All Forum Posts by: David Jiang

@Mike McKinzie Thank you very much. Dallas/Ft Worth is great city to invest. We would like to purchase a few more in Houston area. Then move to Dallas/Forth worth.

@Andrew Syrios We did phone interviewed with 3 property management companies before we made our decision to select the property management company. So far, it is all good and tenants were moved in. We selected our own contractor to do initial repairs. Thank you for your advice.

@Account Closed You are correct. It is hard the first time. I learned a lot and with great helps from follow BP memebers.

@Pyrrha Rivers , @Xi Zhu Thank you, and Good Luck!

@Engelo Rumora @Gunnar Teltow Thank you.

@Austin Moran I just send you Remodel & More contact info through PM.

@Wendell De Guzman You made many good points, thank you. The current property management company has similar screen criteria as you listed. But they did not allow us getting involved in selection of tenants which we do not like. Any suggestion what we can do?

@Andrew Syrios How can we make sure to be on top of management company. They always say this is what we are doing now. They do not wan to what they are doing.

@Wendell De Guzman we use a property management company in Houston area to manage the property. The tenants were screened and qualified by property management company.

@David T. just send my agent #

@Johnson H. the contractor has done a great job. property management company just found minor repairs after walk-through.

Thank you, @Sharon Tzib and @Brant Richardson

@Pat S. it took us over 4 weeks to closing due to HOA issues and the seller had to fix those HOA issues. After closing, it took about 3 weeks to rehab and get ready for rental. We put the home on the market for a few days to find a qualified family.

@Rolanda Eldridge Dallas is a good city and we considered too. Good Luck.

@James Wise . you are right. BP is a great for bringing people all over the world.

@Sharon Tzib . it is in Houston, 77084 area with good schools. the rehab is around 12K.

Hi fellow BP Investors,

First, I want to thank BP. After reading and connecting with fellow BP members. I purchased first out of state rental property.

Through BP, I found HOUSTON area real estate investor friendly agent George Ghiorse who helped us making numerous offers to get this first out of state deal completed.

This property is in Houston Texas and I bought it for $84,000 with 20% down. The house passed appraisal and inspection for a 30 year mortgage. We have to do a lot of repairs and I was able to rent it out for $1175 to a nice family moving in next weekend.

For rehab, We used general contractor Remodel and Model in Houston area. They helped us getting the property ready for rent. They did a great job even though we are not in Houston personally.

I believe that it is very critical to find investor friendly agent for out of state investment. I highly recommend George Ghiorse for purchasing rental properties in Houston area. Without George’s help, I do not think that I can purchase and rehab this rental property.

If I could do it, anyone can.

Thank you!

David

Thank you, @Roy, Jenkins, Carlos & Nick; we need to add 8% for maintenance for future repairs and 5% vacancy. Each unit will have separate utilities. Tenants will pay water, electric and gas. $100 month will be used for marketing and eviction cost.

The rent was verified using rentometer. It may go slightly up.

Thank you for everyone quick reply.

Hi, BP

I am interested in a newly built 4-plex (2013) in Texas. Here are the numbers:

Purchase price: $447K
Downpayment: 25% (111.25K)
Monthly mortgage payments (4.75% mortgage): $1749/month
Taxes: $1,120 (estimated)
Insurance: $200/month

advertisement: $100/month

Property Management: $414/month (9%)

Repair/Maint: $0/month (1st year warranty)
Rents: $4600/month (it is fully rented)

Any thought on this would be much highly appreciated.

Thanks,
David