All Forum Posts by: Zoabe Hafeez

I have a headache pier and beam foundation SF home that ultimately required a $30k complete redo of the foundation and flooring in the beginning of April.  They installed pressed piers, floor joists, replaced sub flooring, and vinyl floors.  Now, I get my April water bill and it's $2500!  I spoke with the foundation guys, a reputable company here in Houston, and they said they did a small pipe repair but restarted the water after finishing and didn't see any water.  The city will do a manual reading today and I'll drive down there tonight and see what's going on (though I've been there a few times already and there are no obvious signs of leak).

Another contractor did some basic dry walling, painting, and yard work to make ready for sale but I can't imagine that had anything to do with anything.

A few questions to anyone who's been in this situation:

- What are some possible explanations for this insane water bill on a 1700 sqft SFH?

- If this bill is real what can I do to appeal it (I'm in TX)?

- What steps should I take right now to remedy the situation?

All things pass and you don't get into real estate if you can't handle a little action, but this is a first for me so any guidance would be greatly appreciated.

Hi All - my new tax accountant is recommending that all future rehab jobs have a line-by-line itemized estimate for her purposes.  I ran this by both my mentor and one of my contractors and they pushed back saying that it a very difficult and time consuming thing to do, but did say he can do categories (kitchen, living room, roof, etc).  What do all of y'all do?  How important is this from a tax/accounting perspective?  Thanks! In Houston, TX btw.

I'm in the same boat as y'all, @Trevor Hall and @Naeem Kapasi where I'll be moving into the area in June.  I also have that sense of urgency about making a purchase before it's 'too late', but I'm not seeing the markets in the neighborhoods I've been following (EaDo, Museum, Downtown) really fall. 

What resources are y'all using to follow the Houston market?

Hi Everyone.  My name is Zoabe, and I'll be moving back to my home of Houston, TX in June 2016 after being in Philadelphia and Austin for the past four years.  My move to Houston will coincide with me, finally, being in the position to pursue my real estate goals.  

Short term: I hope to be able to purchase either a duplex (inspired by listening to BP podcasts) or another home that can serve as a dual residence and rental property in one of the many up and coming neighborhoods in central Houston (I have my eye on a few in particular).

Long term: Make two single family rental purchases a year in the Houston areas as buy and hold properties and eventually transition to multifamily units.  My ultimate goal is ambitious though not unique to BPers: I'd like to be able to have my passive income stream match the income I make from my day job.

I look forward to being an active member here and meeting everyone.