All Forum Posts by: Taylor Dasch

Austin Home Prep - he is my coworker as a Firefighter, not too sure if he is actually doing big jobs right now but hes likely one of the best in South Austin if you consider quality of work as well as pricing. 

Lol that is quite a stretch. The obvious answer to her issue is that you can pick your tenants. However, I highly doubt that somehow picking a tenant who will infest the property with bugs is what she is worried about. It could be a good idea to have a serious talk about yalls future - will you delay gratification for a couple years, be able to buy multiple properties, and get a better house down the line, or do you want to get as much as you can afford right now, have a high payment, and slow your growth - but have a better living situation in the moment. Both options are just fine but its definitely something you should be on the same page about. 

I'd assume that they would deposit the $ in their account so bank statements could suffice. Unless they just live off the cash they earn and pay cash for everything which would be hard in todays world.(and would also show they arent really saving if there isnt anything in their bank account) 

Yes you can do an appraisal waiver up to 20k or however much you want, you will pay an extra 20k at closing but it sounds like you know your numbers well enough to be doing this.  So if the REA is smart and knows the property is worth around 400k and you offer 500k with a 20k appraisal waiver to them your offering 420k IMO (idk how accurate this is.) Also I do think that an appraiser would take into account that there are multiple offers for 500k on the property and maybe increase the value. Also I dont know why this isnt more common - The biggest push back I get when someone wants to sell is that they dont know where they will go and wont be able to buy in this market, the sellers are thinking this as well for the most part - I think that giving a free 60-90 day leaseback will help your offers tremendously without having to go as far above the asking price as the competition who wants to move in in 30 days.

Hey Michael, your mindset is very similar to mine. If you like the STRs go all in on it. Each avenue has its advantages and disadvantages but the most important part is that you keep coming back to it. I want to retire from my job and have a little more free time. I dont mind doing the extra work for the AirBnB because it will cash flow better and when I retire I'll have something to do lol. My only difference is that I would own the properties in the same area. You seem like you have systems in place to be knowledgeable on each market but I dont. I know my market very well, and know which locations are good for STRs, rentals, and flips. As far as your concerns about the restrictions and a recession, I always buy with two back up plans. If it doesnt work out as a STR I am fully confident that I will rent it out. If a recession does hit then either way you go is going to be risky the key is to hold your assets and if possible buy more.

Yes it is. I attempted this last year. Building a duplex, at least in my market, is significantly more expensive than buying one. On top of that you have to purchase the land with cash typically. Then finding someone who will actually build on your land seemed to be quite a process but I only interviewed one builder and the costs were way out of my price range.

Absolutely, a book that I read called it the Nomad method. Be sure that your property will cash flow with the new loan. If it were me, I'd wait a little bit, save up a 3-5% down payment and then move, if your getting an extra 900/month that should be plenty to hire a property manager and cover expenses. Or if you are moving anyways, you could sell the property and buy your house and another rental or two in the new market.

Hey Evan, glad you are getting into Real Estate Investing. Search around this forum and you will learn a lot more! Its funny because I actually did what you and your wife want to do. I got a decent home that I planned to stay in for a while, once I read Rich Dad Poor Dad, I decided i actually needed to get a lower monthly payment in order to invest more into real estate. I sold my house, with the proceeds I purchased a much smaller property in a C class neighborhood, and also had a head start on a downpayment for my investment property.  I then did a cashout refi on my first property (I purchased this one about 5 years ago) and used the $ to buy a property right across the street from my investment property.  Once I have these properties rented out, they will easily cover my monthly payment on my house. Which, if we are talking dream homes, would then allow me to get a much better property. The secret is delayed gratification, hold off as long as you can and the reward will be so much greater. Or you can get the expensive house, and enjoy it, but you will not be able to invest as much money, you will have to work harder for much longer, and then when you get tired of the property, or need to move, you will have nothing to show for it aside from however much it has appreciated. Now this is just me venting but as soon as I hit a year at this house, I will be looking to move as it is not great at all. But living in this property has caused me to really double down on working and investing because I know that it is only short term and that I will be having a really nice house whenever the time comes!

I have a Single Car Garage(240 sq ft), I looked into getting it converted and it was going to be 8k. I'm not sure about the ADU probably at least 40-75k(I have no idea). I have wanted to do this in the past, Yes if you decide to go with the ADU, I'd occupy it and use the money to purchase rental properties until you can move and rent both out or move into the house and improve your quality of life a little. Some things to keep in mind: In most neighborhoods, you have to see if the city will even let you add an ADU in the first place. You will also likely have to pay cash or at least 20% down for the ADU. Another option for the garage conversion would be to do an AirBNB - I have stayed in many converted garages on airbnb.

I would check to see if the calculator is factoring in taxes and insurance, also check the interest rate as well.