All Forum Posts by: Heath Shepard

I am planning on being there!!! I mean it is just down the street from me :)

Hey there Mark!  

I am an SA investor and agent as well.  I work with many BP members in this area and surrounding areas.  I have plenty of tips and advice, but it all depends on your strategy, timeline.  Ill go over a few things here.

Foundation-there are many foundation issues in SA and as a result we are very used to dealing with them.  Look for the signs of foundation issues.  Diagonal cracks on the walls around windows and doors.  Signs that they are trying to hide a foundation issue suck as patched over cracks and paint that doesn't quite match in these areas. Cracked driveways or walkways on the exterior or in mortar cracks of brick/stone houses.  Foundation issues are also a great opportunity because there are many of them and decreases the buyer pool because it's "scary" to tackle.  It's not in reality....  If there are foundation issues pier and beam foundations are much more desirable to slab.

Foundation issues are more prevalent on the east side of town which is also a very fast-growing part of town. Mainly around i35because tis pretty easy to jump onto i35 and head to Austin if you have to go there a couple days a week for work.  People are leaving Austin for a variety of reasons, and one is because of real estate prices and SA is much more affordable.  

I work with a few wholesalers which are a great resource for BRRRR's. I am lacking contractors to do the work, however. I am always trying to find more contractors because they are so busy right now it's not always guaranteed that I, or my clients, can get on their schedule within a reasonable time. this is actually the reason I signed in today... To find more contractors. Please feel free to reach out to me at any time to discuss more. I always love talking shop.

You're far from wrong. I won't be buying anymore unless there is a great opportunity. 

 Thanks for your input! I think more and more people are moving to PV because of all the pros because now they can work remotely.  I think that more people coming in increases the odds of getting a sour apple.   I have been using a local realtor for the screening but I won't use him again EVER.  I will take a look at the software you recommended, thanks for the suggestion.  I just wish the laws were more balanced there especially since we are the ones paying the property taxes...  It doesnt make any common sense to me but I guess thats why I dont live there full-time as much as I would love to...

Investment Info:

Single-family residence buy & hold investment in Boerne.

Purchase price: $325,000
Cash invested: $66,000

I currently occupy this property until my other house in Boerne is done being renovated in January 2023 at which time, I will rent this SFD out.

What made you interested in investing in this type of deal?

it was the worst house in a very good neighborhood.

How did you find this deal and how did you negotiate it?

An investor/ property manager friend of mine suggested it to me.

How did you finance this deal?

I financed it with USAA on a 30-year FHA.

How did you add value to the deal?

Complete interior/exterior paint job, new fixtures, new roof, exterior lights.

What was the outcome?

Increased property value where I can now refinance the home and pull out over 80k in equity to invest in my next project.

Lessons learned? Challenges?

I should have refinanced sooner... with interest rates as high as they are I am now torn between pulling out the money I have in this house and keeping my 2.34% interest rate. I am uncertain what I will decide at this time.

Investment Info:

Single-family residence buy & hold investment.

Vacation house turned long term rental. I am nervous about renting in CA due to the laws when compared to being a landlord in Texas but one of the benefits of being a real estate investor is investing in markets that you like to visit. I love Palos Verdes Estates and it has been a great investment. In the past PVE has been in the "boon docks" of LA, the country, and as a result it mainly comprised of seniors. Thanks to COVID and remote working my property values/rents have greatly increased.

What made you interested in investing in this type of deal?

The community is, for the most part, built out. In order to build something new you have to tear down the existing house. Due to the limited supply and its proximity to the beach I saw a great long-term appreciation play. My strategy has been way more successful since COVID and people being able to work remotely since it has historically been too far to commute to other parts of LA.

How did you add value to the deal?

Complete cosmetic facelift inside and out with some remodeling of primary bathroom/ kitchen.

Lessons learned? Challenges?

CA landlord/tenant laws have been the real challenge. We had our first tenant vacate the property and he wasn't happy that we wanted to raise rent, but rents went up $500 over the past year for this house. As a result, he left a mess and there was nothing we could do about it. He was late 7 out of the 12 months on his rent and there was nothing we could do about it. CA laws are a stark contrast from those in Texas.

Hey there everyone! I am a real estate agent and an investor. I have written off so much but now I can't get a cash out refi. What's a guy to do? Is there a balance to taking in some income and paying taxes on it and writing off some? This year has been a fantastic year but I have also found new ways to write things off showing a loss. Is this good or bad? Should I not write off so much so that I can show income so that I can get a loan next year? Let me know what strategies y'all have.

Thanks in advance for your help,

Hi Nick,

I am BiggerPockets featured agent in San Antonio, and I would love to assist your clients.  Being an investor myself with a portfolio located primarily in San Antonio and the Hill Country I also have a property manager that I can refer.  I have also had dealings with other property managers here, one that's previously mentioned... Please feel free to reach out and I hope to be able to assist you.

I look forward to hearing from you,