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All Forum Posts by: Robby Sanchez

Robby Sanchez has started 23 posts and replied 101 times.

Post: Needing Advice on Commercial Project

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @Melissa Odom:

Hi BP Community,

I have a small family-owned shopping center in Wimberley, Texas.  It is in a perfect location (off the square) in a very popular tourist town outside Austin, Texas.  The problem is the buildings are in major need of repair...and because of this, rents are one of the lowest in town.  Speaking to a contractor, just to remodel 3 of the 8 buildings could cost around $750,000.  To rebuild would not be all that much more due to the work that needs to be done.  The lot is 0.25 of an acre.  

Some thoughts that go through my head......

Who do you contact to get current values, after renovation values to see if this process is even worth it? How do you get accurate numbers to determine ROI? I have ideas of the values, but nothing based on anything concrete.

If I take out a construction loan, how do I pay for the construction loan during the process?  I won't see any rents or income until after the construction phase is completed.   

If we do a full rebuild, are retail shops the most profitable?  There is one upstairs apartment that can be turned into a str.  Should I add one or two more?  Or should I consider the possibility of adding in a small restaurant?  What gives you more bang for your buck?  Which ones will still deliver in a down market?  Or should I create a combination of all three?

As I start down one path, I have more questions which leads me down other paths with even more questions. 

Any advice is greatly appreciated.  I have 3 long term rentals, but this is my first time with commercial property.  The property is mine and my brother's inheritance so I am looking at it as a long term investment.  

Thanks for your time and help,

Melissa
  

i am pretty sure thats what bridge loans are used for but i am by no means an expert on loan services

Post: Introduction to Bigger Pockets from Austin, TX

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @Mike Weigel:

Hello Bigger Pockets community. I'm an investor in the Austin, TX area and I'm here to build relationships and work on deals. I currently have a rental property and am looking at getting my real estate license and building a property management and property maintenance company to serve my investments and potentially others. 


 welcome mike! Happy to meet for lunch sometime and talk about how we can help each other! Reach out if you ever need anything! I'm in round rock

Post: Inspection: What to check for duplex

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40

hopefully your inspection went well. wish i would have seen your post earlier i would have been happy to help you out with your inspection. but to answer your question, there really isn't anything you need to "ask" your inspector to look for. if he is a good inspector he will know what to look for and what defects are major and should be addressed immediately and which defects are minor. DM me if you need someone to take a second look!

Post: Chef, Software Engineer, Real Estate Investor

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @Kevin Apolinario:

Hi everyone!

My name is Kevin and I am on my way to secure my first deal.

I like to think I started my real-estate journey a few years ago. I was out of college (just earned my degree in Culinary Arts) and was constantly running out of money. I realized I needed to learn more about money, so I read Rich Dad Poor Dad. As many of you can probably relate, this book opened my eyes to the power of the dollar, and it got me interested in real-estate. I ended up attending one of those weekend seminars for a few hundred bucks that tries to sell you on a 30k coaching program. While I didn't get into my first deal then, I have not been able to get rid of the interest in investment properties. 

I actually ended up going through a big career change, and attended a 6-month bootcamp to learn Software Development after 7 years cooking professionally in fine-dining kitchens.  I am now working as an engineer in the Twin Cities, but have plans of moving to Austin, TX with my wife to house-hack and work in the more plentiful tech market over there. 

I am looking in the greater Austin area, with plans of securing a job and house-hacking a quadplex or triplex. I am interested in meeting mortgage brokers, investors, and real-estate agents in the Austin area, as well as anyone who can connect my abilities as an engineer to a tech company in the area.

I love learning new things, and not knowing how to do a thing has never stopped me from doing it. I am excited to have grown to the point of tackling this big scary goal, and can't wait to meet some of you folks.



 Welcome to Austin! I live locally in round rock! I took the same exact path as you pretty much. It seems like we have so much in common. Rich dad poor dad really shifted my mindset about how i think about living my life and pursuing my career. I currently work at Tesla part time and could refer you to a position if you are interested! lets meet for lunch and see how we can help each other!

Post: Austin Market Report - December 2024

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @David Ivy:

Happy New Year! The December 2024 report from the Austin Board of REALTORS® (ABoR) shows stable housing prices and balanced market conditions in the Austin metro as we reached year’s end. Here are some key highlights from the report, which compares December 2024 to December 2023:

  • *The median sales price in the greater Austin metro rose slightly by 1.4% to $450,000. In the City of Austin, we saw a 6.5% increase to $575,000
  • *Total sales increased 2.5% in the metro. In the city, closed sales were up 12.6%. This reflects continued demand despite economic headwinds
  • *Pending sales increased 3.1% in the metro and decreased 2.2% in Austin proper.
  • *There was 10.1% more listing inventory in the metro and a whopping 30.5% more active listings on the market in the City of Austin. This worked out to just under 4 months of available listing inventory in both the greater metro and the city itself. According to the Texas A&M Real Estate Center, we find a balanced real estate market at around 6.5 months of inventory. For most of 2024, we saw 5-6 months of inventory in the Austin area.

Here are the December 2024 for Austin and the greater metro:

Here’s a chart showing the median sales price of a single-family home in the City of Austin in 2024:

The median sales price for a single-family home in December 2024 was up roughly 9% from the beginning of the year. As listing inventory built up in the spring, prices softened a bit as we hit the summer months with an uptick toward the end of the year.

