All Forum Posts by: Brian Adams

Hello!

@De Andre' Little

I'm a Realtor in the area who tries to work with investors wherever I can.

If you can make the time, I might recommend attending the Killeen Investor luncheon at El Chico's.  It's a great way to get started and chat with other doing or trying to do the same.

http://www.meetup.com/Real-Estate-Investors-of-Kil...

I try to make as many as I can myself.  Going to my first auction (with the intent to buy something, that is) the Tuesday before, so hopefully I will have some new experiences to share from that.

I appreciate it @Mark Updegraff!  Checking out your interview now.  Pretty awesome.

That's awesome to hear @Mark Updegraff

(and sorry for sort of hijacking the thread a moment, @Sue Lupinski)

I was wondering if buying at auction and wholesaling it was a lucrative business model. Presumably you would get as many as your budget allows, keep the best for yourself and wholesale the rest?  I would expect more than $500-$2000 for a wholesale if I actually full on bought it at an auction instead of just contracted with an owner.

I've been to our auction once - it's pretty tame compared to what I hear from other auction (Bell County, Texas).  The few hours I was there, there was not a single bidding war. I don't think there were even 5 bidding investors present.  Guys just showed up, waiting for the one they wanted and bid the minimum.  Not sure if that is a good sign or bad as to my chances of getting a deal at auction.  Or maybe I was doing it wrong.

I guess I'll find out more next Tuesday.  Congrats on your success!  I expected to look into what you'd done since that post and find you'd fallen off the face of the earth. Encouraging to see the opposite.

Hey @Mark Updegraff. Just read what must have been one of your first posts 6 years ago on buying from auction. Contemplating doing the same shortly.  Checked in to see how you'd done ever since and it looks like things have turned out well for you since then!  

http://www.biggerpockets.com/forums/41/topics/47830-bought-my-first-foreclosure-yesterday-despite-bp-advice-c-

Welcome @Michael Green!

I'm a Realtor in the area.  If you have time, I'd recommend the Killeen Investor MeetUp at El Chico's.

http://www.meetup.com/Real-Estate-Investors-of-Kil...

Let me know if you have questions!

Oh - I think you meant @Mark Allen

Right you are @Mark Allen, though I wouldn't recommend planning on appreciation in any market.

I've had a few buyers and friends who want to be closer to Austin and get apartments in Georgetown or Round Rock, but every one I've known who has done that regretted it. It's a long commute for PT every morning, even with the 195 expansion.

Hello @Asson Denis!  

I am a Realtor in the Killeen area.  If you are trying to get started investing, I would recommend going to the local MeetUp group 

http://www.meetup.com/Real-Estate-Investors-of-Kil...

The next lunch is the first Thursday of March.  It's usually 6-12 local investors or would-be investors who link up and just have a casual meal.  I make most of the lunches.

I love what you've done already - I did the same thing with a fourplex, living in one unit.  I wish I had done it more when I was younger and gotten a couple more fourplexes with owner occupied financing.  A great way to get started.

I try to be an investor friendly agent and keep my blog pretty updated with investor articles.  Not sure if I am allowed to share links or if it is considered "self promoting", but here are two articles I wrote on both flipping neighborhoods and the local multi-family market.

http://www.hoodhomesblog.com/investing/blog/best-n...

http://www.hoodhomesblog.com/investing/blog/fort-h...

I hope it's useful, and maybe see you at the next meeting!

@Ramon OlivarezI work for StarPointe Realty (on the Realtor side, not PM), but have seen the inner workings of how they do things as a PM and would definitely recommend interviewing CJ, our broker.  

Other managers I might interview would be JWC or Lone Star Realty and Property Management.

@Keegan Mattick

Hello Keegan - I'm a Realtor in Killeen and am particularly passionate about multi-families (I own a fourplex in Killeen).  

I also happen to own two homes in Lawton, OK, myself, when I was stationed there (Field Artillery). 

Just to understand - are you looking at living in either the fouplex/duplex you are looking at buying, and using a VA loan?

The VA loan has no downpayment and, at least in the Killeen area, it is often possible to get most if not all of your closing costs covered by the seller, meaning the $15,000 you have saved would just be for any repairs/upgrades that the seller wasn't negotiated into doing. However, if you already know that you are moving (PCSing?) to Lawton in June, a lender is not going to lend to you for an owner occupied building in Killeen. So presumably you would be looking at multi-families in Lawton, then.

If you are looking at investment financing, conforming loans are usually 20-25% down payments, meaning your budget would be approximately $60k with a $15k down payment (assuming again the seller can cover all of your closing costs), which may not be quite enough in our market to get a rent-ready duplex off the MLS.

I actually posted about this very topic just a couple days ago in my blog - house hacking, just like BP says to do!  I wish I had done it with my first house in Lawton!