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All Forum Posts by: Seth Teel

Seth Teel has started 56 posts and replied 554 times.

Post: Drive by BPO on a renovated home, how to determine as is value

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

@Sam Tright

Most of the note buyers I've encountered really don't care much about the property or it's condition.  They care about the note and its terms: Is it seasoned? Are the borrowers paying? How long is left on the note? etc.  Being that they are not buying the real estate but the paper that finances it, I think a drive-by BPO is more than sufficient.  

If you need the help of an investment expert in St. Louis, reach out to Matt Kastner of St. Louis Real Estate Society.  Matt helped me buy and sell several properties in St. Louis, investing in some of them with me.  I plan to buy a duplex there next year and Matt will be the one to help me find it. 

Post: No-Pitch REI MeetUp 6/14/23 (Wednesday)

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

@Priscilla Arguello

Awesome.  Make sure to say hello!

Post: Where is the best STR area in 1h-2h distance from Austin

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

@Arezou Ed

There are several good cities and towns within 2 hours of Austin to host a short-term rental. You'll need to determine if you want a property in a more rural or urbans setting. If you chose a city/town like San Antonio, New Braunfels, or San Marcos you can the benefits of density, infrastructure, local sights & attractions, etc. If you choose to locate in a more ex-urban or rural setting, like Blanco, Wimberly, Johnson City, Stonewall, or anywhere in the Hill Country, you'll have less access to grocery stores, restaurants, etc, but will have privacy gorgeous views and still easy access to Austin or San Antonio. Keep in mind some cities have STR ordinances (Austin, San Antonio, New Braunfels). Austin and New Braunfels STR ordinances are very restrictive and may be an uphill battle just to get an STR permit. San Antonio's ordinance is much less restrictive than the other two, but it's not without issue. If you have any questions, feel free to shoot me a DM.

Post: No-Pitch REI MeetUp 6/14/23 (Wednesday)

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

Hey Y'all,
We will be hosting our next MeetUp Wednesday 6/14/23, 6pm - 9pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).
So, if you're an investor, agent, contractor, lender, or just interested in learning more about real estate investing, please join us.

This will be a casual happy hour style event.
All are welcome.

There is no cost to attend.
We hope to see you there.

FB Event Page Link: https://fb.me/e/2EN0bLemo

Post: No-Pitch REI MeetUp 5/10/23 (Wednesday)

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

See y'all tomorrow Wednesday 5/10, 6pm @ Joey's!

Post: No-Pitch REI MeetUp 5/10/23 (Wednesday)

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

Hey Y'all,
We will be hosting our next MeetUp Wednesday 5/10/23, 6pm-8pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).
So, if you're an investor, agent, contractor, lender, or just interested in learning more about real estate investing, please join us.

This will be a casual happy hour style event.
All are welcome.

There is no cost to attend.
We hope to see you there.

FB Event Page Link: https://fb.me/e/Q3gUAZyc

Post: No-Pitch REI MeetUp 4/12/23 (Wednesday)

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

*** REMINDER ***

Our No Pitch REI Meetup is tomorrow
Wednesday 4/12/23, 6pm-8pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).

We hope to see you there!

Post: No-Pitch REI MeetUp 4/12/23 (Wednesday)

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

Hey Y'all,
We will be hosting our next MeetUp Wednesday 4/12/23, 6pm-8pm @ Joey's (2417 N St Mary's St, San Antonio, TX 78212).
So, if you're an investor, agent, contractor, lender, or just interested in learning more about real estate investing, please join us.

This will be a casual happy hour style event.
All are welcome.
There is no cost to attend.
We hope to see you there.

FB Event Page Link: https://fb.me/e/2u9rcGZgl

Post: New San Antonio Investor/owner occupant

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584
Quote from @Trevor Candice:

@Seth Teel - 100%.  I was looking at the ADUs but the fact that they stop being adus once the owner moves out seems like a massive headache.  Any suggestions on finding someone that knows the zoning without them blowing smoke :)

Feel free to send me a DM.  I sat on the Zoning Board of Adjustment for 6 years, and am quite familiar with the city's processes, zoning, and unified development code (UDC). 

Post: New San Antonio Investor/owner occupant

Seth Teel
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 588
  • Votes 584

This depends on several items, but mainly is predicated by two things: your type of financing and the area you want to live. If you're going to be using a conforming loan (FHA, Conventional, VA, etc) then you will be limited to 1-4 family structures. Most of the true small 2-4 unit buildings are located within the urban core, however there are pockets throughout the inner-ring and suburbs that have small multi-family developments.

Next you will want to look at the base zoning for the area: RM-4, RM-6, & MF-33 are the most common zoning classes that allow for multi-family buildings (including ADUs). There are several IDZ zoning classes that can be applied to properties to allow for increased density, relaxed setbacks, and multiple units.  Assuming you're looking for an existing building and not planning to build new, zoning is extremely important. Purchasing a multi-family building or a property with multiple detached units without the proper zoning may keep you from obtaining your loan due to underwriters taking issue with "non-conforming use."  I have seen this happen both on new purchases and refinances.  Aside from re-zoning the property (which is expensive), the city does allow for a conditional use permit, but you have to apply for it annually and there are other requirements. Usually a conditional use permit is enough to satiate the loan requirements. 

R-4, R-6 and other zoning will allow for an ADU as long as it's owner occupied. Should you move from the property or move your homestead exemption to another property any ADU automatically reverts to an "Accessory Structure;" which does not allow for living quarters. It would seem this would be difficult for the City to enforce this, but I have definitely seen it happen- and keep in mind, jamming up residents is just another way for them to generate revenue.

My suggestion would be to find a good agent that understands the nuances of zoning relative to your desired property/strategy.  It's been my experience that most realtors in San Antonio have no clue about zoning, and/or zoning requirements as they apply to property/ land use; this includes understanding how the Short Term Rental Ordinance applies.

Best of luck with your search.