The Saga of West Parker Pt 5

See Pt 4 here The report had been with our lender Bedrock a few days. Bedrock laid into the inspector for not getting up on the roofs in the rain. They used it as rationale to throw out the entire previous inspection and demanded a full re-inspection. Of course I would have to pay. This […]

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The Saga of West Parker Pt 4

I don’t know the exact date, but it was around the weekend after Thanksgiving. I woke up in a cold sweat. 3am. Overcome with the sort of existential dread that only comes in the wee hours of the morning. We were nearing the end of our contract period on my biggest deal yet. And things […]

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On College and Apprenticeships

Regardless of the politics around minimum wage it reflects on the old way of developing a career. Used to if you wanted to do something you found a master and worked for them for often just room and board to learn the craft. After usually 3-5 years you could be deemed a master and set […]

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The Saga of West Parker Pt 3

See part 2 here There is a bit of hurry up and wait when buying a property. Once an offer is accepted I go into what I call the war room. I lock myself in my office for two or three days and put together a marketing packet. It typically takes 2-3 days. I try […]

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The Saga of West Parker Part 2

see part 1 here. I called the broker back. She said there was a wrinkle. I love wrinkles… it turns off other buyers. There was already a buyer and he was looking to flip the contract. Now for large multifamily flipping a contract is VERY frowned upon. It makes the broker look bad (because the […]

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The Saga of West Parker Pt 1

8/21/2020 I received an email “Parkway Plaza 145 units Houston, TX”. The original price was $9.2M. Numbers looked decent at first pass. I get emails like this multiple times a week. I can’t underwrite every single deal. I don’t have the time. The majority of my time is spent managing property for our local owners. […]

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It's Cold

Down here in Houston we are on Day 2 of sub 20 degree temperatures. The last time this happened was in 1989. To say the least the city wasn't prepared. As of this morning about 1.2M people are without power. Once we heard the news we went into overdrive. Forwarded phones, sent out tenant letters, […]

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Should You Look In Multiple Locations?

If you go to any real estate conference today there is an emphasis on scouring the market to find the next hot area. As I watched others get into the space from the sideline. I adopted the same mindset. Just find the best numbers and buy there. Then find the next deal in the next […]

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GME and Why We Love It

The last week or so has been filled with news about GameStop stock. For those out of the know or reading several years later, a group of investors on Reddit all bought GameStop realizing that the short position outstanding was greater than the shares available. This meant that by buying shares the hedge funds shorting […]

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Stay Curious

I'm reading the 15 Commitments of Conscious Leadership at the moment. One of the core principles of the book is that leaders stay curious. If we can approach problems with a curiousity then they become opportunities to learn and grow. That small re-frame makes a problem an opportunity. Something we haven't encountered before. It will […]

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Vision Boarding

At the beginning of the year I put together a vision board. I used my friend Matty A's guide here: It's a great way to give yourself a picture reminder of what you are trying to accomplish for the year and long term. I look at it by my desk every day and it helps […]

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Wealth is a Rocket Ship

When NASA launches a rocket the rocket will use 2/3 of its fuel in the first 20 minutes. The remaining 1/3 can be used for weeks afterwards including returning back to the earth. Meaning that the strongest effort has to be applied in the beginning of the journey. You have to achieve escape velocity. Once […]

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Appraisals

I get a lot of questions about the appraisal process from new investors and homeowners. There are multiple ways to perform an appraisal, based on the property type. For today’s blog, we’ll keep it simple and talk about single-family home appraisals. Single-family appraisals are based on comparable home sales. What is an appraisal? An appraisal […]

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How We Decreased Maintenance Calls by 30%

About a year ago we implemented some new maintenance policies resulting in a decrease in maintenance calls by about 30%. We were constantly getting maintenance requests for items such as “kitchen light bulb went out”, “AC thermostat stopped working '', “AC filter needs to be replaced” etc. We started looking for ways to drive down […]

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Do You Find Your Excuse Or Find Your Solution?

If you show or buy real estate you've run into these type of people. They are going to invest when they find the "right deal". You take them to every property and they find every reason not to buy the deal. They never plan on opening the door to oppportunity. By looking though they check […]

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The Week of Close

As we approach the close of our 145 unit we are in the most stressful time. (A big reason I missed my Tuesday post!) Right before showtime. We have received most of our money, done with most of the paperwork, and have very little time remaining. It's exhilirating, scary, anxious driving, and the best part […]

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145 Unit Deal Investor Packet Pt 2- Economic Considerations

Inflation Hedging The US Government as part of the Coronavirus relief package printed more money in June than the first two centuries of the US: “The United States printed more money in June than in the first two centuries after its founding,” Pantera Capital’s CEO Dan Morehead wrote. “Last month the U.S. budget deficit — […]

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Vision

I was reading an article talking about the tenants of success. One of the key differentiators according to this article was having a strong vision of the future and the outcomes you desire. One of my favorite quotes is by Jim Rohn: If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess […]

