All Forum Posts by: Tim Shin

Hi Brett,

You'll probably have a hard time getting a loan under your LLC's name because it's less than 2 years old and you haven't built up a credit history within it. You can maybe shop around and find a good local bank willing to take a risk on you with a great business plan (read @Brandon Turner's book on low and no money down). 

The other avenues include getting a loan in your name or relying on partnering with other investors or private money. 

My advice is this: Get the deal you want to work on and have your option period let you get out of it for little to no cost if you fail to find a loan or an investor. Make sure the numbers work first for whatever potential scenarios that there are. Generally, most private money individuals expect 8-12% so do your numbers with that but then advertise at 6% for private money. Or advertise your deal for partnership. Do all this at your local REIA. If you build it, they will come.

Hi @Joe Kim, I hear that @Jerry Ta is good but I haven't had the opportunity to use him myself. I'm looking to work with because I've gotten recommendations from successful Houston investors about him.

Hi @Murali Mudddan, I think Houston is a good market to be buying rentals in and will be an even better one in about 6 months. In conversations I've had with the great agent @Sharon Tzib, my perspective is that we won't see a precipitous drop due to the oil industry because we don't have insane lending going just yet but we have a slow-down in the real estate market. HAR has released some data indicating that there are more homes on market, sales are slowing down, and inventory is increasing. However, median price paid is still higher this year. I think we are experiencing the lag between layoffs and people exhausting their severance packages before deciding to move places/rent, or sell their house they can't afford. 

What that means is that prices will soften a bit to help us out and maybe rent will stagnate or go up. 

Good enough rental market where 1% is going to be okay. However, we have to combat getting a good deal vs going nuts on rentals for 85% of ARV (which is what a lot of people are doing in Houston right now).

I'd suggest getting to know Sharon Tzib if you're looking to buy from Connecticut in Houston.

hi Ryan, you might check out Security National Mortgage or Noble Mortgage. Good terms from both. But to be honest, security's terms are almost unbeatable. 

 Hi Muhammad. Welcome to BP. Try meeting up and networking with people at the local REIAs. RICH IAS a great one to start and Allah the big networking events like JetLending and Noble Mortgages events. You'll find those on their webpages. If you find someone who's doing something you're really interested in, ask them to coffee, lunch, or dinner, and pick their brain. Mentoring may occur organically and for free. 

 Ariel I think it's important to keep in mind that Houston saw skyrocketing growth for a long time until the oil slump. Now, with lots of workers losing their jobs and 30-40% of BP getting laid off today you see inventory higher and more signs because people were creating more inventory to keep up. However, overall the inventory available is still not as high as the national average. I believe that too many high end apartments are coming online in a time when high end renters are getting fewer, thus high end rentals are suffering a bit. But that doesn't mean we're in a real estate downturn yet in Houston. That's delayed. The affordable housing projects are likely tax incentives based and are sorely needed to combat the potential whiplash of rapid gentrification without having any space for your lower income workers to supply your high end buyers and renters. 

I think the oil industry has not yet rippled into the real estate market fully. There will be a 8-10 month delay before we see more of that. But the break neck pace and overbidding are over. People are trying to sell their houses right now because values are not yet affected and they want to get out high. 

hey Minh Nguyen welcome to BP! Let us know if you have any questions or need anything. Make sure to check out the podcasts, the blog posts, and Brandon's books if you're just getting started. What's your focus?

So how are you going to fund the deals? Conventional mortgage? Cash? Or Hard Money? Answering these questions will probably control where you look for deals. 

 That's cool! But what are you going to focus on?

Hi Ryan, welcome to BP. You'll find properties in many places it just depends on what your looking for? What are you planning on focusing on? Rentals ? Flips? You can find those in any and all places but it does take due diligence, regardless if you're working with a real estate agent. I'm a wholesaler and soon to be rental investor. You can find deals from many a wholesaler if you sign up on their lists. Similarly, you can ask an agent to help you filter the MLS for deals according to your specification. Come to the JetLending event next week which you can find on their website and you'll meet ask kinds of deal feeders.