All Forum Posts by: Rachel Trimble

Hi all, I'm under contract on a four plex in San Antonio. I have a 5 day option period which started today. I have 50 page inspection which reveals issues with plumbing, electric, HVAC, and roof. Does anyone have recommendations for these vendors? I need to know which issues are detrimental and whether or not I need to ask the seller to concede on anything. Please advise ASAP, as time is of the essence!! Thank you so much in advance. Rachel

@Jon Klaus

@William R.

@Brandon Foken

Hey guys. I'm on page 6 of this thread and have taken a few notes to help my brainstorming. I've finalized my list and am almost ready for the mailers. Some of you mentioned door knocking, and I'm just curious if you were targeting homeowner occupied SFRs? I'm assuming you were. 

Any suggestions, outside of phone calls and personalized letters, to achieve the same rapport enabled by door knocking...but for absentee owners? Seeing that they live all over the place, it would be hard to target them in this manner. Has anyone tried setting up a "webinar" or some sort of "information session" where all interested parties call in and are able to hear a quick 10 min presentation followed by FAQs? Is this crazy or am I onto something?

The market is fiercely competitive, and I am thinking of anything to set myself apart. Would a color photo of me help to normalize me and show that I'm a person not some scam?

Thanks in advance for your tips! Hope I didn't jump the gun and ask these questions before getting to them in the next thread pages...

@Rick Pozos Am I the inspiration for the meeting? ;) Just kidding! I will be there. Looking forward to it.

@Carrie HinerThank you for sharing. It's hard to argue with anyone who says we are in a great place to invest. :)

Thank you all for your feedback. Yes, I do have an ARV figured which is the only way I was able to back into my numbers to determine my acquisition cost ($40k). ARV is a conservative $125k and repairs are $65k. I left out an even bigger detail: I plan to rehab and then rent out, chasing the BRRRR strategy. So my margins aren't as hyper critical,but I am treating them that way. Basically, I'm going through the motions as if I were flipping, and also set to capture the 1% rent rule. In this case, it will be 1% of the total cash outlay I put into the property. So if I spend $40k buying, $65k rehab, I'm all in $105k plus/minus holding costs and unexpected issues.

@Aidan Mosherthe 3/1 has a terrible layout. If you're looking down on property from the sky, it's a perfect T. The living room is opposite sides of house from kitchen. It would be a total gut job. At 1200 sq ft. that is about in line with my estimate: $65k. I'm beginning to shy away from this, thinking it's not the best project to take on as a beginner.

@Seth Teel you bring up a really good point. I may talk to the contractor about adding on to the house to improve flow and value. Thank you so much for your idea! I guess I'm not ready to put this opportunity to rest just yet.  :)

@Brian Burke

Was going to spout off "Houston!!" but then read your comments, and think that makes perfect sense. It's definitely more volatile. 

I live in Austin, and have seen the tremendous growth. Every year I say, there is no way this will continue, it has to slow down, but then every year I am wrong.  As long as companies continue to relocate here from income-taxed states, and as long as we continue to see job growth in general, I think the market will continue to grow.  Even if that slows down slightly... it is harder to find good deals, the rent per purchase price ratio is typically nowhere near 1% or 2%, but appreciation and stability will prevail.  With that being said, it's harder for me to invest here right now.

San Antonio. Yes. Big time. Now is the time. San Antonio is about 10 years behind cities like Austin, Dallas, Houston, so they are just now at the beginning of what I predict will be rapid growth, development, revitalization, $$$$ to be gained. It's where I'm shifting my focus for 2016. Let me know if you have any specific questions about the area.  

Cheers to a fun and successful 2016!

Hi all,

I'm evaluating a property in San Antonio right now and am hoping someone has some advice for me. The asking price is $50k, but based on calculation, I could only pay up to $40k.  The repair estimation is $65k. Does anyone worry when the repair cost is more than the property acquisition? Does it matter? It would still be more cost effective to rehab this property, rather than buy an empty lot and build from scratch.  Any advice is greatly appreciated!!

@Gonz Trevino I use Hendricks Real Estate.  Tim Hendricks is an investor and manages about 90-100 properties. The guy is sharp and on top of things. I highly recommend him, and that says a lot coming from a very picky and critical person.  :)

@Gonz Trevino Yes, thank you for asking.  I have an outstanding property manager in Austin but wouldn't know who to trust in SA. It would be neat if the BP community found a trusted PM team and then pooled our properties...  Even better if that PM would offer us 8%, a special BP rate if you will.  :)  Let me know if Boardwalk or Liberty are interested.

Cory LaChance way to go, bud!! I have some questions for you. 1. Where did you go for loan? 2. Did you have established relationship with lender when you got the loan? 3. What rates and terms? 4. I thought you would need to wait for 80% LTV in order to get the refi done...can you explain a little more on the process? 5. Do you have any of your 10 conventional loans used or are you strictly purchasing with cash? Thanks so much, and I can't wait to hear how the next BRRRR turns out!