All Forum Posts by: Kelly Stanton

Robin, if we found something like the above would we be able to convert the property to a MTR or LTR if we wanted to?

Hey Devin, yes I've owned my primary for about 6 years. Would the two other partners also need to have 12 months of mortgage history? 

We purchased a property that we rehabbed in the last 3 months and are looking to refinance to get out of our 10.5% hard money loan. The property was purchased through a LLC so a conventional loan isn't an option for us. We have landed on DSCR as our best refi option but are finding that the majority of DSCR lenders require 12 months of rental history which we don't have. For context, we have been running a successful airbnb for 6+ months cash flowing close to $750/month. Does anyone know of a lender in TX that has more loose rental terms?

Bob, I'm not sure if this changes your response, but here is a little more context. 

We purchased the home for 263k, but paid taxes at an appraised value of 477k. The home probably wasn't even worth what we paid for it either. It was infested with dead rats, other rodents and unlivable by anyone's standards. Shouldn't we be able to protest that appraised value if we could provide photos and documents to support the home was worth around what we paid for it?

We weren't protesting the discount that the previous owner had, we were protesting the fact that we purchased the home for 263k, but paid taxes at an appraised value of 477k. The home probably wasn't even worth what we paid for it either. It was infested with dead rats, other rodents and unlivable by anyone's standards. Shouldn't we be able to protest that appraised value if we could provide photos and documents to support the home was worth around what we paid for it?

We purchased a significantly distressed rental property in Austin October of 2023 and were hit with a huge (3x) property tax bill at the end of the year. The previous owner had an "over 65" exemption. We submitted a protest with TCAD in January of 2024, but it was denied because it was "late." We were told that we needed to submit the protest in May of 2023, but we didn't even own the house then... Does anyone have any suggestions? This seems a little outrages. 

We’re looking for a reliable structural engineer to help with a flip we are working on. Does anyone have a solid recommendation that does great work in Austin? 

@Lane Kawaoka this was really insightful and I agree with everything you said. Sounds like I am going to have to do a lot more digging and connecting. 

@Chris Seveney I'm not 100% set on Austin, but I am most familiar with that market so I thought it would be a good starting point. That being said, I would consider other areas.