All Forum Posts by: Juan Cordero

Hi,

With Manor being so close to Austin, how do you think Austin's market affects Manor? I was in Manor today and noticed some new commercial development going on as well as some new residential construction in FM973.
Would you consider Manor a good opportunity for buy and hold investors?

@Hudson Hlavaty I'm considering a duplex on South Austin preferrably in 78745 or 48. I could consider north closer to Pflugerville or Round Rock only if it's well worth it.
@Andrew Allen I've considered looking  for a fixer upper but have not put too much thinking to this option. I'm trying to find something that is move-in ready.

I appreciate y'alls feedback. 

@Dan Burstain and @Andrew Allen thank you for your insight. I was considering $2500 inlcluded taxes and insurance. I wasn't factoring in maintenance, vacancy or other costs as Andrew mentioned. This is a really valid point and if I had to incurr in unexpected costs, it would cost me pretty badly.
What I thought of doing was charge myself the rent some other tenant would pay if I would rent out the unit I'm living in. Using the same numbers as above, let's suppose my side would rent for $1300 to a tenant but I'm only living in it for $1000 since the other unit is rented at $1500 and total mortgage including taxes and insurance totals $2500. Because I could technically cash flow $300 if I rented the unit I'm living in, I would set $300 aside as if I'm seeing cash flow. I would basically charge myself the rent and those $300 would be used for reserves.

Thoughts?

Hi,
I've been considering and am actively looking for a duplex where I can live on one side and rent the other. The Austin market seems to be continually growing and house prices keep gowing up. For this reason I think the 1% rule is quite difficult to achieve. 

It would be ideal that the rent of the other side be enough to pay the mortgage where I can basically live for free. If this isn't possible, what would you consider be the threshold to make this a good deal?  Let's suppose total mortgage is $2500 and I can rent the better side of the duplex for $1500. Would you still live on the other side paying the remainder $1000 to cover mortgage? If I eventually move out, I could rent this other side at $1300 and have some cash flow coming in. 

Any inputs and opinions are welcome.

Thanks,

Hi @Alex G.,
Thank you for your response and insight, it was really helpful. I was asking because I've heard (I may be wrong) that banks in Austin only want to deal with short sales with a certain number of people they already know, and I thought a homeowner facing foreclosure could potentially be upside-down on their mortgage. So basically if I'm not one of these people I won't be able to negotiate a short sale to buy a property from someone in this situation.
But as you said, Loan Mods would be a better option if the owner is willing to cooperate. 

Hi,

I have 2 simple questions about foreclosures in Austin.

First, are there any foreclosure laws specific to Travis County I should be aware of before providing options to someone facing foreclosure?

And second, do banks in Austin offer forbearance plan, short sales, or repayment plans?

I'd like to be well informed on what a homeowners options are before actually providing solutions on how to avoid foreclosure. 

Thanks.

Hi Eric,
I would be open for a meetup in Buda. I'm starting to look for opportunities in the areas you mentioned.

Hi Jim, 

I thought the same thing when I started posting on craigslist. I've only been posting on craigslist for about 1 month and have had about 5 buyer leads come from them. I also had 2 seller leads on the same day this week. The key is consistency, eventually someone will bite. Also remember that craigslist is free so a lot of people are doing it. 

Thanks for the info @Andrew Postell

Hi,

Is it common for HML to fund a prehab deal? If I'm buying a property in which I'm going to do minimal work cleaning and gutting it and I only own the property for less than a week, will lenders still lend me money for this really short period of time? If so, are the terms different as if I'm doing a rehab?

Thanks!