All Forum Posts by: Jaclyn B.

@Leon D. 

Thanks Leon. It's helpful to know that other are asking similar questions. 

I posted the question below in another forum but it didn't get answered. Still trying to figure out what goes where. 

Can someone define for me the difference between A, B, C, D neighborhoods? I've seen these terms used throughout the forums and I'm just curious how people define these different types of neighborhoods.

Intuitively I understand the difference between an "A" neighborhood and a "C" neighborhood. But what's difference between "B" and "C"? Any input is greatly appreciated.

Jaclyn

@Cameron Miles 

Hi Cameron, welcome to Bigger Pockets! On the issue of renting to students: I've house hacked and rented out rooms in my home to students and it has gone very well. I just make sure to lay out a very specific lease and make sure they know that while we may be friends/acquaintances, this is a business transaction. It's a little different because it's harder to avoid paying rent when you live in the same house. 

That said, if you do want to rent to folks you know, choose people you know to be financially responsible and trustworthy. I think it could be useful having people know you own the place and will be living next door. The people who are uncomfortable living next to the owner (for whatever reason) will self-screen themselves out.

If there are a lot of homes for sale and they stay on the market for quite a while, that means you potential have quite a few motivated sellers. You also mentioned there's a substantial rental market. Why not buy from a motivated seller and rent out the house? 

Buy and hold is my preferred strategy so I may be biased, but in this scenario it seems like a good strategy.

Is it possible to find reasonably price cash-flow properties in the greater Austin area? I know that Austin city proper is quite hot right now, but are the suburbs any better? Anyone have luck cash flowing in Round Rock, Pflugerville, Leander, Cedar Park, Georgetown? What about south towards Kyle, Buda, San Marcos? 

I've been looking out of state (Ohio, Atlanta, Baltimore, Milwaukee, Chicago, Indianapolis) but if I can find good cash-flow in my backyard that would be great. Thoughts?

@Brandon Turner @Scott Demots @J. Martin 

Thanks everyone for the welcome! I've already learned so much just by perusing the forums and listening to the podcasts. I'm a relative newbie but I'll contribute as much as I can.

A gallon of paint covers about 400 sq ft. Total number of sq ft/400= # of gallons of paint

# of gallons of paint x cost of a gallon of paint = cost of paint

Tack on 10% extra for miscellaneous supplies.

Of course, this is if you're doing it all yourself.

The documents you find on the county clerks website will also help with that. You can also check the county clerk's office (sometimes it's the tax office) for a list of foreclosure homes that are going to be auctioned off.

Hi Michael,

First, find the property in your county's online appraisal district database. Most counties have property records available online these days. Search by address if that's what you know. Once you've found the property in the appraisal district database, take note of the current owner and the lot and block description.

THEN, go to the county clerk website and search public records. Sometimes it will say "OPR search" or something to that effect. Then you can search by the owner's name or the lot and block description, or both. This search will provide a lot of documents relating to the property you're looking at including deeds, deed transfers, liens, release of liens, and other official documents.

Keep in mind that this process may not disclose all liens. In order to get the title insurance you'll have to pay a title company. But it will give you a head start and make you aware of any obvious problems.

Jaclyn

Could you clarify what you mean by "2br efficiency"? 2br makes me think there are two separate bedrooms. Efficiency makes me think it's studio apartment where everything is in one big room. Which one is it? Or is there a weird hybrid I'm not aware of? Maybe efficiency means something different in Ohio?