All Forum Posts by: Willie R.

 They stated that they have started the eviction process already. When I looked at the house it appeared that the tenants were in the process of packing. I will be sure to ask for documentation to find out what stage in the eviction process they are in. Great help. Thanks

I found about a possible deal through a real estate agent at an open house. I went to look at the property today. Its a 4/2.5 and its already a rental property. They are asking 125K for it prior to listing it, but believe that they can put it on the market for 139K. Rents in the area are about $1,500 per month but the current rent is $1,200 and the renter is being evicted. The agent told me that most deals of this type can be handled without a lawyer by using the title company. What are the risks of not using a lawyer and relying on title insurance for protection for a deal of this type?

@Steven G.

Thanks for the advice. My wife and I are considering all options. We live about 10 miles outside of Houston and we hope that whatever we decide doesn't get derailed by low oil prices. 

 John, Thanks for the suggestion. It seems like multi is a popular way to go build cash flow quickly. I need to find a local mentor to partner with to gain some experience. 

 Thanks for the response Arlan. That sounds like a valid path to reach my goals but I don't have any property management experience. I would hate to jump into something so large from the start and fail. I would rather fail on a smaller scale. 

 JR, I think that my family makes to much noise to house hack.  I did house hack back in the 90's with a side by side town house. I manged to upgrade every seven years or so by selling and buying  but now I wished I would have taken the buy and hold approach. Right now I don't like the turnkey model but that may change as I learn more about it. I just can't over not having control  in the turn key model. Feel free to PM me about your turnkey experience and thanks for your response.

Derrick, I have been reading up on turnkey rentals on the forums. I have not grasped yet how it can be profitable for the investor and the turnkey operator. I don't think I could give up the decision making and education that goes along with managing a property yourself. Maybe turnkey would be an option when I retire but right now I feel I need to be involved until I learn the business. 

Now purchasing notes sounds interesting but I don't know enough about them yet to invest in them. This might be an area where I can make money on the spread since I can borrow at four percent but where do you buy notes? How do you vet them? How do you even know if the property is worth the balance of the note? Plus many more questions.

I am open to partnering with a seasoned investor locally here in Southwest Houston, Richmond, Rosenberg or Sugar Land TX. 

 John, it is a private money. Thanks for the input. I really appreciate it. 

Is there anyone else out their in the BP family that would start their first investment in a multifamily? If not multi families then what?  I am just trying to get a boat load of ideas to develop  short term, mid term and long term business plans to reach my goals. My backyards are Fort Bend County Texas and Southwest Houston Texas.

 Thanks for the encouragement. Currently I am about ten feet deep in educational content. I am trying to sift out the slag and retain the golden nuggets. 

 Ray, thanks for the offer but I live in southwest Houston. I would like to stay in my own back yard unless the deal is so good it can be turned over to a property manager and still maintain a good rate of return.  What aspect of real estate would you pursue if you had access to low interest rate loans but could only devote 15 hours per week to the business?