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All Forum Posts by: Brian Adams

Brian Adams has started 5 posts and replied 213 times.

Post: Looking into Killeen TX market

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

Hello @Brian Cowan

I'm an agent here in Killeen that tries to work with investors whenever I can.

There certainly are some properties under $50k, and I know some investors have had success with them.  But based only on the little you've shared so far, I think you would have the most success in areas at the $60-$80k range for buy and holds.  There are quite a few quality foreclosures in that range that were built recently, mostly need cosmetic work and rent well.

If you're thinking about Killeen investing, I always recommend our local investing group that meets every first and third Thursday for lunch at El Chicos in Killeen from 11:30-1:00.  I make it as often as I can, and there is usually about a dozen local investors just casually sat around for lunch and networking (no membership fees or pitches). Their link is here: http://www.meetup.com/Real-Estate-Investors-of-Kil...

Post: Anybody investing in Killeen, Texas?

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Sherry Aplin

Awesome - I will look for you there.

Yep - the spreadsheet is still a new thing, but I hope to refine it as I get feedback and hopefully it is useful for investors in the area.

Post: Anybody investing in Killeen, Texas?

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Dan N. 

I'm an agent here in Killeen.  We've definitely got some investors.  There is a MeetUp group that meets every first and third Thursday from 11:30 to 1:00 at El Chico's in Killeen if you have time.  The MeetUp group is at the following link:

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

Also, I personally keep the Google Sheet at the link below updated with possible deals, both MLS (foreclosures/short sales) and non-MLS deals that I run across as a Realtor. Hopefully it might be helpful to you.

https://docs.google.com/spreadsheets/d/1NJhUwMD3M6...

I haven't done a lot of investing myself apart from a fourplex and single family that I originally lived in and now rent out, so I can talk about the rental market some.  The MeetUp group is the best place to start, though, as far as networking and seeing what other people in the area have going on.

Post: Need advice on buying home or real estate timing.

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Matthew Byers 

This is all great advice. You can use your VA loan twice. And getting to use it on a duplex/fourplex house hack is a twice in a lifetime opportunity, especially at these rates. I wish I had done exactly that. As it is, I have one fourplex in Killeen at the moment (FHA financed, I had already used both VAs on single families).

I'm an agent in the area, and multi-families are pretty hot right now.  I just did a search and there is not a single multi-family foreclosure in the whole area.  I thought the search was broken at first.  They are getting scooped up, mostly by Austin investors (empirical observation from investors I've talked to and worked with) getting driven out of Austin by the skyrocketing prices.

Hit me up if you have any questions about the local market.

Post: Military VA LOAN

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Jessica Skupien and @James Booker 

Hi James! I'm an agent in the Fort Hood area. Jessica's advice is spot on. Getting a foreclosure or TLC property with a VA loan can be difficult because the VA loan requires the home to be in pretty darn good condition already.

Also, if you PCS or deploy, that is another "out" of the owner occupancy. Just like a lease, your orders serve as a reason for moving. My first VA loan (I have two) I only lived in for six months before I was PCSed to Hood, at which point I began renting it out. VA can be a great option for that strategy - great financing and live in it at a station and then rent it out when you move (though you can only have 2 active VA financed properties at a time, irrespective of the VA loan limit).

Speaking of which, there are no multifamilies in the area for over $417k anyway.  I bought my own fourplex in the area for $177k, and it grosses $2290 a month (for about $300/mo cash flow after expenses).  

Hit me up if you have any questions about the local market or properties!

Post: Newbie, currently in Afghanistan

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Filip Vaco 

Hello Filip!  Welcome to BP and Central Texas investing!

I know you are away now, but when you return, there is a local group that meets at the El Chico on Hwy 190 every first and third Thursday.  Their site is here:

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

I've been several times now as a Realtor in the area, and its been a relaxed bunch and good conversation about local real estate and investing.

