All Forum Posts by: Bill W.

Bryan Hancock

Any reason you posted the thread on the next meet up in the Real Estate Marketplace forum? Members who are not pros can not reply. This may impact turnout as it looks like there is little-to-no interest. Not sure if posting it there was intentional or not.

https://www.biggerpockets.com/forums/517/topics/85283-austin-meetup----april-6-2013-10am---noon

I bought a duplex that qualified as owner occupied that was fully occupied. I had to state my intention to move in once a unit became available, which I did. That was several years ago so it's possible things have changed.

Anl Gupta

What is an example of something you have to fix? I imagine the repairs are tenant initiated issues. Are they contacting you by mail when something needs to be fixed?

The first I would do is comply for their request for mail and send them a certified letter stating they have seven days to pay their deposit in full or you will begin an eviction.

Overall it is a pretty good letter although I agree with a few other comments that less is more. You may want to reconsider calling yourself an "investor" or the recipient might see dollar signs. I would just present yourself as someone feeling out the market and seller's interest.

Also if you include this sentence below, the word is "piqued."

Tom, a few comments or questions. What type of entity is providing the loan? I calculated it out and it looks like the interest rate is 8%? Can you find cheaper money than that?

You're missing quite a few expenses which is inflating the cash flow estimate.

With the numbers you provided and once taxes, property management and vacancy is factored in, it's probably closer to $350 a month cash flow with all units rented.

Even though, that's not great cash flow for six units, if you can get that with no money down and refinance a year from now, it is probably worth it.

Arnie, what is the problem with tenants keeping bikes or other items in the basement? I'm not sure why you would care if they are not in the way.

this particular house is on the north end of 78753.

I sent a relatively small number of yellow letters to out of state homeowners in the Austin area. I intentionally stayed out of the really hot zip codes and focused on some turning/turned neighborhoods away from the downtown area and some blue collar areas just outside of town. I reasoned competition would be thinner and deals might be more plentiful.

One homeowner I mailed, with a very nondescript home in an uninteresting suburb just north of town, called me today and told me that my letter was the third one he received that week asking him to sell his home. He wanted to know what the heck was being developed in his neighborhood and why investors were trying to buy up his block. Nothing, just a slight coincidence in a hot market.

Bryan, thanks for putting the meet up together. I had a good time, learned a few new things and met some nice people. Look forward to the next meet up.

To others who haven't made it but are thinking about it, do it. It's a fun, informal meet up. Good stuff.

Edita D.
From the description of the house, I agree, this hardly sounds like it's a rent-ready, turn key property. If that's what you're looking, and the home is not discounted, it doesn't sound like a fit.

I'm curious why you're shopping for market-priced houses out of state? It would seem if you're not shopping for deals, one's own local market would be suited due to proximity and knowledge of market.