All Forum Posts by: Shane Thomas

Hey all!

I'm looking for recommendations for local Commercial Brokers (5+ units) in the Houston and Dallas areas. I'm an out of state investor that has been working with a few good brokers in Chicago, but I am prospecting properties in Texas and would like to get in touch with local brokers.

I have my criteria laid out (see my other posting below) and have analyzed over 75 properties, walked over 20+ properties and offered on 3 to date, but nothing acquired yet. I'm looking for a few brokers willing to build a relationship with a prepared and actionable investor.

I hope some local folks can pass along some recommendations!

Thanks,

Shane

https://www.biggerpockets.com/forums/517/topics/234643-looking-for-small-med-apartments-in-houston-or-dallas

Hey all!

I'm looking for recommendations for local Commercial Multi-Family lenders (5+ units) in the Houston and Dallas areas. I'm an out of state investor that already had LOIs provided by 3 different lenders in Chicago, but I am prospecting properties in Texas and would like to get in touch with local lenders.

I have my criteria laid out (see my other posting below) and I am looking for a mutually beneficial relationship.

I hope some local folks can pass along some good contacts.

Thanks,

Shane

https://www.biggerpockets.com/forums/517/topics/23...

Hey all!

I'm looking for small to medium sized apartments (5-30 units) in the Greater Houston and DFW markets. I am looking for properties that meet the following criteria:

• Property Class: Class C to B-
• Year Built: 1970 or newer (free standing, no HOAs)
• Cap Rate: 8-11%
• Cash on Cash Return (Year 1): 12-15%
• IRR: 20%+ (on a 5 year hold)
• Price per unit: $25-50K (depending on condition and location)

I have more detailed criteria that I use to under-write deals that I can share if your interested (PM me). 

I'm also interested in partnering with experienced investors on larger deals that meet the above criteria. I'm more interested in a smaller partnership (2-5 partners) than a large syndication.

I'm always interested in meeting like minded people as well.

Please send me a PM to discuss further.

Thanks for the advice @Mike H. ! I will certainly keep that in mind.

I'll be sure to be at the next meetup in Chicago. Thanks @Brie Schmidt !

Hi Brie,

I am still researching various sub-markets that meet my criteria but at first pass areas like Des Plaines, Arlington Heights, and Glenn Ellyn seem to fit.

Are there any upcoming BP Chicago meetups?

Thanks,

Shane 

Hello BP!

My name is Shane and I am excited to be part of this awesome community! I learned of BP while doing some online research about a year ago. 

I am educated as a CPA and for the last 5 years I have been doing management consulting with large multi-national corporations for a large consulting firm. I am originally from Toronto, Canada but have been living in Chicago since 2010. 

I have completed my business plan with my objectives, goals and investment criteria. I am buy-and-hold investor looking to get into the multi-unit residential (6-10 units) space in the suburbs near Chicago. I have attended a few REIA meetups in Chicago and continue to research my desired sub-markets, commercial lending standards, etc. I am hoping to network and meet some local seasoned real estate professionals as I begin my journey in greater Chicago!

I look forward to connecting with many of you!

Shane