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Where to find Houston properties that need a little work?

2,385 Views | 23 Replies | Last: 5 yr ago by Dr. Venkman
Dr. Venkman
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AG
I just sold a rental and looking to buy a couple replacement properties through a 1031 exchange. Pasadena, Deer Park, Friendswood area. In order to buy two, I'm looking in the $100-130k range which will require some rehab - as-is from an estate sale or something.

I have made offers on 3 that were on the MLS, but keep getting outbid by others. Are there other sources other than the MLS? I'm on the Networth and New Western "investors" lists, but nothing has come up in the area I'm looking.
mwp02ag
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You're on a clock, do you have an investor agent?. Maybe start by using meetup.com to find and attend every investor meet up and REIA meeting you can, tell everyone there what you need.
Dr. Venkman
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Thanks. I have a realtor I've been working with and we have a buyers representation agreement. How does that work if I found an "off market" property from a wholesaler? The agreement says I will "work exclusively through Broker in acquiring property in the market area and negotiate the acquisition of property in the market area only through Broker".

Obviously the wholesaler won't act as my agent, but can I represent myself and not breach our contract?
mazag08
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Dr. Venkman said:

Thanks. I have a realtor I've been working with and we have a buyers representation agreement. How does that work if I found an "off market" property from a wholesaler? The agreement says I will "work exclusively through Broker in acquiring property in the market area and negotiate the acquisition of property in the market area only through Broker".

Obviously the wholesaler won't act as my agent, but can I represent myself and not breach our contract?


I would ask your Realtor, but it sounds like the word "exclusively" might nail you down with your agent.

Go drive around. Take notes of houses that look like they need repair and don't be scared to send letter to the owners.
SteveBott
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Buyer agreement usually means you pay him his commission regardless of who finds the property
GigAg04
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The agreement protects the agent's time. If they've been working for you, even if you uncover the ultimate deal, they deserve to stay involved.
Dr. Venkman
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GigAg04 said:

The agreement protects the agent's time. If they've been working for you, even if you uncover the ultimate deal, they deserve to stay involved.
Good point. Thanks.
Ornlu
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How does one get out of a deal like that? Does the contract have a simple cancellation fee, or is it a complex negotiation?
SteveBott
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Let it expire
schwack schwack
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The buyers representation agreement works for us. We've been using the same realtor on all of our properties (except FSBO & they are Ok with that). It has created a great relationship and they have alerted us to a few pocket listings & good deals - I'm OK if they make some money on it whether we find them or they do. I like finding stuff online, doing an initial drive by, asking them to show it if it looks promising & them handling the paperwork. Cuts out a lot wasted time for everybody.


springagg
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You need to be on every wholesaler list you can think of. Most realtors will not find you anything that is great.. I have been investing for around ten years (have my realtors license) and probably have not bought a house off the MLS in close to 5 years. I also do insurance if you need any quotes on your investment homes.

kyle@maximinsure.com
jagvocate
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GigAg04 said:

The agreement protects the agent's time. If they've been working for you, even if you uncover the ultimate deal, they deserve to stay involved.
Socialism
SteveBott
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Huh? Two parties in a free market agreed to a compensation agreement. Neither had to sign. It. If one has remorse they can terminate as described by the contract. How in the hell do you get socialism from that?
Keeper of The Spirits
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Or if you find a deal, you tell your agent you are going to let your deal expire and look on your own. Then you offer them an amount of money to terminate immediately.

How much can the unlocking of doors they did possibly be worth to them?
Rustys-Beef-o-Reeno
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Plenty of post flooded houses not yet started in west Houston,
94chem
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Lots of homes in Kingwood still at studs. People with the one story homes have been in a holding pattern for the past year trying to sort out what the city really means.
Dr. Venkman
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These are buy and hold. Would prefer not to have a house previously flooded.
SwissAgg
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94chem said:

Lots of homes in Kingwood still at studs. People with the one story homes have been in a holding pattern for the past year trying to sort out what the city really means.
I have been looking at a few in Kingwood. Some places flooded there. If you buy, find out

where the flood lines were.
BoerneGator
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Quote:

I just sold a rental and looking to buy a couple replacement properties through a 1031 exchange.
Been a while since I've done one of these, but I remember you hafta identify (up to three?) replacement properties prior to closing on the property you're selling, or has that changed? Or have you not closed yet?
Dr. Venkman
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BoerneGator said:

Quote:

I just sold a rental and looking to buy a couple replacement properties through a 1031 exchange.
Been a while since I've done one of these, but I remember you hafta identify (up to three?) replacement properties prior to closing on the property you're selling, or has that changed? Or have you not closed yet?
After closing of the relinquished property, you have 45 days to identify up the three replacements and 180 days to close on the replacements.
BoerneGator
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Ah, that's right!
mwp02ag
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How's the search going?
Dr. Venkman
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Closed on one and under contract for another.
mwp02ag
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Great! How'd you find them?
Dr. Venkman
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One off the MLS. Made an offer and they accepted within hours. The other from New Western. One showing with 3-4 other investors. Highest and best offer and I was it. Same as 3 others, but they needed a hard money loan. Great house, neighborhood & schools and it only needs paint.
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