All Forum Posts by: Houman Omidifar

Hello BP home builders,

Does anyone know what would be an approximated cost per sqft to build a new home in Lockhart TX? And how long would it take?

This would be for a single family home, 3 bds, 3 bath under 2500 sqft.

Thank you in advance,

Thank you @Joe Splitrock,

That’s what I needed to hear.

Hello BP landlords,

I am in the process of closing on a SFH as my first rental property. I have been listening to both "The Book on Managing Rental Properties" and "Landlording on Autopilot". Both books recommend to introduce your self as the property manager vs property owner to potential, qualified and selected tenants and not to let them know that you are the owner. In addition I am planning to set this up as a business and have systems in place for all aspects of managing tenants and a property for it to be scalable for myself. I will be repeating this with a new property every year so it wont be a one time event. All of this brings me to the following questions:

• - Am I an independent property manager or should I setup an entity as a property management company?
• - Texas requires to be a broker or have a real estate license in order to setup a property management entity like and LLC. But does that hold if you are only managing your own properties?
• - What are the tax pro's and con's?
• - What are your thoughts and current practice for your own rental properties?
• - Recommendation for a good real estate CPA who has expertise in this matter?

Any comment or feedback would be greatly appreciated.

Thank you in advance for your time!

@Neil Narayan & @Gary Parente, Thank you!

@Neil Narayan & @Gary Parente, interested to find out more about your comment that a property has not been closed yet and you already have tenants for it. 

Is it possible to advertise to rent during closing process? Are there any regulations or restrictions? 

I am in contract for a SFH that is being purchased as a rental and was under the impression that I need to wait until its closed before advertising for tenant (for example on Zillow).

Any tips or information would be greatly appreciated.

Thank you,

Hi @Joe Scaparra, thanks for the info and the brain picking. :-)

Yes I am fairly new to investing for rental properties however I did have one rental during 2007 that was a 1 bdrm condo in San Diego CA which I got burnt badly on. So based on my experience I feel that SFH might be a safer bet since most SFH purchases are off of emotions and most buyers are buying it for themselves to live in vs multifamily is purely off of numbers and might take longer to move. That said, my theory might not be valid and I might be playing it overly cautious due to my experience in 2007. I look at SFH's as a starting point to get back in the game to learn about the market, neighborhoods, land lording, property managing and to see what parts I like and if its for me while I keep my job and keep saving. I am planning to purchase one SFH a year for 5 to 7 years and then eventually make the switch and move the SFH's for multifamily and commercial properties as a long term plan and passive income.

So now to picking your brain. I assume you asked me this questions since you prefer multi family vs SFH and from the sounds of it you have plenty of experience in it by now. I would love to learn more about how you started and how long it took you and why you chose this path? What was your strategy when you started and what have you learned and would tell a newbie?

I am a great learner.

Thank you!

Hi @Jason Grote, thank you for the information. You have confirmed what I was speculating.

I have been looking at both north Austin area like Cedar Park and south Austin area like Buda. I have noticed for the same price, houses in Buda are newer build but the school ratings are better up north. I am going off of whats available on the MLS. I also love the Main st and mini historic downtown area. Been going there in the past few weekends.

I do agree that SH45 is making Buda more desirable.

Thanks again and keep me posted if you come a long anything interesting. Would love to connect to learn more about what you do in Buda. 

Hello BP rock stars,

I am looking into purchasing single family home in Buda TX as a rental property for investment and hold. 

Would love to hear your thoughts about the rental market in Buda and real estate in general in that area. Do you foresee growth and why?

Thank you in advance for your time.

Hello fellow BP Austinites,

Looking forward to meeting you all tonight at this event. First time attending and new to BP. 

I should be there by 6:45 - 7:00 pm

Houman 

Thank you for the replies. Will definitely check the suggested Meetups and explore BP more to get myself familiarised.

I have been to couple of meetups but I felt they were very salesy. Will checkout the ones you have sent.