All Forum Posts by: Rawn Wilson

DON'T MISS THIS ONE!!!!

Jay Shaw from Jay Shaw Real Estate will be joining us to discuss what it means to be an "Investor Friendly Realtor."  Jay is an ex Marine who has done it all.  He has owned residential and commercial properties (still holds a few), manages properties, and now is a broker in the Pearland area dealing with both.  He brings to the table a wealth of experience and knowledge to share.  I'll let him do all the talking to generate conversations and questions that we can address in future meet ups where I hope he will become a reoccurring guest.  He has advice for the new and the experience, and his contacts can help everyone from finding insurance, closing a hard deal, and legal advice.  Invite friends and family as we again enjoy the company of like minded individuals and share a few adult libations.  

Bakfish Brewery Wed October 27th 630-800.

I’m working with a few local realtors that say they are investor friendly. I’m trying to schedule one to attend the next meeting to explain what that really means to us. Once I have their commitment and availability, I’ll schedule the next meetup. 

Hello. I have been traveling for work (and then vacation), but plan on having out next meetup sometime in October. I’ll post a meeting next week.  Look forward to meeting you. 

@Marzel Hurbs

It’s still a go! Hope to get a few people to share some innovative ideas about current market.

This is a crazy market, but if you do your research and take your time it will all work out.

Purchased a 3/1.5/2 in Houston, TX.  The value add was making it 2 full baths and opening up the entire living space.  The house was build in 1960 and in great shape, but we did a full gut to update electrical and plumbing.  Of course everything else from sheetrock to fixtures was brand new.  We kept the original hardwood floors and did a full sand and refinish.  We had a few issues with the City of Houston electrical permit inspection (code changes) that delayed up a while, but in the end that was a good thing because the market shot up so fast.

The deal - Purchased for $102,000; Rehab $55,000; On MLS for $205,000; Under Contract for $242,000

I will share something I learned on this one. I have had offers using VA, Conventional, and FHA financing. For this one, I received an offer using the Houston Community Land Trust (HCLT). I was hesitant because of all the criteria it had to meet, but once I did more research, it was a great deal for me. The HCLT offers a grant to individuals who qualify (100-150K), and the buyer must them secure financing for the rest. The deal is, the HCLT will own the land under the house and the buyer owns the home. It is designed to keep housing prices low over the years. You can read more about this on the internet but the best part is, the bank lending the money to the buyer only looks at the ratio of the loan to the appraised value (not the full offered amount). That being said, our house will not appraise for 242K, but will for 180K-200K. The buyer will be getting a loan for approximately 100K, so that keeps them in the 70% loan to value range. Its a win/win.

In fact, the negotiations back and forth were kind of fun. The seller knows they have leverage with the bank, so we did some crafty negotiations.  The initial offer was $230K, but after inspection wanted a new roof (the only thing we did not do) and a few little items done.  We worked with them to get $242K and offer a new roof, fridge, and washer/dryer added.  She gets a practically new house with new appliances and we get more money at the end of the day.

Hello Pearland and all other real estate people interested in meeting other like minded individuals.  I hope everyone had a great holiday and is ready to get back to it.  Everyone is invited to meet up at Vallenson's Brewing Company Sunday July 25th at 3PM.  
Newbies to pros-  all are welcome to attend and learn, share, and make some connections in the real estate world.  We are trying to grow and bring a wealth of knowledge to these meet ups where you can find agents, contractors, flippers, landlords, wholesalers, and everything else. 

Bring your questions, your recent deals to share, and thirst for knowledge.  At this meeting, we will continue to grow with simple networking (getting to know each other).  In future meetings, we will have specific subjects to focus on and have local experts share their experiences.  If you have a question on your mind or a topic you are interested in, please share and we will add it to the list and make sure it is addressed. 

See you there.......

What works best for most people. A Wednesday evening around 630 or Sat or Sun afternoon?

Wow, the market in Houston, TX is crazy! I have a house I completely renovated as a BRRRR in 2018. ARV was 130K, and I was able to refinance and take out close to 15K more than what I had in it. Pretty successful deal. I have had the same tenants in it, and they always pay $1500 on the first. I currently owe about 95K on the mortgage, and the new value is around 180K. Should I continue to receive the cash flow, or sell it from under the renters and get about 65-70K out after fees and taxes? My family has about 50K in revolving debt, and this would get us debt free. I just don't feel right selling it knowing it would be hard for them to find something else for their family (I know its a business). Thoughts? Any other creative solutions? Raise rents? Refinance? I have started to move to commercial real estate in my portfolio and this may give an opportunity to focus on that apartment complex I want?

I just finished a flip (complete gut rehab) in a neighborhood where prices are soaring.  My house listed for 205K and we have multiple offers at 220K.  The house across the street suffered fire damage and will need a complete gut.  Half the house will need to be re-framed.  Will need all new electrical, plumbing, sheetrock, fixtures, etc.... This is basically what I just did, but I am not familiar with fire marshal and city of Houston codes and permits for fire damaged houses.  Anyone in the area experienced with this?  I would jump on the deal because I am not afraid of the amount of work, but hesitant because fire damage.  The house is a 3/1/1 and about 1300sqft, but can easily be made a 3/2/1 and really open up the kitchen/living areas when reframed.  I have walked the entire property inside and out.  Seller is asking 49K, but I believe it is negotiable.  I estimate 100-120K in rehab costs.  I have electricians, plumbers, tile guys, roofers, painters, etc.  Would need a good framer.  I believe this house would market about 200K-210K when complete.

I will be listing a meet up after the 4th of July weekend. If anyone out there enjoys working with social media, send me a PM. I need assistance creating a Facebook page to reach out to more people.