All Forum Posts by: Tyler Vinsand

Hello!

Our team just started operations in Houston and we're interested to know what percentage of ARV buyers are willing to pay in the area. Any help and advice would be greatly appreciated!

Thanks,

Tyler

This was extremely helpful. Thank you all for your responses!

I purchased a condo a little over a year ago, not realizing the HOA has a rental cap. When I bought the property, I was 12th on the wait list... 13 months later and I'm still 12th. While I like living here, I'd like to turn this into a rental within the next few years. I have equity in the home but do not want to sell it.

Lesson learned to read the fine print of the HOA rules prior to purchasing! I also understand condos aren't the most ideal asset class because of dealing with the HOA. With that being said, has anyone dealt with a similar situation in which they rented out a condo while being on the rental wait list? Is it possible? If so, what are the repercussions?

Thanks in advance for the advice!

Seek out owner financing/subject to deals where you can put little to no money down. This will enable you to accumulate rentals rapidly with minimal capital invested.

@Melineh Mirzaian Don't use zillow for the zestimate because I agree it's not reliable. However, I haven't noticed many differences between zillow and the MLS as far as recently sold homes go.

I don't believe there is a perfect method to landlording but I do believe the best way is to follow the lease. It may be difficult to do in situations like this but it will save you a ton of hassle should they try to break the lease in some other way (smoking, pets, etc.). Also, reinforcing the strict deadline may help provide them with some sense of accountability to improve moving forward. Not just in paying rent, but in other aspects of life as well.

We do invest in many of our own deals and I think a wholesaler would be lying if they said they don't cherrypick their best deals. However, wholesaling is appealing for the quick profits it produces. Thus, if I can make $20k in 3 hours of work versus closing the deal myself, flipping it, and turning a $50k profit in 6 months in an area of work I'm not specialized in with systems I don't have in place then I'm just going to leave the money on the table and stick to wholesaling. Many of the deals also depend on the capital investment involved. We typically only tackle our own rental deals when they're owner financed because we don't want to tie up a ton of our capital. A good assignment fee depends on the market. In my market, we seek $10k as a minimum.

I would not recommend it for the reasons you are seeking. You can network with a broker to get access to the MLS without being an agent. As far as finding comps goes, I strictly use Zillow for this and have no issue whatsoever. I simply filter for recently sold in the last 6 months and look for homes with similar characteristics. I'm a wholesaler and this is how I determine ARV for every single property I look at. I rarely actually need to use the MLS to determine comps. Hope this helps.

@Jonathan Holmes @Marc Winter excellent advice, thank you both for your contributions!

@Brian Garrett I appreciate the quick response. How can I get inside the house? Is requesting to examine the inside prior to giving a purchase price typical of these kinds of off-market deals?