All Forum Posts by: Melvin Maxwell

@Brendan Flannery, I'm not a licensed real estate professional but I use RealEstateIQ software for my comps. If no realtors jump on it to help you, I'd be glad to run it for you see what it suggests as an ARV. Message me with the address, sq ft, bedroom/bath counts and I'll let you know what I see.

Mel

@Monica C. My partner and I were basically in the exact place as you last year looking to invest in San Antonio. We were focused on BRRRR strategy attempting to buy SFR for cash--our target price was $150K or less/rehab up to $50K/all in at 75% ARV/$200 per month cashflow/min 15% CoCROI. Definitely hard to find properties at deep enough discount that we could rehab and cashflow although we are completing our first this month. We went through wholesalers--it was very competitive. As @Joseph Cacciapaglia mentions, the big wholesalers are blasting their entire buyer network and the showings will often have scores of investors which is pushing prices up and taking margin.  I'd find multiple wholesalers--not just ones from the big companies but individual wholesalers who don't have the same vast marketing network.  San Antonio is so tough right now to make our numbers work we've also looked and bought in adjacent markets like Corpus Christi.  I've got a great agent referral and my partner is a GC in San Antonio--be glad to share their information if you'd like.

 Good luck and happy hunting!  

@Jordan White

My partner is a SA GC.  He says the electrical, HVAC, and plumbing permits would need to be pulled by licensed individuals.  As a residential building contractor you can pull overall building permits for the job, not specific permits such as electrical, HVAC, and plumbing.  Hope that helps.

Mel

Stephen...welcome to BP.  Recommend following the San Antonio real estate forum if you haven't already.  Lot of great posts by some great folks like John Barr and Chris Campbell that will give some insight into the San Antonio market.  I've got a great realtor reference in addition to David Pere if you need it.  San Antonio is ultra competitive right now so you have to be fast on the multi-families.  Recommend find an agent now, and ensure you understand the city so you can zero in on what part of town is really in your sweet spot.  Have them start sending you properties to review and I'd plan to take permissive to get eyes on (assuming you have not been stationed in SA before & your command supports travel considering COVID).  Are you pre-approved for a loan?  If not, your realtor should provide you some contacts so you can get that in order.  That will help you zero in on price range as you work your numbers.  

Any SA investors have experience with potential deals on condos or townhomes where the subject property is one of several on a single slab foundation with clear issues.  Do you just avoid these like the plague?  Do you attempt to stabilize or bite the bullet on the purchase and then attempt to work out with other homeowners?  Imagine there are some definite liability issues if you attempt a repair.

Thanks for your insight.

Mel

@Eli Diaz, sent you a note on Instagram.  

Mel

@Christopher Campbell, thanks for your insight.  Really appreciate you laying this out.

Appreciate your analysis @Christopher Campbell.  I heard Bexar county has been holding off on foreclosures for several months due to COVID and other government programs.  What do you think happens when all these foreclosures are allowed to happen?  Agree long term forecast is strong.

@John Barr,

Really enjoyed your previous analysis.  My partner and I just bought one in 78213.  Look forward to your updated version!

Mel

@Poornima Shanmugam,

Agree with 100% with Shaun. San Antonio has not slowed down much--its been very competitive market for investors. Bottomline, I think a short pull back is possible in 2021 but I think SA is buoyed by a strong diverse economy, positive population migration, large military population, etc that means a pull back will be less severe than in many areas of the country and will likely be relative short in duration--shouldn't really hurt a long term investor.

Best of Luck,

Mel