All Forum Posts by: Farah A.

@John Underwood

Thank you, I willtry to avoid HOAs.

Hi there,

I've been on the hunt for townhome to use as a short term rental and came across a new construction that checks all my boxes in Houston, Medical Center Area/ South Main. There is an HOA ($125/month) which takes care of the community gate, dog park and pool. My agent called up the sales rep and he checked and said STRs are allowed.

Do you think it is more likely that a new construction HOA is lenient when the community is still being built up as they are still trying to find residents? I fear that once the whole community is settled in they'll start restricting the HOA Rules on STRs. Any thoughts?

Thanks,

Farah

Hi all, I have been shopping for a home to live in and house hack in Houston, TX. I found a townhome yesterday that I liked that has no HOA. I got a hold of the Seller's disclosure and learned that the property had some stucco repairs done:

On 6/25/2021, the Stucco Company did a Moisture Inspection Summary that reported back high levels of moisture in the walls, aged sealants, sealant separation, missing flashings, It was highly revommended that “a follow up inspection be done within 12-24 months after all repairs are compelted to ensure that the moisture levels remain within an acceptable level.

On 8/17/2021, they came back did some “core sampling and dry wall removal that revealed several areas of substrate damage and moisture intrusion. Removed and replaced damaged sheathing as needed. No moisture testing was performed at this time.

On 9/9/2022, they came back and did a Visual Inspection. All recommended flashings/metal caps were installed/present and sealants reassed and looking good. It was recommended that “a follow up inspection be done within 12 months after all repairs are completed to ensure that the moisture levels remain within an acceptable level.

On 9/24/2021, twnhome goes on the market. The seller’s agent said they bought a new house closer closer to work.

The stucco company’s work has a 1 year warranty from 9/9/2021. It is 9/26/2021 as I am typing this out.

Any thoughts? Am I walking into a half finished job? I am thinking it might be a red flag that they didn’t do a second moisture test after all the repairs were completed, but I am wondering if an inspection will take care of that.

If I do the inspection, what specific things would I need to make sure are inspected? Should I request a special type of water penetration inspection? (I am new to this, please bare with me)

Also, would you ask the seller for additional guarantees/warranty’s etc.. in an offer?

I would appreciate the input, thank you!

@Chris Salerno Hi! I’m new to real estate investing and starting with STRs. Thought I’d ask a question:

Would you happen to know a way to determine HOA rules and regualtions about airbnbing before buying a property? When I am looking around for properties on the MLS I almost wish there was an extra filter to eliminate peoperties that can't be used for STRs.

Is the way to go simply reaching out to the HOA and inquiring before moving forward with anything? Would they even repond back with that information?

I’d appreciate the reply!

Thanks,

Farah

@Joe Splitrock

Makes sense, I appreciate your input, it really helped clarify things. Thank you again!

@Joe Splitrock

Hi Joe, thanks for the reply.

Okay, that makes sense. I know I am well within the legal terms of my first mortgage loan.

So, there would be no need for an investment property loan on a new TX property if I will be living there for however many years the new loan dictates? And having roommates would be acceptable?

Thanks!

@Peter Mckernan

@Peter Mckernan u

Hi Peter, thank you for your reply!

Just to clarify a few things: I used a conventional loan to buy the house in CA with my brother. We bought it in August 2020. My elderly parents continue to live in the house in CA however, my brother and I cover the mortgage payments. I don’t intend to rent it out soon as they occupy it, but definitely something to consider down the line.

Follow up questions:

Considering the CA house situation, would then the new property to be purchased in TX be regarded as my Primary Residence if I plan to live there for a year or so?

To reiterate, your recommendation is to start out with a smaller downpayment for a conventional loan for the TX property and save up the rest of my funds for a future rental investment as a downpayment will be costlier for that future rental property considering it would be my 3rd property?

Thanks in advance!

@Farah Arabi

One thing to add is that ideally I’d want to use it as an investment ASAP but I am willing to live there for a bit if I have to inorder get a lower interest rate and pay less of a downpayment.

Hi all, I would appreciate any guidance on my situation.

Last year My brother and I co-bought a house for my family to live at iin CA, since then ive relocated to TX and I am currently renting an apt. I didn’t actually live in that house.

I am looking to buy my own property in Houston towards the end of the year (2021) and I am wondering what my options are. I have about 20% saved up of a property within my budget and I am looking at possibly using it as an investment property down the line.

Woud it be considered a Primary Residence since it truly would be my first primary residence? Or a second home because it is the second House I buy/own or an investment property because I plan to invest it later?

Which Home Type would be the best and most honest step moving forward to avoid paying a higher downpayment and less interest rate?

I would appreciate any input. Thanks!