All Forum Posts by: Katie Hanner

Yes. :) Quickbooks will help you keep your finances organized, and your CPA will love you. But Quickbooks isn't going to give you tax advice. IMO, hiring a CPA - especially one who is experienced with REI is going to be WELL worth the money!

Welcome Eric!   You'll find a great community here!!

@Jim Macedon, what kind of cash flow are you trying to achieve?

As with any of these rules, it's a "rule of thumb"-- not a hard and fast rule.  There are a lot of variables to put into play based on your investment goals.   Once you start analyzing properties (to practice, or while earnestly looking), you'll start to find the trends for what makes sense for you and your personal investment goals and comfort levels.  

@James Piercy  -- Trust me, this isn't acceptable in Texas either!  In Texas, real estate inspectors are licensed and regulated by TREC just as real estate brokers and agents are.  There are standards of practice and specific items that they are required to address and note as deficient or missing.  Off the top of my head, I know smoke alarms and screens are two of those (in contrast, they are not required to note the condition of blinds, etc).   While I completely agree that it is best for any buyer to physically walk the property prior to closing, there definitely were items that should have been addressed in that inspection during the option period.  And from what is sounds like, things that should have been disclosed by the seller.

While there are many reputable, quality rehab/flippers i Austin that "do the job right" -- as we all know, there are also several who lean on more "paint on a pig" approaches.  When working with investors, I walk the property as if I'm looking at it as my own personal investment.   Be leary of agents who will make sweeping generalizations "this foundation looks ok", "that's not that big of a deal".... those are things they should not be saying, and can be red flags.

Of course, I'm not an attorney and do not give legal advice -- but as a consumer you do have rights.  Glad to hear you are talking through that.

Please don't let this experience deter you from Austin -- it really is a GREAT place to live!  (And having had moved here from out of state originally, the tax benefits sure aren't bad either!)  :)

@Brian Pulaski good points.   @James Piercy here's the site I use to search property's permits in Austin:

Austin Permit Search

@James Piercy  Ugh...I hate to hear about experiences like this!   Long and short, no...this shouldn't be a typical experience if you're working with a dynamite team.   I may sound like a broken record sometimes, but I am definitely passionate about the standards that we, as Realtors, have for ourselves.   It should NOT be about making a sale...it's about helping educate our clients and advocating for their best interest!   Do you mind PM'ing me the name of the inspector you used?  Working in Austin, I would definitely be interested to know if you don't mind.

It pains me to hear of anyone feeling like they've been taken advantage of - especially being an out of state buyer.  There's just no excuse for that to happen.  A few things I do with my non-local buyers that you may consider when talking to future agents:  We do video walkthroughs and Facetime tours...anything to help them feel as much "here" as we can.   When we are talking rentals - I'm going to give my buyers reports on all the comparable properties that have leased in the last year in the area of the home they are looking for -- where they are in proximity to the property, how long they were on the market to lease, what they leased for compared to list price, etc.   Of course during the purchase, I have a core team which includes several top-notch, detailed home inspectors.  As good as my home inspectors are, they also aren't specialists though so I also have an HVAC guy, roofer, plumber and electrician who will go out to a home and take a second look at any concerns we may have.   I do have a property management company that I refer to, but they also allow me to list the properties for rent instead of their agents (same cost)...and that's been a great way for my clients to have confidence that they have one double checking the other too!

It sounds like you are taking the right steps as a consumer in talking with an attorney about your options.  I have a couple great ones  here in Austin too.  If you need anything at all, don't hesitate to reach out!  

@Maxwell Silva, I think this is where partnering with the right broker can be valuable.  Sometimes in the very beginning, piggybacking from the reputation of your broker can be helpful as you begin to build your own professional RE reputation.   Does your broker offer mentoring opportunities?  Is there an agent that you could "partner" with on a couple transactions (at no cost to that agent) to give you some transaction experience?

Personal reviews can help bolster your online presence as well...that doesn't have to just be from real estate clients.  Who are some colleagues or friends who could speak to traits of yours that translate to the real estate world?   Some of the ones @Cara Lonsdale mentioned are a good start.  

Confidence is key!   Don't be afraid to put yourself out there just because you are new.  Yes...are there some prospects that may pass you over because you're new?  Sure!  But there are just as many who won't...don't get stuck in the negative.   This business is about relationships...don't pass up an opportunity to make relationships.   And just build your knowledge about your market!  If you show your value to someone, the question about experience may not even come up!  

Sure did!  I pretty much started working at 15 1/2 and didn't stop.  Retail & waitress through college, and definitely wouldn't change it!

@Brendon Everswick - love the Lakeway area, and great schools in Lake Travis ISD.  You definitely sound like you have a good sense for at least the entry price point in the area.  That's the main thing (and wanting high cash flow with minimal down) that seems to shock some when talking Austin.   We just aren't the "under 100-150K" market that some people are searching for.   There are certainly great opportunities with multifamily house-hacking!