I have a fourplex myself in Killeen - when I was still active duty, I did the same thing, and bought five homes before leaving (two with the VA loan - you can actually use it twice).

I wish I had just bought fourplexes - they are more work, but they pay!  After conservative expense estimates, I cash flow about $500 a month on my fourplex.  All my other single family rentals actually lose me money every month at the moment.

Killeen has several areas that have decent fourplex options, thought duplexes seem to be all the rage for investors at the moment.  I can send you some fourplex options if you'd like.  A short while ago, there were quite a few fourplexes in foreclosure, however the multifamily market had since stabilized and they are hard to find.  In Killeen, most of the fourplexes in what I consider the quality fourplex areas are listed between $180,000 - $200,000.

And yes, a VA foreclosure is essentially no different than any other kind of foreclosure. The bank is just the VA. It is not particularly important when differentiating between foreclosures, though your agent will be able to tell you if its a VA foreclosure and the contracts are different.

I would recommend contacting a lender to get an idea of what you could be approved for.  The lending market just in the last two years has gotten pretty onerous.  Knowing how much a lender will lend you allows you to start searching options fully educated.

Oh, and Redlegs!  Boom! Boom!  King of Battle!

Post: Newbie from Killeen/Fort Hood, TX

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Shannon King 

Welcome to Fort Hood!

If you're looking to meet local Killeen folk also interested in investing, there's a group I just started going that meets first and third Thursdays at El Chico along Hwy 190.

The group info is here:

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

You came to the right site here at BP! I wish I had been reading here before I bought my first home with the VA loan. Coulda made a lot more out of it if I had been prepared.

Good luck!

Post: Looking to make connections in the greater Austin area

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Josh Reborchick 

If I understand correctly, you are looking for multifamilies as investments, but also looking for a duplex for yourselves as owner occupants?  Are you looking to live in the Round Rock/Georgetown area or nearer Fort Hood.

I am a Realtor myself with StarPointe Realty.  Being former military, I'm probably most familiar with the Killeen area, but have also been growing roots in the Georgetown area.  At a minimum, I can send you comps for any properties in either the Fort Hood or Austin areas if you need them.

As for your Killeen concerns, they are not unreasonable. I have a SFH rental and 4plex in the area, and it was an uneasy feeling knowing that the town was an "Army town". However with the new hospital they are building on post and the Texas A&M Central Texas campus on the southwest side, Killeen looks poised to continue growing for the foreseeable future, even without the War on Terror being what it was. As for the BRAC realignment, Fort Hood has been pretty well spared. I'm not 100% sure of the numbers, but believe that at top the post might lose a net 4000 Soldiers over the next four years. Not insignificant when considering their families as well, but it looks like the economy in the area is likely to diversify enough to make up for more than that number.

Definitely the new housing starts kills flippers.  Most of the investors I know up here are landlord types, so it just depends on what you are into.  It does seem like there are more and more Austin investors feeling priced out of that market and heading north.

Let me know if there is anything I can do for you.  Call any time at (512) 763-7912 or email me at [email protected].

Post: Looking to make connections in the greater Austin area

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Josh Reborchick 

Welcome to Fort Hood!

If you do end up interested in something a little closer to home, there is a local Killeen group here:

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

We meet at El Chico every first and third Thursday for lunch.

Killeen seems to be getting even warmer for the buy and hold landlord types. 

Being a military town, the rental market is fantastic. So it depends on what type of investing you're interested in. I also think with the great rates but 100% financing of the VA loan, there would be a lot of great sub 2 opportunities.

I also try to keep up on the Wilco area and Austin, too, and am a member of the RENC here:

http://www.austinrenc.com/

Haven't been to the Big Daddys thing, but should probably work it in, too.  That sounds great.

Post: Brand New Investor in Killeen, TX

Brian AdamsPosted
  • Residential Real Estate Agent
  • Dallas, TX
  • Posts 232
  • Votes 173

@Wendell Hood 

Welcome!

Are you active duty at Fort Hood?