All Forum Posts by: Joseph Cacciapaglia

 We've done well just north of Lackland, but primarily look in a few neighborhoods near the airport and a couple spots close to downtown. Most of the rest of the city is tough to make the numbers work. Of course this fluctuates a bit over time.

 Tiffanie is a Realtor here in San Antonio, and one of the best agents on my team.

Several of my clients have used Lance Bryce with RWM Home Loans for investment property loans. I've also used him myself, and I've recommended him to several friends and family members. He provides conventional investor products, so is good for long term rentals, short term rentals, and co-living properties here in San Antonio. I don't believe he is a good option for fix and flips at the moment though. Please feel free to DM me, and I'll provide his contact info.

1. One problem I've seen with people using their own furniture for Airbnb is that it's often set to their particular taste, and doesn't always have the right look for a successful STR. Another issue is that furniture for STRs needs to be more durable than what some people choose for their homes.

2. We usually use a combination of Airdna and our own comps to figure out if a property will work better as an STR or LTR. Here in San Antonio, there are only a few parts of town that do really well as STRs.

3. I've seen FB Marketplace, furnished finder, and Airbnb work for renting out rooms in a primary residence. For Airbnb, you just have to specify a longer minimum stay, if you aren't allowed to do an STR there.

We don't have a ton of Padsplits here in San Antonio yet, so you have an early mover advantage. We've been primarily helping investors with long term rentals and STRs here, but expect to see co-living grow over the next several years. I'm invested in a few Padsplits in Atlanta, but don't have any here yet. One of my team members just bought a home that he plans to use as a Padsplit here in San Antonio, and he's planning to focus his business on co-living properties as that asset class matures here. You might want to connect with him: @Jacob Barton 

San Antonio is a very tough market to find reliable contractors willing to work with investors at prices that make sense. This was one of the issues I ran into when I moved to this market back in 2018. One thing that makes this market different from many others I've worked in, is that a lot of the better contractors keep a relatively small footprint here. Do you know what part of town you're planning to target, and also what your typical deal might look like?

I grew up in a home with a portable dishwasher. We never had any problems with it, but I could imagine if the sink were clogged that it could overflow. I haven't run into this issue at all since moving to San Antonio, probably because we have mostly newer properties here. I Hadn't even thought of portable dishwashers in years. I think I would express my concerns with the tenant, and maybe put it in writing that they understand any damage caused by it is their responsibility. Maybe add it to your future leases.

It is an LLC. There is an operating agreement. All decisions are made through an online voting process. We typically engage 3rd party managers to run the properties, and delegate some level of decision making to them. When we sell the property, we can vote to delegate a single member to have signing authority, but they sign on behalf of the DAO, or with some of the DAO's, the platform that created the DAO is the delegated signatory.

I don't believe either of these are the real issue. It's very clear who has signing authority for the DAO's (we have had no problem with signatures for sales of properties or for evictions, as two examples), as well as who is the registered agent to receive notice of a foreclosure. Both of these issues DAO's have in common with other multimember LLCs. Even with non recourse debt, lenders are still looking for a person to sign the bad boy carveouts, hence the need for a 3rd party guarantor.

I'm invested in about 40 properties through 40 separate DAOs. Many of the properties are owned free and clear by the DAOs, but it's been challenging finding a lender who will work with this structure without a third party guarantor. Has anyone had any success finding a lender who would work with the DAO ownership structure? In many cases even a 50% LTV loan would be welcome. In all cases there is no single owner with more than 15% ownership in any one of the DAOs, and guarantees are available from the DAO only.

If anyone is able to solve this problem, there is a ton of financing opportunity in this space.