All Forum Posts by: Matt Stricklen
Matt Stricklen has started 39 posts and replied 217 times.
Post: STR for eclipse only?
- Investor
- Austin TX
- Posts 224
- Votes 152
I have a mid term rental. This is not that.
I'm going to be out of town during the April eclipse. Seems logical to rent out my primary residence to eclipse viewers.
But this is a one off event and won't happen again, so it wouldn't justify the yearly license fee for an STR.
would like to gear drom experienced Austin STR folk on how to do this properly
thanks
Post: Relocating!! Looking For A Short Term Rental In Austin, Tx.
- Investor
- Austin TX
- Posts 224
- Votes 152
Furnished finders is great for short term rentals. We have been using int from the Landlord side for about a year and a half now.
Post: More Elon news
- Investor
- Austin TX
- Posts 224
- Votes 152
Company town in Bastrop county?
Post: Finally gaining velocity?
- Investor
- Austin TX
- Posts 224
- Votes 152
This is the first news there has been on the Velocity mixed use project in quite some time.
Post: San Antonio Rule of Thumb...
- Investor
- Austin TX
- Posts 224
- Votes 152
Quote from @Anita Morrish:
Hi Victor,
I really appreciate your input on this with your knowledge cause I’ve been struggling. Our strategy right now would do owner occupancy (conventional loan w/ 5% down) for about a year or so then turn into LTR in nicer neighborhoods-all the houses are around $250k right now. I struggle with the .65 or so rule your describing because rent won’t even cover the mortgage. What’s your take on that and what would you be looking for in this situation? Thank you!
You can back the math into whatever down payment would be required to get to the 1% rule. And make raising that down payment your goal, or living in it until you get the mortgage paydown to a place where you can make the 1% rule work.
Post: Selling points for Austin rentals
- Investor
- Austin TX
- Posts 224
- Votes 152
Quote from @Bruce Lynn:
I think I heard today that Austin had the highest rent growth in the nation in 2021, so I would think it would be tough to be a renter in Austin.
Is rent really up 30% in 2021.
This is true. But the article I posted might help applicants who are having a hard time swallowing the bitter pill of rent increases to right now.
Post: Selling points for Austin rentals
- Investor
- Austin TX
- Posts 224
- Votes 152
...Austin, Texas, was the city where it was most beneficial to rent rather than buy in January. Monthly payments were about 76% higher -- or $1,346 more -- to buy a starter home in Austin than to rent,
Post: So how do you do a JV with a contractor for a flip?
- Investor
- Austin TX
- Posts 224
- Votes 152
Quote from @Will Barnard:
First off, let me say that I am not a big fan of partnering with contractors with the exception of some special circumstances. The reason being, contractors are typically not investor's or designers and do not have real estate backgrounds. Secondly, contractors can easily spend money on materials and then take some to other job sites claiming they were all for your project. Lastly, if you were to do this, then the contractor should be doing labor and materials at cost and not make a penny on the construction portion, only the profit share.
That said, I also disagree with the exact split based on who funds what. Reason being there are more moving parts to a deal than just the money. The deal itself is of the greatest value in my book, then you have the rehab management, the design choices, the sale (which includes getting the right agent, the right photos, the right staging, and doing the best negotiating), and then the funding.
Keep this all in mind before deciding on profit splits.
Well said. I would add the perspective that where the deal itself is the greatest value to the investor, but not necessarily to the contractor.
Post: Where should I do my first BRRRR in San Antonio, TX?!
- Investor
- Austin TX
- Posts 224
- Votes 152
You might consider partnering with someone who has the contacts and the experience.
Find some meetups and get to know not just the market, but the operators in the market
Post: Hello and a conundrum/guidance
- Investor
- Austin TX
- Posts 224
- Votes 152