All Forum Posts by: Will Porter

You want one of the "discount" real estate brokerages. I think Champions would qualify... there are several others out there, though. I'm curious to see other suggestions too.

Do you know if they're willing to owner finance? Or is this cash only?

I recommend you go to the next auction (Feb 3, 2015) and just watch. It can be very intense and you'll definitely want to just watch the first time to get a feel for it.

The trustees and private auctions happen on the north side of the building, the tax sales are on the west side, south side, and interior of the building.

When you are ready to buy one, you must do all your work ahead of time and have a FINAL price in mind before the auction begins. You have to treat this like gambling in Vegas... you have a limit and you won't cross it no matter what.

It's all numbers. Suppress all the emotions!

Sounds good @Waylon Themer 

Hey @Jennifer B. there's a BP meet-up in Midtown next week:

http://www.biggerpockets.com/forums/521/topics/165886-houston-meetup---january-29-2015

@Account Closed PM sent

Hi @David Daniels 

welcome aboard. I'll see you at the meetup if you're there.

@Chetan Tandon thanks for posting. For an 11-unit I think we're out of CMA territory and need to think 'commercial' for this.

Do you have an idea for the cap rate?

@Brandon Hicks I figured that renegotiation would be the answer, just wanted to see if you had actually been in that situation before.

Thanks for the great discussion!

December 2014 was another banner month in Houston and there are still only 2.5 months (!) of inventory. This is a record number, actually less inventory than in the summer.

If oil prices stay down, you can expect a normalizing of the Houston market... but the housing market still has a lot of catching up to do. (6 months of inventory is a normal market).

Prices probably won't keep growing like gangbusters... but it's not trouble yet. Supply is still way behind the demand.