The plan was for today to be like any other work day. The middle of the week is usually a logistical war zone with scheduling client appointments and keeping things in order. A call this week changed the flow of the morning as an REIT (Real Estate Investment Trust) was considering placing several of their portfolio properties on the market. I received the request and as I followed up on the BPO (Broker Public Opinion) I noticed the distance between the properties. Each property is unique in that they are multi-family properties ranging from 4 units to 44 units. As I mapped my trajectory from Houston I noticed today would take me to Galveston and Dickinson and back to Houston.
Everyone who lives in Houston knows that the best rule of thumb is to plan ahead and factor in traffic. I decided that it would be best if I salvaged as much of the morning by beating any trace of traffic and head towards Galveston before sunrise. You tend to forget and lose yourself when you pop in some music, follow it by motivational seminars and then back to the tune you'll soon hum the rest of the day. The solo drive was shorter than I expected given my ninja-like driving skills and considering there were few commuters heading south. I decided to stop by Denny's for a breakfast treat and noticed patrons eating and then heading outside. I left the establishment as sunrise started to grace the ocean skies and felt humbled by the sight of a fleeting masterpiece. I don't tend to drive to Galveston much and feel perhaps I've treated it like Houston's step child for a while. I walked across the street and took it all in....the salty aftertaste of the gulf wind, the brilliant shades of Spring sunrise, the sandy shore, the sound of the crashing waves. There I was being thankful for what we have in Galveston and for having had that community spared from what everyone expected Hurricane Ike to have done to the island.
BPOs usually require a description of the property, comparable active and solds as well as several images of the subject property. I took my trusty Sony a700 and headed to complete the task at hand. Images of multifamily homes, locations, observation of premises and exterior conditions were all duly noted. My next stop was Dickinson where other properties were going to be considered for sale by the investor. I found it funny to take pictures of these multifamily investment properties and compared them to Houston where we have no zoning. I did observe that there are a good number of foreclosure properties in Houston - both commercial and residential properties and the surrounding areas down to Galveston.
The last property was perhaps the most interesting. It is a 44-unit apartment complex with amazing potential in the Southwest Houston area. There are great finds for foreclosure properties in Houston where investors from out of state are taking advantage of great pricing. The property condition was expected for a distressed property but the investment potential is great. Occupancy rates in the area range from 70-90% with property mangement companies. Taking a project like this involves good financial analysis and investment savvy. An informed investor will consider distressed properties a good investment depending on the investor's goals. A great source of commercial listings is my website at www.HoustonHeritage.com where you can sort through different residential and commercial properties to consider for investment. Whatever your investment needs are, always decide what is important - a rate of return or a cap rate.
It was great to have had a fun filled early morning and taken time to appreciate what we have not only here in Houston but in our neighboring cities as far south as Galveston Island.
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Sincerely,
Diego E. Jaramillo
Realtor, ABR, e-Pro
Keller Williams Houston Metropolitan
Cell: 832-282-2069
Online at www.HoustonHeritage.com
Facebook Fanpage: www.DiegoJaramillo.com
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Original blog 3/25/10 at www.HoustonHeritage.com
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