All Forum Posts by: Gerardine Tshouongang

@Gerardine Tshouongang I would self manage if at all possible. The amount of money you will give up to a STR mgmt company in Galveston will wipe out any profits. With the amount of automation available to owners now, managing from a distance is 100% possible.

If you do decide to use management I would look up Timothy Church. He beats all of the others pricing so you wont have to give up quite as much revenue

@Gerardine Tshouongang

Check out this post about the pros and cons: https://www.ramseysolutions.co...

A couple to call... they do vacation rentals

-ABSea

-Ryson

good luck

Thank you 

@Gerardine Tshouongang They are two contingencies you can waive as a buyer.  In short:

Buyer approval is the final "green light" from the lender. This can be found in paragraph 2A in the TREC Third Party Financing Addendum.

Appraisal Waiver says that you, as a buyer, will make up any difference found in appraised value versus offer price.  For a BRIEF example: You offer 110k on a house, and once under contract, the appraisal values it at only 100k.  With this waiver signed, you have to bring that difference (10k) to the table in cash.  This can be found in the TREC Addendum Concerning Right to Terminate Due to Lender's Appraisal

Hope that helps!

Hi Gerardine!

I own a few STR in Galveston and yes there is potential for good returns. Galveston has a great tourism market and did very well even with COVID last year. We self manage as PMs for STR basically take all of your cashflow away by charging 25%~ish of your revenue.

I am a local agent down on the island as well and can help get you set up in your venture to becoming an STR owner. Feel free to me a message if you would like, I am happy to answer any questions that you might have!

Karl

Yes, this is true. If you want multifamily you definitely gotta go on the outskirts unless you're willing to pay 20-30K over the asking price in the city. Frisco/Prosper area is a great play for short-term rentals. Frisco already has ordinances in place so it's an open market.