All Forum Posts by: Corey Jahn

The wife and I went a "free training" event here under the Tarek and Christina name about a year ago here in Austin. Of course Tarek and Christina conveniently couldn't make it so they had some very close friends fill in for them. The "free training" was a sales pitch for a $1,000 training where you would learn more. There was almost no information and no training. My wife and I quickly caught on and remembered the 20/20 episode where they investigated that Rich Dad Poor Dad training that was eerily similar to the way this was set up. 

The gimmick is to get you to pay $1,000 for the first training, and that training turns into a sales pitch for $20,000 training and so on. It's amazing how many people jumped out of their seats to pay for it. Out of the 100 or so people, I'd say about 30 folks paid for. Not a bad hourly rate considering it was a 2 hour training and hosting I believe 4 events over 2 weekends. 

@Account Closed I'm looking at the Texas RESIDENTIAL LEASING AND PROPERTY MANAGEMENT AGREEMENT, under the fee section, I'm not seeing where the Property Manager can take a % of a Pet Deposit. I see where they keep Administrative Fees, are they claiming this is an Administrative Fee? or are they claiming this is collected rent? 

Texas is funny as far as the pet deposit situation is concerned. Many places have a "non-refundable pet deposit" and a refundable pet deposit (which is permissible language). It's usually split 50/50 (ex $200/$200) but can vary. However, I don't understand why they are keeping any portion of it. It is, in my opinion, not a collected rent or admin cost. A Pet fee or "non-refundable pet deposit" is usually withheld because extra cleaning is generally required after the tenant moves out. 

Just my $.02 from renting my share of places with a 90lb American Bulldog... 

Take into account any cash required to make any immediate repairs necessary, potential vacancy rates, maintenance costs, management costs, etc. I've seen a lot of folks take 10% off the top for maintenance, but that also depends on the age of the property. Doesn't have to be exact. Also look up cash on cash return or ROI... That paints a better picture to me in how hard your money will be working for you. Everyone has a preference and a goal. If it fits your goal and plan, and you've done your due diligence... all that's left is to go for it.

This exact thing has me focusing more on San Antonio at the moment. My wife recently had an investor in SA contact her agency about selling 6 investment properties there... All at better than 1% and currently leased. 

Stay West of Loop 1 or near Downtown, West of 35. Anything East of I-35 is hit or miss and you need to know the area to make decisions. Basically anything between the 4 highways that box in downtown Austin is fairly safe bet. Specifically check out S Congress just S of Ladybird Lake. Thriving Hipster like community with a lot of new/renovated properties going in. 

Cedar Park/Leander and West Round Rock have good schools that are popular and retain value. Will be harder to find Town homes there though. 

I would definitely be interested.

I know there is a group that meets at Big Daddy's on Thursday's at 11:30am. I've yet to make it out, but plan getting to one of them soon. 

Corey

Doug, 

I'm pretty new to this investing gig as well. Trying to read and research as much as possible. Would love to get together with and discuss strategies at some point. I just leased out my house in Hutto and moved into a condo in Austin and am looking to buy and hold in the near future. 

Call Ted Heaton w/ State Farm, [REMOVED]. He's off of Steck Ave. If he can't help you, he'll get you to his wife who runs an independent brokerage. He sticks up for his clients left and right against the company... always awesome to have an extra dog in the fight. I work with Lori Wahrmund out of his office. I did work there once upon a time and refer him to anyone I can. 

For what it's worth, installed this product in my property and it looks fantastic. Tenants really liked it. We installed most ourselves and had someone finish it out and complete the moldings. If any pieces get messed up, it's an easy peel and replace job.

I wouldn't live in Austin if I hated the heat/humidity that much, so I'm doing alright. http://www.aomaustin.com/home.html is the website of the mortgage broker I went through and am going through again currently. Can't go wrong with a guy named Joe Bob! I no have affiliation or will get any kick backs from any business they may receive. I just received excellent service so I recommend them where I can.

My take on Austin at this point is it's hit or miss. I wouldn't focus on one section. There are sketchy sections north/south/east. West is safe, but really expensive and you won't find many multifamily properties that direction. I've seen some places down south of 71/Ben White that aren't too bad, and a few northwest that are in good neighborhoods as well. I've lived hear my entire life and it's changing constantly, my advice would be to drive around to where you see them listed and see what's happening in the neighborhood now, as opposed to a possible misconception from years ago.