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145 Unit Deal Investor Packet Pt 1- Houston Submarket

I'm sharing with you guys the details on my 145 unit. Today I'm bringing you the highlight regarding the Houston market. Hope you enjoy! Houston Market Overall Is Strong Population Growth Houston for decades now has been one of the fastest growing metros in the United States. From 2020-2029 Cushman and Wakefield estimate that population […]

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Teamwork

As I work to close my new 145 unit deal it can get frustrating at times. It will take days for a vendor or lender to get back to me; then I need to turn the document back over to them within 24 hours. Start->Wait->Rush, etc. It gets stressful to manage and there are a […]

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Deals on the MLS are Not Dead

Before I moved to Houston I didn’t believe investors when they said they found their last deal on the MLS (multiple listing service). I thought for sure they were lying. In many markets deals on the MLS are often sold for above market.  After moving to Houston, I spent a lot of time searching on […]

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Gratitude

We have a lot going on in the office. We are onboarding a 38 unit. Started a marketing campaign for a 75 unit and closing a deal on a 145 unit. In addition we are managing the rest of our owner's portfolio as well as our own. We have just three of us. At times […]

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Just Wait

I've been waiting to buy a house for over 10 years. I always wanted to invest my money into investments and my business because I knew that long term it would lead to long term wealth. I knew I would get better returns with cash flowing real estate and building out my property management business. […]

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House Hacking

House hacking is a great way to get started investing, especially in the Houston market. House hacking is buying a single-family or multifamily property and renting out the other spaces you are not occupying. Ideally, you want to live rent-free. There are a couple of ways you can go about this. Buy a single-family and […]

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The Easiest Way I Know to Get Rich

One of my good friends at Google always said that money was a scoreboard for how much value you've provided to others. Money, for me, is not a means to an end. I don't focus on accumulating more. It's a tool that allows me to help other people and provide for my family. That said […]

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6 Key Elements to Put in Your Lease

First and foremost, I am not an attorney and you should consult an attorney before changing any language in your standard lease. Edits to your lease will vary based on the type of property and location. Here are the top 6 items you don’t want to forget:  1. Entry to the Property Be sure this […]

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The Deal Analysis Funnel- Multifamily Part 1

If you invest in real estate you are going to look at, and pass on, a lot of deals. There is no way around it. The only way to filter deals efficiently is to develop an analysis funnel. The analysis funnel has a simple principle. You will not accept most deals and thus need to […]

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Crystal Clear Goals

I'm a member of GoBundance, a group of guys who all run businesses, with the focus of creating whole life millionaires. As part of the group we prepare what are called one sheets. A one sheet outlines your business performance and focuses on goals within each of your gardens. There are 8 of them (Health, […]

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Marketing for Deals

It has become very difficult to find a “deal” but deals happen every day, so keep looking. Technology is changing so frequently and we as investors need to keep up with what’s going on. Each market can vary on what strategies work best, but here are my thoughts on some marketing techniques: Direct Mail (Aka […]

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Reading to Grow

If there is anything I've managed to do well it's pursue education in areas I am interested in. I've probably read over 25 books on real estate and property management. In Q3 (this quarter) I'll have read 5 books. Success leaves clues. Ask mentors or people you admire what are books they enjoyed reading and […]

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What is the BRRRR Method?

The BRRRR method is a strategy made popular and coined by Bigger Pockets. The objective is to help you quickly amass a portfolio with little (note, not $0) money. Your goal is to pull out as much money as possible with every deal. It stands for the following: 1. Buy We’ve gone over this before, […]

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Lessons From a 9 Figure Millionaire Part 2

You can read part 1 here. Last weeks quick post was so popular I decided to do another from the same topic. He was asked what he would tell himself 15 years earlier. He quickly answered: "Stay In Your Lane" As we age we begin to see our blind spots. The things we don't know […]

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5 Reasons Your Budget Property Manager is Costing You $1000's

Your Vacancies Are Filled Slowly The average number of days to fill a vacancy in Houston on the MLS is 40 days. Every property manager charging low vacancy fees does not use the MLS (they can’t pay for it) and typically takes up to 90 days to fill. They do not list on the MLS […]

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Real Estate Is a Team Sport

I’ve read 30 books or so on real estate. A majority of these books teach how to get started with no money. Almost all of them say the same thing: Find someone with money, provide them with value and take 50% of the deal. I don’t think many people have a problem investing money with […]

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Lessons From a 9 Figure Millionaire Part 1

Last week I attended a conference in Breckenridge. One of the presenters was an individual worth 9 figures. He made most of his money in real estate franchises and real estate investing. Someone asked him what was the number 1 thing that allowed him to achieve his success. It was goal setting. Holding yourself accountable […]

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5 Reasons Your Budget Property Manager Is Costing You Thousands

