All Forum Posts by: Jason Hirko

@Tay Reiff If you have a good Realtor, they'll get you more than 3% more than you could get on your own. Most buyers are going to have a representation agreement with a buyer's agent, so you're going to have to pay one Realtor anyway.

Absolutely. I can refer you to some if you'd like.

There are lenders that will do loans for new borrowers. The credit and down payment requirements may be slightly higher, but nothing unreasonable. A good HML can also help walk you through the entire rehab process and evaluate your deal with you so you don't get in over your head.

@George Alviter In my opinion, it is up to the broker to keep the relationship going. He should be reaching out to you asking how the project is going and if you're ready to refinance. However, if the broker has a longstanding relationship with the lender that they referred you to (which they should), the lender probably would just refer you back to the broker. 

There are a lot of things about San Antonio which remind me of Austin 15 years ago, which is a good thing

@Rich Czapkay The market around here has to level out at some point, so I wouldn't bank entirely on the appreciation, but if it is cash-flow positive with an allowance for vacancy and repairs (even though it's new), and you're ok tying up your 20% equity for the life of the investment, it could be a solid little investment. I would just make sure you and your partner have the ability to pay the loan out of pocket with no income from the property for at least 6 months, just in case.

@Troy Gandee Great insight. Do you know if there will be a provision grandfathering in existing STRs?

@Stefanie Johnson Sykes

Congrats! This one will be a homerun! We're proud to be able to work with you on it!

@Rachel Perl ask investors who took out 5 year balloons in 2004 how well that decision worked out.

I think a more accurate statement would be "The 1% rule does not necessarily work in areas with high taxes." I can find you examples of houses that get 2% monthly rent to purchase price in areas with high property taxes and examples with low property taxes that don't even make 0.5%, but like any quick rule or guideline, sometimes it works and sometimes it doesn't. Certainly all else being equal, a property with higher tax rates will cashflow less than a property with lower taxes, but that's just math's fault, not the rule's.