All Forum Posts by: Chris Schorre

FYI, I ended up getting a policy through Foremost Insurance (through my Farmers Agent: Farmers owns Foremost) which was a FAR better deal than I first thought because the policy is for 12 months and includes liability. Also, unlike Zurich sells a "fully earned" (that's tricky insurance jargon for non-fundable) 6 month policy, Foremost is month to month. When you're done with your project, you cancel. 

 I was initially considering NREIG and received an attractively priced quote from them but once I read the Google and Glass Door reviews, I deleted that quote. Horrifying. Anyway, I can recommend Foremost and have some inside knowledge that it's a good company as I worked at their HQ for 7 years.  

Hi @Nina Hayden I did get quotes from Zurich and Foremost but will get another one. 

Hi everyone, I just purchased a fixer in East Austin 78702 for $327K and plan to put about $100K into it. I called to get quotes from two agents on insurance for a six month period and both quotes came in around $1850 including liability coverage. I realize there are many more risks associated with vacant properties and especially ones under construction but I wonder if that's in line with what other investors have seen for insurance quotes. Many thanks.

Thanks for posting @David Ivy. There is also a national report entitled "Emerging Trends in Real Estate" just updated by PWC and the Urban Land Institute which provides real estate investment stats on Austin. Search for "Austin" in the PDF. 

https://www.pwc.com/jg/en/publications/etre_us_2019_report.pdf

@Adam Allen If you have not already done so, go talk to Development Assistance Center on Barton Springs. They take residential walk in appts from 8-12. Three things: I believe duplex lots must be 7000SF minimum. Second, if this house is on a slab, consider the costs associated with splitting out utilities. Third: the COA absolutely does not and will not enforce deed restrictions. They say so publicly. However, a torqued off neighbor with deep pockets could sue and these can be enforceable. Really depends on how the deed restrictions are written.

@Brandi T. you might find some deals in north central Austin in 78758. It's the area east of the Domain. 

@Brian Marver Hi Brian, yes the next version of the LDC is expected to focus on density and thus more entitlements in some areas. The City is especially focused on doing this for properties within 1/4 mile of a core transit corridor. Much of 5th and 6th are defined as such. Those entitlements will depend on the size of the lot, current zoning etc. but it is widely expected that some properties will get higher FAR allotment, lower impervious cover and in some cases, more than a duplex on existing SF3 zoned lots. Also, reduced parking requirements if within a 1/4 mile of 5th/6th. Of course, we won't know exactly which lots will get what until October but the City Council is very pro-density right now and so is the Mayor. 

@Nina Hayden SoCO is a good area and will remain red hot, but its pricey. It's probably the hottest tourist area in town. But if you want some condo options that are also good long term, take a look at Rainey Street and East Austin between 4th and 7th Streets. Rainey has huge condo and office projects in the works and some existing buildings that are affordable. East Austin has low to mid rise buildings, but very hip and growing fast. 

I believe that the State of Texas would need to pass legislation to override Austin from enforcing its own existing STR rules and the next Texas Legislative Session does not begin until January 2021.

Brian, I have lived in Clarksville for 18 years and long ago was on the Board of OWANA. I also own an MF4 property nearby. I can tell you that there is ZERO chance you will be able to rezone from SF3 to MF4. In fact, the lot at 6000SF does not meet minimum size requirements for MF4 (minimum 9K or 10K SF I believe) so it could never hold that zoning. There was a zoning situation on Winflo street in 2017 where the owner had a 7400SF lot zoned MF3. The city ended up denying his request to a triplex because even though the site had MF3 zoning it did not meet the requirements of being 8,000SF needed for MF3 zoning. Keep in mind that the City is releasing the next version of the LDC in October and that will likely add more expansive zoning to the properties in this area, especially those within 1/4 mile of 6th (core transit corridor). So while it is not possible now to build more than a duplex on that lot, it will likely change.