Your Vacancies Are Filled Slowly The average number of days to fill a vacancy in Houston on the MLS is 40 days. Every property manager charging low vacancy fees does not use the MLS (they can’t pay for it) and typically takes up to 90 days to fill. They do not list on the MLS […]

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Your Network Is Your Net Worth

I'd heard this phrase several times throughout the time I was in mentorship groups. Little did I know that it would make me $60,000 with one conversation. I was in a pool talking about what I did. There was a guy there who had a double digit plus net worth. As I'm explaining my business […]

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How to Self-Manage

At StageCoach Management we recommend self-managing your first few properties. This will give you a feel for what it takes and allow you to recognize a high quality property manager. You can handle about 7-8 single families before it starts consuming too much of your time. If you work a full time job, you’re going […]

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The Most Successful Investors

I participated in a Twitter thread the other day. The question was what is the number one trait successful investors have. It was an easy answer for me. It's not analysis, or finding the right deals, or getting lucky. The most successful investors are those that allow everyone to eat at their table. They create […]

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Real Estate The Hard Way

When I got to Google I knew very little about software development. I had never built a program myself. My background was as a CPA in oil and gas. Through a bit of fate and serendipity I found myself at the #1 company in the world to work for. While I was technically part of […]

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The Deal Analysis Funnel- Single Family Rentals

Find Multifamily Part 1 Here! If you invest in real estate you are going to look at, and pass on, a lot of deals. The only way to filter deals efficiently is to develop an analysis funnel.  The analysis funnel has a simple principle. You will not accept most deals and thus need to eliminate […]

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Maintenance Nightmares

Tim Ferriss talks about finding the lever in your business that if pulled makes everything else easier or unnecessary. For property management there are two things we focus on because they maximize returns for the investor and keep tenants happy: Vacancies  Maintenance I’m going to tell you the dirty little secret of the industry, the […]

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The Zero Day Vacancy In One of Our Houston Communities

If you can master vacancies and maintenance you can maximize property value. These are by far the two most significant costs after your bank note. At StageCoach Management, one of our key differentiators is our ability to significantly reduce vacancy times for our clients. Turnover dramatically decreases property value. Earlier this year, we accomplished an […]

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Should You Be Investing In Real Estate Right Now (May 2020)

There seems to be a lot of misinformation in the multifamily rental space regarding what investors should be doing with their capital. I'm writing this post as of May 1, 2020 and hope to convince you, against my self-interest, that it's not a great time today to be looking at real estate. While the stock […]

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Coronavirus: Houston Real Estate Market Update

This week I wanted to focus on the Houston/Texas with my news update. Here are a few quick hitting notes from articles I've read. Harris County Work Safe Through April 30th Harris county has implemented a Work Safe Order for the community through April 30th. Details updated regularly can be found online at: www.readyharris.org/Stay-Home. Any non-essential businesses […]

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SBA Programs Owners Should Be Aware Of

    There has been a flurry of legislation passed in the last week. Keep in mind that while the laws have been written the regulations are still being drafted. Things will change. I’m writing this blog as of April 1st, 2020 and haven’t updated it again (I’ll change this as the weeks go on). […]

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Coronavirus Update: Handling Tenants

    I have a few friends around the country that own or manage various apartment complexes and single family homes. Over the last two weeks I've reached out to them either online or by phone to find out what folks are doing to work with tenants in lieu of the coronavirus. Here are some […]

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Coronavirus: Houston We Have a Problem

  Today I figured I would share what’s going on locally in Houston. The city is in a pinch like the rest of the US. Here are things I’m following locally. We have at least a few more weeks in my opinion of strong influence from the virus! Oil Prices Fall to Floor Crude oil […]

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Cornavirus and Short Term Rentals! What to do now.

    Stagecoach Equity and Management currently manages 12 AirBnb units. Our cancellations have gone up over 300% in the past ten days. The average cancellation rate for AirBnb in the US currently is about 60%. People are cancelling their vacations, no longer have graduations to attend, are postponing medical surgeries; almost all events are […]

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Coronavirus RE Market Update 3/17

Click to Subscribe The market tumbled again yesterday. Investor fear is exceeding reality. It's important to react to what the market is doing and not what you think it will do. I don't have the answers for that, but hope to right some quick hit posts daily or every couple of days to give brief […]

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Coronavirus: Two Federal Reserve Changes Summary (Quick Read)

Click To Subscribe Wanted to update folks regarding some changes that have taken place. My goal with this blog is not to answer every question, but give you a quick summary of the event. If you would like more information I always recommend the Wall Street Journal or Financial Times. Fed Injects $1.5T Into Economy […]

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Coronavirus and Its Impact On Real Estate

Click to Subscribe I’ve had a few calls here at StageCoach Equity and Management in Houston from folks concerned about Coronavirus and its impact on the housing market. I won’t spend time going over personal safety choices that should be made regarding the disease as there are PLENTY of other articles doing that. First and […]

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