All Forum Posts by: Kristy Farmer

Hi @Alex Saleeby: Thanks for the welcome! I am enjoying learning about real estate. I am learning that the MLS is used to show a property has sold in our Galveston arena. I love it here! Were do you invest?

@Jon Pacitto:  The podcast went into detail about calling the parents and putting them on the lease, having direct deposit, etc.  It was more in the contract up front.  The parents would take care of any problems.  I think the idea is know your target market audience.  The house I was considering is on the market for $100k and has 3 bedrooms.  It's nicely updated and a 5 minute commute from the campus.

Have you seen that podcast I'm referring to on BP?  It's worth listening to regarding that concept.  Also, I saw the growth in Fort Collins, CO when I was there on training last year.  It put a bug in my head to do that idea too.  So much action around the colleges.  We have a Medical Teaching school here, University of Texas Medical Branch.  Lot's of Dr. residencies and good money.  They will pay higher rents.  The US Coast Guard base is also located here.  My coworkers rent to UTMB residents and USCG (Coasties).  If the Coasties don't pay they call their Cheif Officer and tell them to make them pay.  They have a housing allowance!

@Jon Pacitto: I haven't done anything yet.  I just thought it would be a good idea and found a property that would fit the model concept.

@Account Closed:  This is fantastic advice!  I had thought of the same tactics as I found a property close to our Texas A&M University campus, which I graduated from here in Galveston.  I thought the property could be rented by a furnished room.  Have you done this before or are yours all individual units?  I think I had listened to a podcast that mentioned renting by the room.

@Josh Autery: I remembered where Groves is now.  My boyfriend's parents live in Crystal Beach and do work in Groves.

Thanks for all of the warm welcomes!  @Michael Lee:  Thanks for the sound advice.  Unfortunately, the property I was interested in had 20 offers Monday.  They are getting gobbled up right outside of my door.  I was interested in 1 vacation rental in Galveston because the numbers usually do work out and I have friends that are doing it successfully.  I have a network and framework for the stuff that needs to get done!  I will keep looking.  I have been also reaching out inland to Kileen areas and San Antonio markets.  I had a great realtor in the Austin take the time to find out what I was looking for.  He set me up on a list and told me good deals can be found in Kileen.

You spoke of these folks on the typical main Team members: Attorneys, Real Estate Agents, CPA's (or accountants), Inspectors, and General Contractors.  I have an attorney and Inspector that I like.  I have a friend that can recommend a GC.  He used to work in the field.  I need a CPA and a Real Estate agent.  Any recommendations?

@Paul Timmins: Thanks for the information!  I had heard of the J Scott book recommendation on the BP podcasts.

@Josh Autery:  I need an RE agent?  I'd love to meet for coffee.  Where is Groves again?  If you are interested in Galveston, you may want to visit.  We have excellent local coffee spots.  I've lived on this lovely sand bar since '98 after graduating from Texas A&M (Galveston marine campus)!  I worked in the bars and restaurants and ended up getting a full-time job in '08.  Life is great here!

Hi @Jennifer Strickland:

I wish I could've had an inside deal on the one that went on the MLS on Monday. I asked and it had 20 offers out of the gate. They are being gobbled up here on the island. There are a couple of areas that are great in town, which I would call Galveston proper. Check out a map of Galveston to see how it is aligned with the land. I am looking at in town areas to find a vacation rental because it would be rented more throughout the year in my opinion. It's a sand bar (barrier island) approximately 30 miles long. Out west where @Norma M. Valles purchased one, it's a bit more of a vacation during the summer spot. Our seasons are much longer on the Gulf Coast than elsewhere. I'm frustrated because I wasn't in the position previously to be able to buy. Now that I can get one they are gone before I can analyze it. I do have a friend who is selling her home with a very strong rental history(waiting on a years worth of history), not close to the beach (1 mile from the beach), but successful. She found another property with two houses the day it was listed on Zillow or FSBO and made an offer. It did not go through the MLS. She had it rehabbed and now lives in the front house after 1 year of renting out the front house. Her new house is great and the location on the east end where I am targeting. I am not interested in her home for sale because it's in my location just like my primary house, which I plan to rent out eventually. I want one right on the beach or few blocks away that I may either get passive income from a garage apartment or something and move into it later on...Anyway, I think I would like to ask her if she's interested in me posting it on here. I'm learning as much as you all. I rented my room in my home 2 times and then I had a friend move in that gave me steady rent. After that my boyfriend moved in and now I have a lot of valuables that I would have to worry about renting my own home out to people. I have just been voyering my friends and their success. A few years ago after Ike was the time to grab the homes up...now half of CA is outbidding you. Cash rehabbers are hard at work grabbing the good ones and we are left paying ridiculous prices. It's not a good market to buy...but in my opinion it's fun to do a vacay rental and it can still make money. I know several who are very successful. There have been 4 to 5 new hotels go up in the last couple of years and more are coming here every day. We've had our 100 year storm already.

@Norma M. Valles: I wanted to clarify a comment with reference to all year long vacation rentals.  The weekends would be rented in the off-season.  Everyone doubles their price during season and major events.  That way it works out. Most calendars online(VBRO and airbnb) will give you an idea of what prices go up to in the summer vs. low end in the winter.  However, a vacation rental would rent most weekends in the off-season. 

@Norma M. Valles:  It took me forever to wrack my brain and do a keyword search of the web for their site.  It's Short-term rental Owners Association of Galveston.  It's a fun networking with other vacay owners.  Well good luck!  You should have no problem getting it rented!  Hit estate sales, Ikea, craigslist, etc. for décor and furniture.  That's what every other person I talked to said about rentals.  Using imagination and slightly used furniture is going to save a lot.  You can upgrade after making a little profit.  I would definitely check out the competition in the area for pricing and the looks of their rentals.  I got a lot of ideas for one when I find the right place.

Here's the link to their page:  http://stroag.org/