All Forum Posts by: Yavor Tomov

Hi@Yessenia Angwin

There a lot of real estate groups you can joint to build your professional real estate network (the real deal, try the jet leaning meeting, the rich cloub). The most important is to find deals. So increase your sources of deals. If you have not done any deals start with something simple with good numbers and stick to your pre set criteria. Do not worry to back off better to lose a deal then to get stuck with a bad one. I would be careful in the current environment.

Hope this helps

Hi @Bryan T.

I fully agree with you regarding the rental availability. I think it will be even harder next year due to the amount of new construction and rehabs going on. I do not want to sound sceptical but a lot of small investor and new investors will lose money. The purchase price to rent ratio does not make sense. All new investors are betting on appreciation and no cash flow. Maybe I'm wrong and rent prices will go up and people will make a lot of money on their investments. I personally stick hard to my rules of purchasing investment properties. I have made a few offers for the last year, couple got except but did not close. My advice is save money. Cash is King and you can get some good deals from wholesalers but have to move fast. If you figure it out do let me know.

Good luck

Yavor

That was my play few years ago. Third Ward is locked between downtown, midtown, universities and close to Med center. The only reason I invested in the area was due to the location but it is still in transition and will take few years. I would always advise against buy property for appreciation only, that should be the cherry on top (lol). While I truly believe you are on the right path regarding the area it is a gamble no matter what. 

Good Luck

Originally posted by @Tandi H.:

@Jerry Padilla  I know its hard to believe, somehow this company always gets a lower rate than anyone else.  I've done four mortgages with them in the last 18 months, and each time they had the best rate when I checked around.  I'm going to attach a photo of the rate lock sheet so you can see it for yourself!

@Santhi Mani I have no idea, you'd have to ask the lender.

Here's the rate lock sheet:

 Wow Nice!!! Will be calling them. I was supposed to close on a duplex and the best I could get was 5.5%. That was before the rate dropped abit. Still good find and thank you for sharing.

@Chidinma Anakwenze Chidinma, It will be difficult but not impossible. I would look into the area of I-10 and 610 on the west side. The new train station will be there and believe that will improve the area. Also look into midtown around the Sears store. That area has been purchased by Rice University and will go a dramatic change. The only may you can make money in the Houston market right now is appreciation or rents have to go up. I personally think prices need to go down but what do I know. Make sure you buy under market price as much you can and have some backup plans. One way you maybe able to make a property on midtown cash flow would be Airbnb. Good luck

@Cody L.

Wow, How did I miss that!!! 

Thanks

@Belinda Lopez What are the date and time of the meeting?

@Daniel Tisdale I would not do it if the property is cash flow negative. So think how can you make the property cash flow positive. Maybe: corporate rental or Airbnb. Just think how to make it positive.

discount. You can always walk away from an offer is something is not right. Just make sure you ask for option period and put all the proper language in the offer. Any real estate agent will be able to help with that.

@Solomon Morris Just make sure your numbers are correct and push forward. It is normal to be scared in the first few deals but the more you close most comfortable you will get. I won't forget my first purchase. I had done my numbers and was still worried but told my self it is what it is. I have done my homework to the best of my knowledge so let's see what happens. Also especially for the first purchase always have a backup exit. For example, I purchased a duplex and made sure I can cover the mortgage and all expenses without any tenants from my job income. Also I had the option to move in and pay the rent if things got really bad. Also regarding offers no body said you have to buy the property after you have submitted So do not put too much emotions when making an offer . As one of my close friends says if they accept your offer not it is time to ask for more discounts now there are only two people on the table. Will you feel better if you get additional few %