All Forum Posts by: Robert Youngquist

thank you

Talked with my broker today, Credit Lines on hold because secondary markets closed.... Any of this true? If so, anyone have experience as to how long closed or when they will open and lending back to normal.

Also, Are there real lenders that people can provide references for (with proof)??  I know BP tries to keep members clean and clear, but in my experience most are all talk and no walk.

@Michael H. I began seeing these "deals" when moving back to Houston in 2015. There are so many people people here, competing for the same deals. I'm sure there are some BRRR possibilities here but, those would be the exception, not the rule. We are finding them out east, Jefferson and orange counties. Just contracted one today that project to cash out 50k in addition to money laid out. One of my partners finds good deals in Galveston, but the city code enforcers are like Nazis and just too much trouble for me. I personally stay away from companies like Northwestern and the like. Ever been to RICH Club or other local reia's? I haven't so no experience whether or not there are good connects there with agents or wholesalers

@Tony Roberts Whoa buddy, You stirred the pot here.... bahaha.

For the most part, I think everyone is actually in agreement, Honesty! (There is only one definition for that word, the world is not grey when it comes to this) I've wholesaled, whole-tailed, flipped, owner financed, BRRR'd and more. While my experience, and that is all I can offer, has left me with an overall thought that agents and wholesalers generally (yes not all) don't listen to the sellers needs and greed is at the highest. Countless times I have sat with elderly person or children of parents recently deceased, who just want to get the value of their family's time, effort and generally, a person's legacy. Only to hear one story after another how they spent 2, 6, sometimes more than a year getting the run around from agents and wholesalers. I will specify, Agents who actually own and invest in property are generally better. Currently, I am working with a woman who got talked into making an owner finance note, The "investor" wrote the note at zero down payment and zero % interest!!! That's absolute criminal! The "investor" even went so far as to write out on the note "zero percent", because in a long legal document and signing page after page that will get lost to the seller where 0% would stand out on the page. So, every day I am interested to see what I haven't seen before..;-)

Unfortunately, greed seems to always rise atop in our society so for me, I look forward and encourage the time when wholesaling is outlawed/banned. Then we will just have to work with agents who act like the gate keepers or something.... ha!

Thanks Brian, I currently use Rentredi with the BP pro discount. They have been great so far for my long term rentals. Is there a similar management software for short term rentals?? Or a management company you work with or recommend. Ultimately the goal is to not add to my day to day, just to keep house from being vacant and ultimately be able to  cover taxes, insurance and cash out loan payment

I have SFR on Lake Livingston outside of Huntsville, TX. This would be a great lake house to just enjoy for us and any family. I was looking on the short term rental sites and see a few rentals in the area. Anyone have experience with short term rentals at Texas lakes? Right now the how needs about 20k in rehab and is just sitting vacant. I'm thinking if we can get ready for summer and see how it works?? We can get $1000 to $1200 p/month rent, but if I can get close to $12k a year from short term then I cover any expense from refi, recoup my investment and have a lake house to visit when not occupied or just when we block it (is that a thing?? Just considering the short term rentals)

Hello Alice!

Been on BP for sometime now but not that active so maybe I can offer some incite and change my inactive status ;-) 

Welcome to the great state of Texas!

We found the major 6 cities of Texas to be either over priced or just very competitive from investors, both new and old, usually creating artificial demand and over spending. I have only wholesaled properties in the Major 6 because the prices I see investors spending is far above the 70% ARV minus repairs. We found SETX (Jefferson and Orange County, Beaumont, Port Arthur, Orange) to be perfect. These areas have seen consistent, predictable growth and strong oil & gas employers. Cities like Port Arthur, are receiving tons of grant dollars, tax incentives and private money invested in the downtown and surrounding areas. Very exciting to see beautiful, old 20's architecture buildings come back to life, many that have been left abandoned for 30 to 40 years! Loads of on and off market deals, we have some wholesalers that we work with and really looking to ramp up our 2-4 MF BRRR purchases this year. Currently have 14 doors on track to do double that this year. We take on select investors as partners in our MF purchases. Always happy to chat with fellow investors and get them just as excited about, and ultimately participating in our area.

Tip we learned the hard way: Construction team and material management are key to success! We went through several contractors and subs. After 2 years in the area, we have found the right team of every trade needed for cosmetic to full-gut rehabs.

Below is link to local story on PA downtown progress and the financials from our current BRRR quadplex. I can tell you, I had originally projected ARV of quadplex to be $125k to $150k. We just got the BPO back from our lender, its going to far exceed those #'s!!

https://www.panews.com/2019/10/26/downtown-vision-taking-shape-motivas-aggressive-plans-could-have-workers-in-place-by-2020/

Terrific advice all, Thank you very much!

Purchased a quadplex in the Beaumont Area of SE Texas. One of the 4 units is rented as a boarding room style with two guys staying in the same  unit. These guys have not paid anything since we purchased and apparently didn't pay much to the previous owner.

All that and the icing on the cake?? One of the tenants rented the vacant unit to another guy and is pocketing the rent?!

OK, It sounds terrible, though I am sure I have a way of getting them out safely (and cheaper) by just offering a few hundred dollars as cash for keys. But my real question is this, If it actually comes to legally removing them from the property, what are the laws and regulations here n Texas? These tenants were friends/family of the previous owner. They never had lease agreements and seldom paid any rent from what I understand. (you may be asking... Why did you buy the darn thing? Well, for $1500 dollars in the owners pocket and taking over a $12k back tax burden, I have a quadplex that the BPO just came back at $125k while making small monthly payments to the county for 3 months, then my lender will cash out refi at 80% of BPO) Is this a clear case of squatting/trespassing and just call local authorities, or is there a certain procedure to follow? I am sure that these are state specific so my fellow Texan investors, would really like to hear your experience

Thank you, This is our first MF rental and we have two more quadplexes to finish before end of summer along with duplex so we are in need of crash course in dealing with renters.

When purchased was with a package deal so I made the mistake of not just taking care of this at closing but, here is the deal. Three separate lots with one empty, one with two story quad and the other with 2 houses. I had not seen this before but the legal description is the physical addresses of the three structures and not Block x lots 123 as normal here in Golden Triangle, South east Texas. I just want to separate quadplex and lot together as one deed and property (lot has easement from power lines so gonna put 4  car garage, parking and covered parking to add income of rented garages and spaces) then separate two houses that are on the same lot as separate deed and properties. Keeping clear of commercial property by having them all remain sfr 1 to 4 unit parcels. one house will be converted to duplex and the other just sfr rental. All of this is no big deal, Talk to city, they just want to see survey plotting the new arraignment, they get their $450 a lot ($1,350 all in) and city/county is good. Problem is I called three surveyors recommended from our title company and two others. Only got one to give a quote and its $3,400 plus tax plus city fees, This will be $5,000 easy when all done. Sounds really expensive to me. Usually pay 350 to 750 for survey. and the 750 was for a commercial deal. 

Anyhow, hope I explained well and just wondering is that # high in yalls experience?? and if it is, does anyone have a good surveyor in Port Arthur / Beaumont area of Texas???

Oh, And they said it would be 4 weeks. This really is a simple thing. three identical lots, two combined, one separated and split even....... 

If 3400 is on spot then I got to get a second business going here...lol