I have have experience buyimg foreclosures and flipping them. I am thinking of heading to Houston to buy property, any suggestions on the types of unites and deals I should be looking for in Houston. Does anyone have experience after Katrkna? http://www.foreclosureforum.com/board/read.php?2,2419,2419#msg-2419 Thu, 16 Apr 2026 17:10:45 -0700 Phorum 5.2.15a http://www.foreclosureforum.com/board/read.php?2,2419,2477#msg-2477 http://www.foreclosureforum.com/board/read.php?2,2419,2477#msg-2477
Bill H's, you are correct, lots of scammers out there. I saw some crazy @#$%&, mostly contractors ripping off these unfortunate people. Everyone I spoke to were willing to take thier insurance settlement and move to higher ground. Happy to have a half way decent offer.

For any investors out there here is what I learned from buying properties in Houston after the flood... WELL WORTH IT!

It took me 30 workers to get to a good crew of 6. Had to build my own crew since my repair estimates ranged from $125-$150k per home. The contractors were making a killing there.

I bought 2 homes, $125k each, $50k in repairs, roughly 5 months of rehab work, current appraisal is $330k, rents are $1800 each. I dont think i can sell today for $330, but as things settle down, I hope to sell these in a few years closer to $370k each home. I am hoping for a profit of $200,000 each unit while I am making a small rental profit each month.

Next flood, I will be shooting for 8 properties.

NotConor

Ward, How have you been?]]> notconor Foreclosure Forum Wed, 05 Jun 2019 16:56:22 -0700 http://www.foreclosureforum.com/board/read.php?2,2419,2441#msg-2441 http://www.foreclosureforum.com/board/read.php?2,2419,2441#msg-2441
10,000 homes destroyed (In the neighborhood I choose)
5,000 flyers passed out (Thank you HomeDepot workers)
400 number of interested sellers
200 Truly wanting to sell


I setup my tracking software
I had my HomeDepot boys collect any flyers of home repair companies.
I have my title company setup.
I have done my research on flooded permits
I have done my research on what homes to avoid

I have 5 homes wanting to close at 40% of their max value, below are my stats.
Notes: The rents are at 80% of Pre-Harvey, the resale is at 80% of Pre-Harvey. Rents increase by 10% then, 15% from year 1 to 3.

Taxes Rent Acquisition Repairs Rent Rent YR 2 10% Increase Sales Price IRR ROI
YR1 YR2 YR3 YR4 YR5
3000 1600 -185000 -15000 16200 18120 19080 19080 19080 280000 11% 186%
7000 2400 -240000 -33000 21800 24680 26120 26120 26120 380000 11% 185%
6000 2200 -240000 -35000 20400 23040 24360 24360 24360 370000 10% 177%
8600 2600 -235000 -45000 22600 25720 27280 27280 27280 420000 12% 196%
5000 1800 -175000 -25000 16600 18760 19840 19840 19840 310000 12% 202%
5000 1600 -165000 -25000 14200 16120 17080 17080 17080 350000 14% 227%
1600 1800 -210000 -20000 20000 22160 23240 23240 23240 350000 12% 201%


Anyone interested in talking to me? Or perhaps you know of anyone who likes my very conservative figures?]]> notconor Foreclosure Forum Tue, 17 Oct 2017 12:47:42 -0700 http://www.foreclosureforum.com/board/read.php?2,2419,2420#msg-2420 http://www.foreclosureforum.com/board/read.php?2,2419,2420#msg-2420 Bill H Foreclosure Forum Thu, 31 Aug 2017 14:49:20 -0700 http://www.foreclosureforum.com/board/read.php?2,2419,2419#msg-2419 http://www.foreclosureforum.com/board/read.php?2,2419,2419#msg-2419
Does anyone have experience after Katrkna?]]> notconor Foreclosure Forum Wed, 30 Aug 2017 23:05:54 -0700