All Forum Posts by: Del Crockett

hope you kept and built... dear lord what a rarity... 

Thanks Michael, thats huge... 

Hey all,

Does anyone currently (or recently used to) own a vacation home in OBX (Corolla more specifically) that is willing to speak to a few items and general feedaback:

1. Vacation renal income norms over the last 2-5 years. ROI. Are you covering your cost consistently?

2. Impact (if any) of what seems to be a change in the weather patters (hurricanes reaching the area more often) *Thats not meant to be a factual statement, just seems like it. 

3. Type of insurance recommended to carry in a Zone X flood area.

4. And finally, if anyone has experience renting in the Corolla 4x4 area - does the beach driving impact your rentability? What's the general consensus? Are vacation renters nervous to rent up that far north without pavement roads?

If there are any other facts or things a potential new investor should consider with OBX - I welcome your thoughts.

Thanks

@Jacob Pereira actually still working on getting my wife onboard with that exact move. We are both full time remote even before Covid so.... work in progress.

Thx for the note. I’ve been told on a few occasions south Austin west of i-35 has ‘soil’ issues. I have no facts to back up such a statement but curious if u have heard such before.

Cedar park is on my radar for sure. To the east, East of 183 still no go?!?

@Ryan Kelly thx for the note. You are correct, the scope of search does need to be narrowed down a bit after re-reading my original note. I appreciate you local insights.

Hi everyone,

I bought my very first REI (buy and hold) multi-unit near Mueller 4 years ago as an OOS investor. I jumped into it wanting a piece of Austin after visiting several times and seeing the obvious attractiveness of the city's life-style. The investment was more of a pure appreciation play, which it has experienced well. Cash flow is not as sexy but positive. Moving forward I am looking at making more purchases in the area (Austin if possible) but am looking for a better balance of cash flow and appreciation and thus am looking at the entire i-35 corridor (Georgetown --> Austin --> Buda --> Kyle --> San Marcos --> New Braunfels --> San Antonio).

What are your thoughts on which cities have the best prospects for balanced growth along the i-35 corridor outside of Austin and why? The Path of progress seems to be pushing towards Georgetowns direction but what about South towards San Marcos (Texas State Univ)? In speaking with pro's on the ground, I have heard an equal arguments for both so let me propose a specific investment thesis:

10 year minimum buy and hold (BRRRR when possible but also pure buy and hold with minimal to no rehab that cash flow decently and appreciate). No flips. Property profile: Single family 3/2 minimums. 2-4 unit multi.

I am a firm believer in the corridor becoming a mega region in the near future as it has a very similar feel/energy (albeit further in distance) of the Bay Area back in the 90's. I'm not suggesting it will get to that level, but has the making of something special and the local government I think is frothing at the mouth to put a hurting on rival state California and the exodus they are experiencing!

Numbers look pretty decent. To many others point about maintenance cost and such - all very true. But all in all consider it a win (even if you break even and just learn). Keep it rolling. Congrats!

@Hanna M. What areas down South do you invest? Same boat - live in DC area and have been researching Baltimore b/c it’s close by but not falling in luv with the idea like I have when investing OOS in the past. I have property in Austin but looking to expand South/Southeast.

Thanks @Evan Polaski - funny enough, Cinci was one of the market I looked a lot at recently.Yeah I agree with your feedback and have received similar suggestions from some local investors. Baltimore is near by and probably the way I will start out the BRRRR portfolio for the reasons you mentioned.

Hey all,

I have been researching a few (actually a ton of) markets to start my BRRRR portfolio after stalking BP for a while and cranking thru David Greene's book on BRRRR. Ideally, I'm targeting markets where I can get my feet wet on my first few BRRRR's in the sub $200k (purchase price) range before going bigger. I am a cash buyer and not reliant on mortgage approved properties.

Like I said, I have done the research but am curious to know from the BP community, any recommendations based on recent experience. So many articles out there on different markets but i also need to take into account areas that I can build a team (Core Four).

Thanks EVERYONE!