For broader context, here’s a chart of the median sales price of a single-family home in Austin over the past 10 years:

Compared to the recent price peak in May 2022, the median single-family home price in Austin is down approximately 17%. However, pricing in Austin is still substantially above pre-pandemic levels. In fact, the median sales price of a single-family home in the Austin metro is about 48% higher than it was at the start of 2020. For the 10 year period spanning December 2014-2024, single-family prices in Austin nearly doubled, yielding an annualized appreciation rate of ~9.4% in that period.

With inflation close to its 2% target and an uptick in the labor market, The Federal Reserve may be taking a break from rate cuts. The Fed’s cuts in 2024 initially moved mortgage rates downwards to their lowest level in nearly 20 months. However, rates have since moved upward.

A 30-year fixed rate mortgage is once again sitting around 7% interest:

For broader context, here’s a chart for 30-year fixed mortgage rates over the past 5 years:

The real estate industry hoped 2024 would see a recovery in which mortgage rates fell and home sales climbed. However, as we look back, we see that this didn’t pan out. For those still wondering why mortgage interest hasn’t moved down alongside the Fed’s rate cuts, see this WSJ article: If the Fed Is Cutting Rates, Why Aren’t Mortgage Rates Falling?

All else being equal, lower mortgage rates reduce the cost of ownership and, thereby, allow more people to afford to buy. For example, a buyer putting 20% down on a $500k home would pay around $500k in interest over the 30-year life of a typical mortgage at a rate around 6.5%. With an 8% mortgage rate, they would pay more than $650k in interest.

One major problem for both buyers and owners beyond mortgage rates is the rising cost of property tax and insurance. Here’s a chart showing what percentage of an American’s average mortgage payment goes to taxes and insurance:

Rising taxes and insurance premiums make real estate even less affordable for buyers already facing higher home prices and mortgage rates that rose ~150% in less than two years. Even if mortgage rates come down, rising property taxes and insurance show no sign of reversing. So, even if we see lower mortgage rates in 2025, falling rates won’t solve all the problems faced by buyers in current market conditions.

What if I’m a buyer? In many ways, this is the best market for buyers in Austin in years. There are more listings to choose from now than any other time in nearly a decade. Listings are selling for roughly 92% of their list price on average. Multiple offers situations are the rare exception, not the norm. Buyers have significantly more negotiating power. They can take time with their search and be more selective about a property’s location and condition. So, if interest rates are a buyer’s primary roadblock, then I recommend negotiating a rate buydown at a seller’s expense or looking at new construction, where builders are offering rate reductions and other substantial incentives.

What if I’m a seller? There is still strong demand for Austin area housing. Prices are still considerably higher than just a few years ago. However, it’s important to price competitively and be prepared for buyers to request concessions. Days on market are around 80 days on average, depending on the area. Many listings are adjusting their asking price at least once while on the market. But properties priced and marketed appropriately can still go under contract in a matter of days. Now is not the time to “test the market” with an ambitious price to “see what happens.” With the increased competition, it’s crucial to prepare your property to stand out and work to address obvious buyer objections prior to going on market.

That is some great data for reference! I agree that austin from up close looks like a declining market but from a birds eye view, it makes for great opportunities!

Post: wholesale friendly attorney referrals

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @David Lecko:
Quote from @Jonathan Greene:

@David Lecko probably knows of one. He is in Austin.


 Thanks guys!

Hudly Title Phone: (512) 400-4210


Post: wholesale friendly attorney referrals

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40

hey guys! I was hoping someone had a referral for an investor friendly attorney who can help with contracts specifically dealing with wholesaling both MF and SF.  TIA! 

Post: Buying Commercial retail space

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @Sri R.:

I am a newbie to real estate investing and looking for guidance from the teams here to understand the sources from where we can find any small retail spaces to buy. Looking for spaces in existing or new communities coming up in and around phoenix, dallas, austin, raleigh, irvine, charlette, san diego.

Imin austin. Let me know if can help!

Post: 🏡 Looking to Connect in the Real Estate World! 🌟

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @Nick Dahal:

Hi everyone! I’m currently based in Austin, Texas, but I’m open to relocating to other parts of Texas or even a neighboring state for the right opportunity. I’m eager to dive deeper into the real estate market and would love to connect with experienced professionals, mentors, or potential business partners.

My primary interests include:

  • Buying rental properties for Airbnb or other short-term rentals
  • Storage facility investments
  • Investing in homes for long-term appreciation
  • Land purchasing for future development or resale

I have some capital to invest and am ready to be hands-on in managing and taking care of the business operations. While I don’t have extensive experience in real estate, I’m a fast learner, highly motivated, and committed to making this a success.

If you have experience in this field, are looking for a dedicated partner, or have ideas to share, I’d love to connect! Let’s combine our skills and resources to create something impactful and profitable.

Feel free to message me or drop a comment below. Looking forward to connecting with you! 💼🏘️✨

Hey nick! I live in round rock as well! And I'm also looking to partner! Let's get together and talk more about it!

Post: New, hungry, eager to start while also patient. Large risk appetite.

Robby Sanchez
Posted
  • Inspector
  • Austin, TX
  • Posts 102
  • Votes 40
Quote from @Zach Howard:

@Robby Sanchez

Thanks for the offer - actually Texas is one of the places where I've started to look at potential properties and so on. My ideal location would currently actually be Augusta, GA because I really want to start somewhere with a very low crime rate. 

Any part fo Texas you might recommend that are safe?

Yes sir! Dallas TX is a great market right despite the current downturn. Austin tx is not as bright but the future market of Austin is promising! I'd be glad to hop on a call and talk more if you'd like!