All Forum Posts by: Trey Leigh

Thanks David, that's what happened here. Hopefully it turns around. Are you buying SFR or multi?

forgot to mention that it'll be a 10 year note, but we'll probably pay it off in a year if we have no major catastrophes that require $

Its a local bank that we've done a few houses with, we pay a higher % (5.25) but jump through very few hoops.  All Mortgages are held at the bank so maybe that's why they are willing to do smaller loans. They send out an in-house appraiser and if it makes sense to them, they'll finance it.

Trey

We close this week on number six, it's a tiny wood frame house (500 sq ft) that the owner was previously renting for $500/mo. before he bought it.  He had it leveled within the last two years (pier and beam).  He asked $25k and we settled for $22k cash.  Went to the bank and after closing they will give us a mortgage on it for $22K.  So we'll be out closing cost which should be less than 1K and make ready (some paint and carpet).  Estimate total out of pocket to be less than 2 thousand.

Rent $500

Taxes $510

Insurance $325 with 3% deductible

My first true 2% deal.

Will, what area do you think is best? I have in-laws that live in Northwest SA but the prices there seem to be out of my budget. Most rents I see barely make 1% of purchase price if not less.. unless its in a really bad part of town.

Hello, due to increasing home prices in my town, I've been looking at the San Antonio area. Question is what kinda neighborhoods are in the Walzem road area of SA? I'm researching some rentals in that area but haven't scheduled an appt with a realtor yet. Specifically east if I35. I live about 1.5 hrs away and would like some opinions first. Thanks

Recently the home prices in my area seem to have risen to a point that a good buy and hold property that cash flows is hard to find, most barely make the 1% rule much less the 2% rule. I've been looking in the Abilene, Texas area and the listings there have a much better ratio. There are at least two colleges there and an Air Force base so it seems there would be a demand for rentals. Could anybody tell me if there is, and where the "good" parts of town are. There seem to be a lot of inexpensive houses and condos on the market, why is that? Is Abilene on its way up or down?

Also any recommendations for a good Agent and PM in the area would be much appreciated.

Thanks

Thanks for the info, fortunately the buyers got financed at a local bank and purchased it without me having to LO or owner finance
.

I'll try to make it if I can, thanks!