All Forum Posts by: Todd Horman

There is home built in 2015 and 2 build in 2017. All are in the same block and well maintained 3 bd 2 bath homes with fenced backyards. I am selling a business and exiting my current SFH portfolio to move to more passive investing as an LP and work on some larger multifamily opportunities. This would be a great way to build equity and add good properties to your current rental portfolio. only serious buyers that are approved will be shown the property to limit disturbing the current tenants. (long term tenants in place). Specifics 1380 sqft / priced at $236k each if sold individually and $223k each if sold all together.

Investment Info:

Large multi-family (5+ units) other investment.

Purchase price: $55,000
Cash invested: $535,000

purchased 12 lots in Alvin TX, put in sewer / electricity. With a team of an architect / Engineer / General contrator and financing from a local bank, we developed plans to build 12 homes in an underserved area of Alvin Tx. The project was built in 2 phases - 6 houses per phase. To date 12 houses were built and over 2 years 7 houses have been sold while still holding and renting 5 houses. strong rental demand in the area. Now looking to sell the remaining 5 houses.

What made you interested in investing in this type of deal?

I did several BRRR projects during the 2009 - 2012, but found it harder to do BRRR process, But I found a deal on 12 lots and decided to instead of BRRR to develop from the ground up. Great experience.

How did you finance this deal?

Brought significant of my own money and used a regional bank for the construction loan

What was the outcome?

Great outcome with experience gained and great houses to sell and rent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jennifer Hurst with Platinum properties has sold the 7 houses and helped place tenants in the other 5 houses. Great to work with.

I feel very comfortable with the screening tenant process and I understand the importance of the face to face interaction.....  I am looking for improved tools to improve efficiency to reduce time spent on paperwork.  If you have input on the actual question that was asked - please share.....

Here is how I typically handle rentals:

1. I list them on the MLS and people go see them. When they are interested, their first question is how to apply.

2. Right now, I have to email them a blank pdf of the lease application and they have to drop that off or scan and email it once completed. Similarly, they have to physically drop off the application fee at the office. With this younger generation, I am being asked more and more and more nowadays if there is a way they can pay online or fill the app out online.

3. Once we get an application in, someone has to type the info into PropertyWare to run the credit check and back ground check. If we go with that tenant, then we have to retype all that info into a lease. Many repeated steps here.

4. Once they are tenants, I also have many of them ask if they can pay online. Right now the only thing I can do is give them my bank account and they can set it up on their end. Right now, when tenants are late, there is always a question of what the late charges are. I would like an automated system where they can go in and see their account that automatically calculates late charges. If they pay rent on the 10th, it won’t allow a payment of less than the rent plus the late charges,

5. Repairs. Right now if there is an issue with repairs, they call the office and tell someone. The lease specifies that it needs to be in writing. I would like a system that we both have access to so that if a repair request come in, it will automatically email you and I so we are both in the loop.

What I am looking for is an online application that will integrate and handle all of this.  I have taken note of how college kids leases are structured. I think this will help automate things and simplify things in order to scale.  

What recommendations are out there for an online portal to handle this type of process?