All Forum Posts by: Mike Hansen

Andy, would love any info you have on the property

Hello BP family. Ready to dive into STR in San Antonio and wanting to see what others who invest in that area have to say. The good, the bad, the challenges as well as what you wish you would have known when first starting out are all welcome. Looking forward to hearing from everyone and possibly connecting with others in this real estate market.

- Mike

 Interested in the information for this property 

 Interested in the property numbers 

When out of state investing, how does one go about appealing their tax assessment?

Hey Chris,

first, I would never take into account what Zillow is estimating to be the rent. If you want a more accurate estimate for rent, use any platform and zoom into your local neighborhood and see what similar properties are advertised for rent. Notice I say advertised and not going for because next, you will want to see how long these properties have been on the market and if they have decreased their rental asking amount. I have property here in San Antonio as an active duty member as well and there are over 10k properties listed for rent in the city. What makes your property standout from the one that is listed down the street for $200-$400 less? If there isn’t anything that you can think of, most likely your property will sit on the market as well. Not sure if you’re closer to Randolph, Lackland or Ft Sam Houston but this also plays into account on what rental amount you should look to achieve. Lastly, if you’re currently taking a homestead exemption on property taxes, once that drops off (if you’re currently taking chose to transfer the exemption to your new home) your property taxes will likely increase $1k-$2k thus increasing your monthly mortgage. Hope this is helpful as Texas markets are sometimes not that easy to navigate when it comes to long term rental due to high property taxes and an overwhelming amount of supply on the market. Feel free to reach out any time

It recently dawned on me the idea of a non military affiliated individual assuming a VA loan, would this individual be able to then also gain the benefit of using an IRRRL since they have now acquired a VA loan through assumption? Reasoning for asking this is that it could potentially be a beneficial long play on acquiring a property through assumption, and as we go down in interest rates, utilize this monetary benefit to refi as it comes at a mere .5%. Let me know your thoughts and if anyone has first hand experience.