All Forum Posts by: Collin Corrington

I'm in San Antonio and I love the outlook here. 

1.  We're growing like crazy.  It's a short matter of time until San Antonio/Austin becomes the next DFW.  Many corporate headquarters are moving this way.  We've got tons of military here and a diverse economy.  Plus, affordable house prices compared to much of the nation. 

2. It depends on what you mean by more attractive. Much of San Antonio's east and south are being gentrified as I type this. Those areas can get a bit speculative if you ask me, but some people love it. I've seen people making $100,000+ on flips there. I just don't have that Chip & Joanna gene, so I stick to simpler flips and BRRRR's which you can find just about anywhere in SA.

3. If you're on point with your eviction process you can have people out in as short as 3 weeks.  But I'd say on average it's 30-45 days. Texas is very landlord friendly.  You've just got to make sure you stay on top of the process. 

4. Well, I don't mean to brag but...... =)  I will say that being an investor/agent allows me to shop pretty effectively with both on and off market properties. 

4.5  If you give me more specific about what kind of deal you're trying to find I can help a bit more on details of the area you should be shopping. 

Thanks for the coffee offer but save it for the next time you make it down to Texas and let's do it in person!

I think $35K is more than enough to get going!  My first deal I did with $17K and more than doubled my money!

You've got to be on the lookout.  If you're trying to owner finance a $300K house that wants 20% down with $35K then no, you don't have enough.  

I don't know all the details of your circumstances but remember the refinance part of a BRRRR deal. As long as you can force more than 20-25% equity you should be fine. And don't forget, some Hard Money guys will finance the rehab if the project is good enough.

I've been witness to 100's of owner finance deals here in San Antonio.  Yes, there are some laws that you must be aware of.  

Simply put, you need to prevent any predatory lending. So, ability to repay is something that must be very well documented.   You can do 1 deal a year on your own without any help on the back of a bar napkin if you'd like.  But after that you fall into the same category as a bank.  

My advice, get an RMLO that understands what you're trying to do. Use a RMLO everytime!  And listen to them!  Then, have a well defined set of underwriting guidelines that you follow to stay consistent. 

If you need an RMLO recommendation I have a great one. 

I've never had any problem with the amount of time I hold a sub2.  But personally I try and get it in my name as soons as it makes sense.  You've got the Sword of Damocles hanging over your head with the "Due on Sale Clause" or "Acceleration Clause" should it ever arise.

Depends on how good of a deal?  If you find a great deal and are willing to do an equity share money can come flying in.  BUT, make sure you're numbers are solid and so is your business plan on that deal. 

I'm not sure if someone already mentioned this but make sure to get a Power of Attorney when you close on the Sub2 side. You can make it a limited POA to only the mortgage and that particular house. It just makes things easier when you go to refinance. You can now show you have the legal right to discuss this mortgage and property.

I'm partial to San Antonio myself.  Great price point and lots of growth!

I hate to bring more competition to San Antonio but yeah, San Antonio =) 

We have many new businesses relocating headquarters here, population is growing, a diverse economy, there is so much going on.  Plus, it is a reasonably priced market and you get get a lot of bang for your buck. 

On the Bigger Pocket Podcast I heard the phrase "Trying to time the market is like trying to catch a falling knife".  I thought that was perfectly worded.  I invest in San Antonio as well and I'm not slowing down.  I will say that I have tightened up my criteria though.  I'm only looking at deals that I think are at least 60%.  This is pushing me to look at other types of deals as well, including mobile homes.  

I could use some help driving for Dollars.  I'm ready to pick up my next 2 or 3 houses and like to find off market deals.  It's an easy way to start learning what to look for and I do pay if you find a deal.