All Forum Posts by: Darrell Morris

Thanks @Marcia Maynard and @Colleen F. and @Yinan Q. very helpful information.

Hello BP,

My tenant attempted to turn on the gas to the fireplace and apparently gas was leaking. After having a plumber go out to check for a gas leak there was apparently one in the fireplace. Thank God the house did not blow up!

Now I'm getting hit with a $450 bill. Is this covered by insurance in some kind of way? Also, can the tenant sue me? All of this is getting me a little nervous.

Thanks!

@Joshua Morris I should have probably mentioned there are some yearly fees like "winterization" which is about $130/yr = $10-12/mo...so a little more fees, but still less than 10%

@Joshua MorrisERA Tramco is the property management company that I've used for over 2-3 years on two of my properties. They charge a flat $65 per property and are excellent at removing "squatters". Trust me, we've had 2 and they went to court for us and got them out.

Only drawback is that if you are ready to sell the property they get first crack at it for 3 months. Might be something you can work out if you'll be selling the properties yourself.

Hattie Dizmond thanks! CYNTHIA DIMITROFF I see you're looking to purchase rentals. Is that only in The Woodlands?

Sonny Ngo I'm new to real estate and plan on attending some local REICs socials and events. My question is how to approach FSBO for wholesale when the seller is another REI? It may not matter, but after doing research on HCAD and the probate website I was able to determine how much they purchased the prospective property for and what other properties they own. In your opinion do you think they'd be less likely to sell to a wholesaler? Also, the prospective property is in an up and coming neighborhood with new builds all around. Why wouldn't the new developers already purchase the property? Any help is greatly appreciated. Thanks!

What's up BP! I'm Darrell from Houston and I am looking to get started in the wonderful, exciting, and from what I hear frustrating world of Real Estate Investing.

I am currently in the oil & gas industry and am looking to provide residual and passive income from the intelligent and hard work I put into real estate investing.

My main long term goal is to eventually become a developer of luxury apartment complexes. My short term goals are to try my hand at wholesaling, buy/flip, small MFH buy/hold and then onto apartment complexes.

Everyone seems to be a wealth of information and very helpful on these boards which is awesome and I hope I can provide some knowledge as well as I take the plunge.

I've read most of the "starter kit" forums and blog posts and now I'm looking to network with like-minded people that are here in Houston.

Thanks for having me and I'm holding on for the ride!

Darrell, Welch to BP! I'm looking to start in the wholesaling side as well so hopefully at some point we can exchange what we've learned. Leon O. What kind of deals are you looking for and in what part of town? Thanks! - Darrell

Marlon Wilson I'm looking to start wholesaling and would love to pick your brain if you'd be interested in providing some newbie advice?

Sorry for the newbie question, but isn't 70% ARV minus repairs doubling up on repairs?