All Forum Posts by: Thomas Shaw

Good luck! Keep us posted on how it goes.

Do you plan on getting rid of all of your SFHs and completely converting to MFH, or maybe holding onto a couple of your best properties while you go in the new direction?

I'm interested as well. I work a ton, but if I'm available I'll be there.

In case my first post wasn't quite clear, I'm looking for a bank/credit union that does commercial loans.

Hello,

I'm looking for some lenders for a commercial loan on a 9 plex. In the neighborhood of 300-350k. I'm working in the South Houston, Texas City, Galveston area, so anything around there would be great. I've found a couple that I'm looking into, but anyone with any recommendations would be great. The more I check out the better my odds of finding the right one.

Thanks for your time!

@Patrice Penda Thank you! That's exactly what I was looking for.

@Seth Borman Good to know. Definitely don't wanna do something illegal/immoral.

@Taoufik K. I'm not quite sure what you mean. Could you clarify a little bit?

Thanks for the responses!

Hello,

I was considering living in one unit in a 9-unit apartment. Since these are valued based on income, would it be possible to pay myself rent to represent the fact that this apartment should/could be valued at 9 units, rather than having income only coming from 8 units and lowering the value?

Hello all,

I'm pretty new around here. I've read a ton, listened to a lot of podcasts, and practiced analyzing some deals. With that being said I'd love to buy lunch for an experienced real estate investor to discuss RE. I'm particularly interested in smaller multifamily(2-10 units) I just wanna pick your brain while we eat and see where it goes.

I know it's the holidays, so everyone's schedule is packed, but if you're at all interested, please message me.

Thanks for sharing the details. This is a great deal. Congrats!

@Michael Guzik I contacted the agent yesterday and should be seeing some official paperwork tomorrow and hopefully set up a time to view the property. As far as I am aware, all 9 units are fully rented. I am planning on have an inspector thoroughly check everything out(as I really don't know any warning signs yet).

The city is smaller, but it's got a very large industrial presence(Texas gulf coast refineries), and I'd say the average home price is above 80k(probably around 100k, though the nicer parts of town are easily in the 150-200k range) I grew up here, and the population has been pretty steady for the last couple decades.

And please, don't apologize for sounding negative. I know the numbers on the deal seem pretty good on the surface, so I want realistic thoughts on why they seem so good before I bite.

@Omar Khan As I told Michael, I contacted the broker yesterday. I will definitely add all of your suggestions to my list of questions for him. The tip about asking about property managers seems very insightful. I'll definitely have to use this one.

I do my best to be respectful of everyone's time that I interact with. I never thought of the physical post card though. That seems like a nice touch that would help me stand out.

I definitely plan on getting a non-negotiable inspection clause in the contract if I move forward. As people have said, if the deal seems too good to be true, there has to be a reason.

As far as mentorship goes, if you happen to know anyone in the south Houston/Galveston area, I'd love an introduction and would gladly trade some coffee(or anything else of value I might have) for some in-person guidance.

Thank you guys for your input. I really appreciate your time and your well thought out responses. Your advice has definitely given me some more ammo to feel a bit more confident moving forward.

Will do!

I'll definitely get all of the paperwork you mentioned and verify everything. I'll probably even post some of it here for help. This would be my first property, and to be honest, I'm a bit intimidated, so I really appreciate you guys taking your time to post your thoughts.

Please don't hesitate to add anything else you think of.

Thanks again!