All Forum Posts by: Jordan Turcotte

I need a lender contact in the San Marcos, TX area or anywhere between San Antonio and Austin, TX. I am getting buyer leads who need assistance with buying a manufactured home on some land. My current lender contracts don't lend on manufactured homes. 

I have worked down in San Marcos, TX. for more than 6 1/2 years. I worked as an apartment locator for most of that time and through that experience I know the San Marcos MF market like the back of my hand. I would be more than willing to help you and offer any information that you might need to prepare your property for the open market. I'll send you a PM with my contact info if you like.

Hey BP! I'm a licensed Realtor in Texas and have been working in the leasing niche of real estate commonly known as Apartment Locating for almost 7 years. I have represented buyers and sellers throughout that time, and I plan to shift my focus to sales rather than leasing. I'm interested in meeting with brokers in the Austin area who are investor friendly. My market has been San Marcos,  Kyle and Buda for the past 7 years so I would like to work with someone in that market preferably. My plan is to be in real estate while doing investing using some creative strategies. My concerns with some of the big name brokerages are that some don't allow you to manage properties and they are not so receptive to using creative investing strategies. I am familiar with Stepstone Realty and have spoken with them. I just wish they had a brick and mortar location to work out of. (Still considering them) I have a wife and 2 young boys which make it very difficult to work from home, so that is why I'm looking to have office space with the broker that I choose. I have a resume typed and ready for those who would like a copy please send a PM to me through Bigger Pockets. Thanks!

Welcome to BiggerPockets @Matthew Carducci! I suggest networking with fellow investors from the area. I'm not experienced, but I work in real estate in the area. My hope is to get a good network of people working together so that we all benefit from each others experiences. If you want to network with other investors in Hays and Comal county areas, you can join a local group that meets once each month in San Marcos or Kyle (location alternates). Search Comal Hays Real Estate Investment Group on FB you can get updated on when and where the meetings are. It's not a sales pitch, just people getting together and learning from each other. I hope we can meet at some point. Good Luck!

@Scott Trench I saw your comment about @Michelle Melchione not being able to qualify for a conventional loan without a paying job. What I also was wondering was would the purchase affect the debt to income ratio of 25%, that Michelle mentioned in her first post. If she purchased the sample property would that increase her DTI to above allowable limits for conventional lenders. Am I correct in assuming that debt payments can't exceed 1/3 of your monthly income for a lender to approve a loan. Does the lender consider the future rental income from the property when determining the DTI during the loan approval process? Scott you might know but I also think Maybe a RMLO can jump into the conversation and add their expertise and help guide Michelle onto the path of buying a rental.

@Marcos Acosta I am in the same boat as you. I'm currently putting systems in place so that when I start my marketing campaign (creating that as well) I won't get disorganized and waste leads. So I haven't gained experience with wholesaling yet but I am pretty certain that you would still use the 1-4 Family Residential Contract that is promulgated by TREC. You would use a different contract of course if it was unimproved land or commercial. 

I wish you luck on your investing career! If you find a deal keep me in mind!

@Kelby K. Where are your 4plex's? Go to a few apartment locating offices and ask them to fill the property for a commission (normally 50% of one month's rent). It will likely be a non-exclusive agreement which means if you end up leasing them on your own you don't have to pay them like you would if you hired a realtor to list it. 

Full Disclosure: I am an Apartment Locator for Apartment Pros in San Marcos.

@Dev Horn @Hattie Dizmond I like the idea of the sticky notes! I'm new and have been spending a lot of time looking at direct marketing as my main marketing expense. However, I am hoping to find an effective/cheaper marketing avenue. I want to stand out without having to put extra cost into marketing. What kind of responses have you received from the sticky notes? Were the response rates better than door hangers? Do you have to get a solicitors permit to go door to door with the post-its or door hangers in your farm area. Would it be worth hiring a teenager or some one wanting some spending money to leave the notes on each door? Thanks for your input!

Hey Central Texas investors. I am working on putting together my team of Real Estate Professionals. I have googled Real Estate Attorneys in San Marcos but I would prefer to hear about any of your experiences. I plan on using creative financing techniques and would need the attorney to know the details about seller financing, wrap-mortgages, lease-options and so forth. There was one site that I came across that was full of helpful information (LonestarLandLaw.com) but I figured I would still need someone local. Does anyone in the BP family have a recommendation for a real estate lawyer in Hays County?

 @Stephen Oakes the ordinance isn't directly against students. The rule is that there cannot be more than 2 unrelated persons living in a single family zoned residence. Investors and tenants do get away with it sometimes but there are those who get caught and have to pay a hefty fine.

"Fines for these citations are up to $900 for the first offense, and each day may be considered a separate offense."

"The property owner and any agent of the property owner shall be legally responsible for directly or indirectly allowing, permitting, causing, or failing to prohibit the occupancy of a dwelling unit by more than two unrelated persons."

The link underneath gives the full details for the zoning ordinance...

http://www.sanmarcostx.gov/Modules/ShowDocument.aspx?documentid=1477

San Marcos isn't the only city to adopt this ordinance, but they are one of the few cities that actively pursue offenders. So check with each city that you plan to invest in. Look under zoning ordinances or laws. I'm not saying this to scare anyone from buying investment properties in this area, but do your due diligence by looking at zoning maps and verifying what ordinances they have on such zoning districts.