All Forum Posts by: Account Closed

Hello BP family!

I have two adjacent lots in Tarrytown that are approx. 1 acre combined. One lot is completely undeveloped and the other has a single family home. I would be interested in potentially selling both lots - ideally with a 12 month leaseback arrangement for the lot with a home currently on it. My hypothesis is a developer may want to lock in a lot of this size so they can build when rates normalize.

What's the best way to test this market? I had considered emailing ATX-based luxury developers directly but I'd love to hear from the collective BP wisdom.

WCAD is pretty notorious for raising taxes on non-homestead properties and for not accepting counters during tax valuation protests. 

I tell investors to plan to pay taxes based on the price of the property upon purchase for the first year, then expect to pay taxes on market value in subsequent years.

Good luck!

If you are worried about cash flows, you need to understand there's a higher than average turnover rate in that area due to military relocations. If you are using a property manager, the vacancy and finding fees will eat into your cash flow and you have periods where you may be short. Make sure you can absorb those months of negative cash flow and if you can, you can make good money here over the long term.

I'm curious on this model - what vacancy are you seeing for medium term rentals?

Howdy BP team - I’m buying a home in ATX as a primary that I’ll likely rent out in a few years. The home was built in the 50’s and still has original windows installed, most of which have been painted shut for energy efficiency. 

I’m thinking about replacing the windows with more modern, efficient and functional windows but everyone seems to coo over the notion of original windows. I didn’t think windows from the 50’s would be noteworthy enough but I’ll admit my ignorance. 

Would I be destroying value (real or perceived) by updating or replacing these windows?

Very curious as to what you learn from this @Simon Stahl - please let me know who you find!

I'm more familiar with North SATX so I'd be curious on perspectives from those more acquainted with this area:

1. - rental growth potential
2. - employers
3. - infrastructure investments
   
4. - crime/safety

If there are good resources that capture these, I'd be thankful for links rather than asking you to transcribe this; in lieu of these resources, I greatly value experienced insights. 

Howdy BP community! I recently invested in a SFH in a great school district. My plan is to attract a family looking to benefit from that district for 5-7 years.

I've invested ~$10k in new appliances, scraping off popcorn ceiling, and light cosmetic updates to modernize the home. It's had HVAC and roof replaced in the past 2-3 years, and no foundation issues so I am not anticipating major CAPEX for the next 5-8 years.

What, if any, additional updates would you recommend to maximize rent / minimize future costs? I'm thinking:

1. Update cabinets (refinish/color)

2. Add Nest thermostats

3. Add rain gutters to divert water from foundation

4. Refresh kitchen countertops (currently bar height - decrease to counter height and replace with granite/quartz)

It's the cheapest house in the neighborhood ($139/sf ft vs $150 avg) but I don't want to price myself out of the neighborhood. 

What do you think? Ideally I'd keep the incremental investment to ~$2.5k unless there's a tangible and immediate ROI

Thanks gentlemen, very much appreciate your perspectives!

I’d like to buy my parents’ primary home at market rates then rent it back to them so they can add their equity to their nest egg and boost their retirement.

Details.

I live in TX and am selling a SFR in San Antonio. I was planning to roll the investment through a 1031 into a new property once this deal closed.

My parents live in AZ and their primary home has appreciated due to market conditions; however, their retirement accounts are not very robust. 

I was wondering if I could buy their home at current market rates, then rent it back to them at current market rates. This would allow the easy transfer of their property to me (I’m an only child), give them greater capital to invest to pad their nest egg, and give me peace of mind that the home was being well maintained. 

I know the 1031 rules around relatives are stringent but I wasn’t sure how the IRS would view this - what do y’all think?