All Forum Posts by: Charles Long

@Jacob Kelley Absolutely, there is always someone looking for a place to live. If its priced fairly, you will have renters. By long-term I mean 12 month leases. Screen for the right tenant and just hope that they stay for a couple years or more... Good Luck

@Lindsey Spivey stick to the requirements of the lease. Don't accept favors from the tenants. This is a business relationship. Set the boundaries up front. Good Luck!!

@Tony Castronovo it is probably spelled out in your management agreement. It should be. Go over it and see what it says. If its in your favor bring it to their attention.

However, if its a large company, I'd be willing to bet that the language in the contract is in their favor for this type of situation.

Good Luck!!

@Matthew Truty Simple, I was interested in it so I moved forward. There are tons of different avenues you can take in the real estate business. Getting your license will allow you to explore it a little closer. Working in the industry and putting together deals for others will teach you the ins and outs for your own deals. Good Luck man...

@Matthew Truty I got my real estate license when I was in school at TX State. It was a good way to start learning the business. Most of my business at the time was in helping fellow students find apartments, which has its challenges but actually pays quite well if you're good at it. As a Realtor you can work from home and make your own schedule, it was perfect for me and I was able to schedule my work around my classes. Something to keep in mind. Good Luck!!

@Jacob Kelley also, in my experience Airbnb is more trouble than its worth...you basically become a maid every couple of days with a bunch of strangers at your property. I would much prefer to rent out the guest house to 1 single long-term tenant. Less stress, less work, more peace of mind. To me the extra money from an airbnb is not worth the extra effort------although many people enjoy running their airbnb.

@Jacob Kelley if I was a renter I would jump at the opportunity to rent a home with a guest house. Personally, I would live in the casita and rent out the main house aiming for a "free" or at least "discounted" living situation.

There are many ways you could structure the rental but I think the most straightforward is to rent the whole property and give the tenant the option to decide what to do. You retain the right of tenant approval ALWAYS.

@Robert Tinker a lot of investors are willing to pay the high prices counting on long term appreciation and future cash flow rather than immediate cash flow. That mixed with heavy competition has driven property values up, and rightly so in my opinion...competition is the key to a healthy (though frustrating) market.

Also consider the situation of a cash investor who is just looking for a tax haven for his/her money. The numbers they need to create positive cash flow are significantly lower than an investor who needs to finance the property and worry about making a monthly mortgage payment.

As far as San Marcos is concerned, (I live in San Marcos) there is a good rental market here but with some challenges of its own. For the most part you wont find the "on market" deals to be much better cash-flow-wise. However, there are plenty of houses here in need of a good renovation. You also have a captive and infinite tenant pool with the students but there are city zoning ordinances that prohibit student occupancy in certain areas (This is designed to keep the frat-house away from grandma and grandpa Jones) it complicates things. Also, in my experience, students have not been tje best tenants and most of them are looking for 9month leases so the can go home for the Summer.

To create positive cash flow consider larger down payments to reduce monthly obligations if possible. Your cash is safely parked in your home. A heloc can then be a good option to access cash when you need it.

I'll send a connection request if you want to explore some "out of town" options...Good Luck!!

@Joseph Walsh I'm an agent in the Austin area. I'd appreciate the opportunity to help you achieve those goals. I have a ton of experience with rental properties. I sent a connection request if you want to talk. Thanks!!

@Mike Castellow I'm in San Marcos as well, experienced agent in leasing, rentals, property management. Looking to get into the investing side of things. Let's talk and share some ideas. I sent you a connectuon request.