All Forum Posts by: Christopher Oliva

Does anyone have a recommendation for a good RE Attorney that is based in Texas? 

I'm needing to find someone who can put together paperwork for an owner financed deal, I'm going to be buying a property one of my family members recently inherited. 

Thanks in advance!

@Matt Ziegler That's not a bad idea, I hadn't thought of that. Yes, it definitely is a possibility. Thanks for that input!

Thank you both for your input!

In regards to applying for the HELOC, do you have any insight on if it would it make a difference if the title is in my name vs the name of an LLC?

Hi Everyone, rookie-ish real estate investor here. I currently own one duplex that was purchased using a traditional mortgage a few years ago, and I've got a goal of buying at least 2 STRs in the next 12 months. Here's my question/situation...

TLDR: Relative is willing to sign deed on inherited house over to me, I'm wondering if I can get HELOC or home equity loan on this house to fund rehab and the purchase of an additional investment property.

Recently a relative inherited a house that needs some work, they don't want to hold on to it and offered to sell it to me. Original plan was to buy it from them at a great price via a loan from a bank with an eye on taking out a HELOC or home equity loan to fund the rehab, but my relative told me a few days ago they'd rather just let me make payments to them directly instead of me having to get a loan. We will sit down, crunch the numbers, and agree on terms that work for both of us (purchase price and monthly payment, they don't want to charge me any interest). My plan is to turn this property into an STR, I've done some due diligence and I'm confident I'd do very well with this as an STR.

My relative will do whatever needs to be done in terms of title/paperwork to make sure I can still get a HELOC or home equity loan, they essentially told me they'd be willing to sign the deed over to me if that's what it takes. I offered to get some legal docs drawn up to make sure they're as protected as they can be, but they insists they don't feel that's necessary. I on the other hand would prefer to have something in writing rather than simply having them sign the deed over to me (or my LLC that I plan to create specifically for this property). For what it's worth, I did explain to them that if I use the house to get a HELOC there's a risk the lender could call/cancel the HELOC.

Given my situation, does it makes sense to get a HELOC or home equity loan to fund the rehab and if so, which of those products would be best to go with in today's market? Also, could I use the HELOC/home equity loan for the rehab AND to buy an additional investment property?

Aside from the HELOC vs home equity loan question, I'd appreciate any insight on getting some legal docs put together to make sure everything is done properly and also to ensure my relative is as protected as they can be.

Thanks in advance!

Thanks for the insight @Joseph Cacciapaglia! I'll check on realtor.com to see what they estimate the noise level at, i've spent a decent amount of time at the property and haven't noticed much noise from airplanes flying over but i'm interested to see what realtor.com has to say about it. 

Hi @Michael Porche, I've done an analysis on most of the expenses/profits but there's still some expenses that I need to account for in regards to updates/repairs the property needs. I've compared it to similar listings currently on airbnb in the same area of San Antonio, i should be able to do pretty well if i'm able to have it occupied even just 2 weeks a month. But based on the location, I'm thinking I'll have a much higher occupancy rate than that. The property is very close to the airport and not too far from Downtown, so I think it'll be attractive to both business travelers and tourists.

Thank you all for your input!

Thank you all for your input and advice!

Hi Everyone,

I'm going to be buying a house off of 410 near the Airport, my plan is to turn it into an STR. I have an LTR but this will be my first STR, so I'm not well versed on the ins & outs of what I should be aware of for these types of rentals.

The house is in a nice neighborhood and there's no HOA restrictions to worry about. I've started to do some research and I know about the HOT and the STR permit, but aside from that are there any other city ordinances/requirements I should be aware of?

Also, any other general advice about owning/operating an STR in San Antonio would be greatly appreciated. 

Thanks!

Hi Everyone,

I'm going to be buying a house at well below market rate, it isn't in terrible condition but it does need to be updated. My goal is to get it remolded as quickly as possible and turn it into a short term rental.

The house was built in the 70's and is in good condition considering it's age. The interior is almost entirely original so it will need some significant updating, there's some exterior work that needs to be done, and possibly some foundation work as well. In doing some market research it looks like I'll be getting the house at about 50% of the current market rate so I should have quite a bit of equity to work with, even in it's current condition.

Aside from using my own money, what would be a good option to fund the remodel? A HELOC, a home equity loan, or something else?

Thanks!