All Forum Posts by: Ian R.

@Account Closed is exactly correct. My wife and I are both licensed agents here in SA and $100-$150 is totally normal for an option period. We would never advise a client to put up $1500 for that, no way. If your property is in good condition and you've completed the Seller's Disclosure completely and truthfully, the option period shouldn't worry you, especially if you're in a multiple offer situation. Simply select the offer that appeals most to you and allow the buyer to perform their due diligence. Then work with them to address any issues that came up during the inspection. If you have multiple offers, you can also put one of the others in a back-up position (if the buyer agrees) just in case the first offer doesn't work out. It also sounds as though you may be trying to FSBO this property. Situations such as this is why a good, experienced agent is often worth every penny. Selling a house isn't as easy as it sounds.

Also, as Greg mentioned, $300K really isn't high-end. That's typically a standard home in an everyday middle-class neighborhood here. For "high-end", you'll be looking at double that amount as an entry point.

Best of luck

@Ryan Murdock You are a very patient man lol. God bless you!

Hey @Tim Macy , I totally agree with you. I saw the news on Lone Star today...very disappointing. I actually made a post about it earlier. And there was a lot hype about Essex Modern City and so far nothing. But I do also believe there is lots of potential in the East Side.  

Saw this in the news today and thought I'd share. Less than great news for those of us that were tracking the Lone Star redevelopment project.

https://therivardreport.com/lone-star-brewery-rede...

A lot of investors are looking at the East Side and Denver Heights as the next area marked for gentrification.  A local developer, Efraim Varga, is supposed to be building a mixed use development just south of the Alamodome in Denver Heights. Google "Essex Modern City" for details and also "East Side Promise Zone".  However, it seems the project is delayed and the developer has a reputation for hyping up projects and not actually following through.  I've looked into Denver Heights myself but the area is still too rough for my tolerance...very high crime. But if you're willing to take the gamble, the returns could be huge if the development does happen.  Imagine buying into Tobin Hill just before the Pearl happened! 

@Adam Delort if its a condo, make sure you review the association docs to ensure you'll be able to lease it out. Some condo associations limit the number of units that can be non-owner occupied. You'll also want to make sure the association is legally and financially solid (no pending lawsuits, no pending major repairs). A special assessment for a legal judgment or a new roof can decimate your COC return and turn a good deal into an instant headache.

Best of luck

@Derek Okahashi you mentioned that your prequal was for a VA loan. Just in case you weren't aware, VA loans are only for owner-occupied properties, so unless you plan on house-hacking, you won't be able to buy an investment property with a VA loan. You're probably going to need to look at a conventional loan.

Best of luck

@Shawn F.

So just tossing this idea out there...

I'm certainly not an expert in your market BUT have you considered keeping the condo as a short term/corporate rental (if your condo association allows it)?  I suspect that you have tons of corporate tech types that are consistently traveling to your city for business and are looking for nightly/weekly rentals.  If your association allows it, the returns could be massive.  Just food for thought...

Check out last week's podcast (#229 I believe) for an example of someone that's killing it with STRs on AirBNB.

So, I know Emotional Support Animals have been a hot topic here on the forums but I have to say, I was totally not surprised when I saw this in the news.  As a combat veteran, I recognize the need for trained service dogs.  But given the fact that anyone can go online and print out an ESA certificate for their untrained pet dog/cat/goldfish/mountain lion, things have definitely gotten out of control   Maybe this unfortunate event will lead to some sort of common sense regulation.

http://www.cntraveler.com/story/passenger-attacked...

@Lesley Resnick

I get where you're coming from and like others have stated, I think its about balance.  With regards to extreme frugality, if you've ever read any of Grant Cardone's books, he addresses this issue from a unique perspective. His position is, instead of trying to find ways to save pennies, focus your energy toward building additional income streams (such as owning cash-flowing real estate).  In his opinion, a cup of Starbucks shouldn't be what makes or breaks you.