All Forum Posts by: Bryan Devitt

Sorry for my ignorance, I was wondering if there are any war zones / section 8 strong holds in Austin or the immediate area. All I read about are the good areas people are all fighting each other to get into, but nothing about the places that might have the most long term appreciation potential as the "working class / economical" areas are gentrified. I am fine breaking even for 5 years if it means great returns at the end of the yellow brick road 

@Errol St Marthe call the board of health. If they don't do anything, have it cleaned up by a professional crew and take them to court

@Nathan Adams this is entirely up to the local inspector. They can make you gut it or just open some holes here and there. I don't know if it is the same there, but any good contractor will do. If they have a relationship with the inspector it goes a long way. A local contractor with a relationship that is 25 or 50% more up front can save you thousands in demo and remodel in the long run

@Nicholas Aja pet proof everything if you're planning to be pet friendly. PVC trim, LVT flooring and furniture that isn't absorbent. Also make sure you put waterproof covers on the beds (bed wetting or incontinence covers).

@Gabriela Tassara if you don't trust the buyer to give you the referral fee then buy it with hard money and flip it to him. The loan cost will cut into your profit but it is better than no deal at all

know your weaknesses and hire them out. If that is finding deals, running numbers, doing inspections, whatever. You can either not do anything, do it half back side and lose your shirt or pay people to do it the right way and everyone makes money 

I have been hoarding for a while now. In my area you're lucky to break even with where prices are and that was before the eviction moratorium. I can't imagine how many multis will be going to auction or short sale because of this and I would much rather buy 2 of those and make money after getting rid of the problem tenants than buy 1 that breaks even 

Quartz is too much money, get an entry level granite. Just call up a handful of local shops and ask them how much the cheapest stone they have installed is. For the extra few hundred dollars and how long it lasts, you will make your money back after the first turn over. The cabinets can hold them, I have seen some of the cheapest 3/8" particle board cabinets hold stone without issue. Even the cheapest in stock cabinets at HD/Lowe's can hold more than you'd ever think. The problem with them is longevity as they are nor durable and fall apart when they get wet

My lender requires 12 months minimum for a W2 to matter unless you've moved from a 1099 to a W2 in the same field. 6 months at a new job just isn't a long time and you could still lose that job at any point. Shop around and try to find a local bank or credit union that has lower requirements or just keep banking money until you can get a loan so your down payment is higher 

You are being great tenants so far. What happens if you try to take care of the mice issue yourself and it gets worse? Maybe they could hire a professional to take care of it for $100 right now but you try to take care of it and in a month or two it gets worse, you let them know and find out the mice ate wiring, pex pipes, etc and now it will cost thousands? Annoying is "I feel a slight draft from this window when there is a southernly wind on Tuesday nights". These are all legitimate concerns. Tell them what is going on with the mice, tell them what you're doing and that it isn't an issue yet. That way they have the option to address it if they want to.