All Forum Posts by: Joseph Cacciapaglia

It depends on what's needed. There are some things, like flooring, paint, roofing, that I'll use some internal estimates for. For others, I'll want a contractor to provide numbers before pulling the trigger.

HOA's don't cause us many problems for long term rentals, and several of our better rental neighborhoods have HOA's with many neighborhood amenities. Most of our rental portfolio is in HOA's here. My team has had success in many of Lennar's new communities, although some are oversaturated with investors.

However, if you want to do any short term rentals, then I would strongly suggest avoiding them entirely.

Depending on location, $1MM is probably too much for a 12 unit here in San Antonio that needs a major renovation. Plenty of people are still renovating apartments, but numbers have to be very good today, because financing is tough.

Sometimes I'll print out comps to hand them when we meet in person. Usually I'll just email them afterward though. Otherwise, I don't use anything other than a business card.

I've spent quite a bit of time experimenting with a couple of these sites lately. There are a lot of interesting opportunities, but also a lot of kinks to work out. I think they're a great way for someone with very little capital to get some real estate exposure and to learn a ton about investing along the way. I also think there is a decent use case for people with more capital that want to diversify their risk, but also want to select individual properties. In the last couple of months I've bought ownership interests in 20 properties and 51 mortgages, all while sitting on my couch.

No. It's relatively easy to sell land with owner financing, and so far I haven't had any trouble with collections.

True. I personally only own notes locally in San Antonio though. I like to really know the collateral.

Are any in San Antonio? If so, do you mind sharing some details of the notes?

Is it a multifamily development? If so you're going to run into the density restrictions for STR. It doesn't apply to MTRs here. We manage over 100 STRs in and around San Antonio, and get very few mid term stays. It probably has a lot to do with our product mix though.

These are two very different markets. Killeen has a single employer that drives the entire economy, which gives it a very different risk profile from San Antonio, which has a very diversified economy. I don't have a ton ove experience in Killeen, but it seems like properties there provide a higher yield than San Antonio. I'm not sure how that works out on a risk adjusted basis though. In the last downturn a lot of the tertiary markets get destroyed, so I've stuck with major markets since then.