All Forum Posts by: Monte Mabry

Good morning BiggerPockets!

Has anyone secured a line of credit from a bank and used this line of credit as their reserves that are required for more mortgages when acquiring buy/hold rentals?

Did you continue to use Fannie Mae loans once you did secure the line of credit?

If feasible, I am considering using this strategy to more quickly build my portfolio by reducing the time needed to build up capital before acquiring another deal.

Thanks in advance for the feedback!

@Rick Pozos Thank you for the honest feedback that @Seth Teel also endorsed. I think I understand what it will take to make this happen and I'm planning to work with either ListSource or Yellow Letters to get my initial DM campaign kicked off. I look forward to talking to you tomorrow. 

@Ehsan Rishat What you have to say also reinforces the valuable content of Rick's post. I did not know that phone numbers are available through ListSources but this is excellent to know. I have also been meaning to look in to how Padhawk can help after hearing the podcast with Aaron Amuchastegui recently.

Hey BP,

I spent a good amount of time driving neighborhoods in San Antonio for buy/hold investments following several suggestions and found many neighborhoods that I really liked. Although, I still need to analyze more deals in many of these hoods. That being said, I wanted to ask the community how other San Antonio buy/hold investors are generating leads. 

Are y'all using bandit signs, yellow letters, MLS, door knocking?

Also, amount of available rentals on the market seems dense. Are you finding that your DOM are high?

Thanks in advance,

Monte

Hi Bigger Pockets!

I am closing on a property next week with a hard money loan. The rehab is $45k and expected to take about two months.

I have been quoted a vacancy policy and a builders risk policy but no one has been able to tell me that I should definitely do one or the other. The vacancy policy costs much less.

Does anyone have any experience with this or have a recommendation on which one to go with?

Good afternoon BiggerPockets!

I am currently looking at a deal in Houston, TX that only cash flows if the property taxes stay where they are today or only go up slightly. 

The current tax appraisal is at $110k and the ARV is at $170k. If the appraisal I get to refinance out of the hard money loan comes in at $170k like I want it to, will this also be the new tax appraisal?

If the new taxes are based on the ARV loan appraisal then the deal will no longer cash-flow. Does HCAD (Harris County Appraisal District) have access and use the value of my loan appraisal to determine the tax appraisal value of the home? If so, is it possible to significantly reduce this so that the deal still cash flows?

Thank you for your help!

Good point @Robert Murphy. I would definitely make sure I have the correct coverage, make sure the tenant is informed, and understand the risks. 

My main question here was, is anyone having a problem finding tenants for homes they have rehabbed in the areas that were hit hard by Harvey? 

I see a lot of wholesale deals around at deep discounts but I was wondering if investors have been able to fill vacancies after rehabs.

Hey BiggerPockets!

I want to see if anyone that has been buying Harvey flood houses in Houston and rehabbing has listed there home. Have you had any trouble renting the home?

I've been seeing a lot of wholesale deals from brokers that are concentrated in the hard hit areas. I am wondering if investors are going to be releasing a lot of inventory in these neighborhoods all at the same time resulting in many homes sitting on the market for longer than expected.

Is it too early to see any of these homes on the market?

Is there hesitation from renters to rent a recently flooded home?

Let me know what you think!

Hey BiggerPockets!

I am about to file my taxes before the extension deadline and I have a questions regarding "Fair Rental Days". I bought my first buy/hold last year in October and I owned it about 75 days out of 2016. It was vacant for about 20 days during the rehab and after listing it for rent. My CPA filled in 366 days under fair rental days. My CPA stated that "fair rental days" only applies to vacation homes.

Will this affect my ability to obtain a loan to purchase another buy/hold this year? 

Thanks,

Monte

Great post and questions @Steve Watson. I'm looking forward to following this thread as I am also interested in the potential San Antonio posses for investors.

Good afternoon,

I am currently in need of a new vehicle do to issues I am beginning to realize with my current vehicle. Will purchasing a new vehicle in January (this month) affect my ability to purchase an investment property in April? I will likely be purchasing my second investment property using a hard money loan followed by a second closing with a conventional mortgage.

Thank you in advance for any knowledge on this subject.