forum Posts by: Account Closed

@Jon Holdman - thank you sir for the feedback. The bank says they are escalating to their appraisal quality control department to validate what they have. We'll see what they come up with. The cap rate comparison is tough in that area, but I am going to try that route as well. 

If we end up at an impasse with appraisal, sounds like all we have is renegotiation. Last resort would be buyer coming to table with more money.  

I feel like we need a new bank - lol

I've got a hunch the replacement cost of this place is at least as much as the contracted price. Wouldn't that make the comps moot? If the appraiser is having trouble with comps, isn't that the solution? 

I hear you @Robert Freeborn. There is no disputing the fact that the comps used are not ideal. There simply are no comps in the immediate area that the quad exists.

I forgot to mention that the bank has performed their own appraisal in addition to the previously generated one. Same problems. 

@Samuel Robinson @Yang Yang and anyone else interested - you can email me at [email protected] if you'd like to be added to the invite list. We do this meeting as a well as a social monthly in the Clear Lake area. 

Huge congrats @Collin Schwartz! Now keep that momentum going!

@Leigh Ann Smith - in general, not a problem as long as you acquire the property for a good price. The rental market is very much in demand allowing for great rental rates. Flood insurance costs vary depending on how close you are to the lake or bay - waterfront obviously being really high. However, in the west end of League City there was no flooding during Ike except for those communities right on top of Clear Creek. I do recommend talking to an insurance pro about whatever specific property you may be considering. 

@Brian Cremer - League City has great need for long-term rental properties. Older neighborhoods (late 70s, early 80s) like Countryside, the Landing, and Newport seem to have a better cash flow than newer neighborhoods there. The communities built in the 90's like Rustic Oaks, parts of South Shore Harbour are going to be similar. For short-term opportunities, Kemah is just down the road and definitely more of a tourist destination. Galveston is a no-brainer if you want to be on the gulf. People I've talked to do very well with AirBnB-type rentals there. The closer to the beach, the better. Feel free to contact me directly if you have any specific questions or need any assistance. Always happy to help!  

@Leigh Ann Smith - my family loves your tree farm! I really like the fact that you added the tiny houses and would love to discuss with you some time. 

I very happily stumbled across this article (linked at bottom) while searching for overlaps between the realty profession and the sustainability movement. These are things I am passionate about and have years of experience with outside of realty. 

Just wondering if any agents here on BP are engaged in any of the items described (Better Blocks, Community Gardens, Farmer's Markets, etc.) and wouldn't mind discussing with me? For clarity - I mean engaged as a part of your business's community outreach/service.

I am located in the Houston/Galveston area, but would be happy talking to anyone active or interested - DM me on BP.

Placemaking is a way to make your community a better place to live and work by transforming public spaces into vibrant community places. 

Looking for a bank to refi a SFR I intend on acquiring with cash, renovating, and holding.

The local one's I have spoken with have application fees of 1%. 

Anyone have recommendations; preferably in League City/Clear Lake areas?

Thanks!