All Forum Posts by: Hans Schmitt

Hey Michael,

What you do with this offer really depends on how ready you yourself are to jump into an investment. Do you have any contractor contacts that you trust? If so, try having them go out to the property with you to get a feel for how much work really needs to be done. Off market opportunities directly from an agent (not a wholesaler) don't come around very often, and they can be really great deals. Do a comparable property analysis to see how much a property like this goes for in your area after repairs. After that, estimate the repair value and then decide what you could pay for the property and still have a good profit. Make sure to take into account all of the closing costs, commission costs, and any other costs you may run into. Using an online calculator may help you if you're not too familiar with running numbers.

Hope that helps

Hey @Charles Hirsch, don't know if you've moved on a property yet, but when you're looking for an AirBnB property it's recommended to make sure that the property will also be cashflow positive if you end up having to do a normal rental. You never know what the future holds, you may end up not liking the hassle of AirBnB hosting, or I've even heard some cities moving to make it illegal/harder to operate an AirBnB rental. Just something to keep in mind.

@Robert Tinker Come on down to San Antonio, we have great opportunities here for investors and we're close enough to Austin that property management wont be too much of a hassle!

Hey @Drex Tanner, I'm not a foundation expert, but about 80% - 85% of the homes I walk through have foundation problems. A quick search comes up with this explanation:

"90% of foundation problems come from the natural conditions in the area. Our loamy, clay soil has a high-elasticity, which means it moves with shifting temperature and moisture levels.

The soil under your home expands and contracts with shifts between hot and cold conditions and through dry and wet cycles — literally moving your entire home.

Your home was designed to handle this, but over time or after a big weather event your home can move beyond its limitations — that’s when you get foundation problems." -http://www.stableliftfoundationrepair.com/causes-of-foundation-problems/

Hope that helps!

$75k will get you some great fixer uppers in B- and C neighborhoods in San Antonio. Anything like that will require you to pay cash or hard money, since banks won't lend on properties like that. Just make sure to walk the houses before buying them, you want to make sure there are no huge foundation problems (this is common in SA) or other problems like mold that may mess with your returns.

@Joseph Oh Like Justin said, these groups are never worth 5 figures. You may as well use those 5 figures and actually do a flip/rental (using hard money as well), that way you'll learn way more than that group could ever teach you. If you're looking to learn, go to a meetup website and join the countless free/cheap groups in San Antonio, you'll get much more bang for your buck.

Hey Hao,

First, just a disclaimer that I am not super experienced with condo sales, but from what I recall:

You should use the Residential Condominium Contract (Resale (with any relevant addenda), have the condo association complete the Condominium Resale Certificate, be pre approved to join the association, and also make sure the seller knows you are the buyer and you do not represent them in the transaction (get this in writing). 

Hope that helps a little

Hey Fransisco,

The closest 2 REIA's to you that are part of the National REIA are the Austin REIA (AustinREIA.org) and AlamoREIA (AlamoREIA.org). If you're ever wondering, the national REIA website has a search function to find the closest one to you.

Cheers

Hey @Alexi Schreier that post is a great introduction to SA real estate. Just keep in mind that zipcodes are large and real estate prices can jump $50k or more just streets over sometimes (especially with historic districts).

Welcome to Texas!

Try coming down to San Antonio, we get loads of Austin investors looking for better investments.