All Forum Posts by: Taylor Philley

I own a 24 unit and a 10 unit in San Angelo (I'm an investor living in Austin). I have not seen my rentals affected by the oil market at all, so I'd have to agree with Aaron on this one. My apartments are all geared towards lower income renters (I rent my one bedrooms for between $585 and $610/month plus a utility fee) and I'm almost always at 100% capacity. I think in any market right now there is a high demand for affordable living. I am currently looking for my next investment and San Angelo is on the list of areas I'm looking. I also want to add that I own some SF homes in Odessa as well, and that city is no longer on my list. I've found it to be much more volatile.  

Hi @Patrick Edelin! I'm interested in the same thing, but sounds like a different market. I'm in Texas! Still hoping to get to one of Gene's courses this Fall. What market are you looking in? Best of luck!

I'd love to connect! I'm currently in single family homes and apartment buildings in central and west Texas but have been evaluating a few residential assisted living homes + business / license to purchase in Austin and San Antonio. What geographical areas are you two focusing in? I'm new to RAL but very much looking to get into the space.

Hi @Aaron Nelson- Did you end up making the offer? I own 34 units in San Angelo (a 10 unit and a 24 unit). I would say this is a decent deal but I prefer more meat on the bones personally because I like value-add. What shape are these apartments in? I bought mine at the end of 2019 for about $18k per door but they were in HORRIBLE shape. At least 10% were not livable and another 75% required immediate repairs. I also had to replace a $20k roof, most PTAC units, and most appliances. So while I got a great deal on the price (in my opinion), I had to put in substantial cash to get them to where they needed to be. That said, they have remained around 100% occupancy. 

I increased all my rents from $485/month all bills paid to $595/month plus an $80 utility fee. So my tenants for a 1 bed / 1 bath apartment all pay me $675/month for "all bills paid" which does not include cable and internet (the previous owner also paid this for the tenants but I cut that off when I bought them).

I would imagine you can get at least $650/month for a 2 bedroom and more if you pay their utilities for them. My 10 unit I charge $595/month and that covers water, gas and trash but the tenants all pay their own electricity. 

Will you be paying any utilities? Let me know if I can help with anything else. If you are ever looking for a financial partner for that area (or know someone who is) so you can scale bigger, let me know, I would be interested in talking further. Good luck!

@Lyndon Timbang when are you signed up to take the RAL academy class? I would really like to hear your feedback on it. I've found it very difficult to find these opportunities to buy. Arizona has many listings on loopnet but I haven't found any other markets that list RALs online, so I don't know. Maybe you'll learn that in the seminar! Texas is a great market for real estate in general (though I may be biased bc I've lived here my whole life and own a decent portfolio here). Though I live in Austin and it's very expensive. Keep in touch with your RAL endeavors, I'm always open to hearing what others are doing in this space!

Hi Greg! I'm in Austin and have been eyeing those courses with Gene for months now but haven't pulled the trigger yet. Did you find it very helpful? I want to get into that space because I have both healthcare and real estate experience so it seems pretty perfect for me, but I'm really wanting to go into it with a partner and I haven't found that yet. There's one for sale here in Austin for about $1 mill and it comes with the house, the current clients (12 beds rented out of 15), and the state license. So you are looking for a start-up new business if you're not selling the business or license, just leasing the real estate right? It's an interesting idea! 

I too am very interested in this field since I have both healthcare and real estate experience, and there's one here in Austin for sale that I've been eyeing. To my knowledge, you are NOT taking any Medicare patients, these are ALL private pay. It does require a license here in Texas but I've been through many state surveys for my current company and the process isn't too rigorous, but you definitely must meet standards with policies and safety in the workplace for your employees and clients etc. My biggest hiccup right now is financing. I need to email my commercial lender to see if it will require 25% down or not because I'm unfamiliar with that. I've looked at the seminars in Arizona, the RAL Academy, but haven't taken one yet. Will you be getting into this field? I also own some small/medium sized apartment complexes which are GREAT, but it's been quite  hard to find good deals in that field lately. 

Are you looking for a firm that offers leads and training and takes a larger commission split or an individual broker that takes less and gives you more freedom but also has less resources for starters? And are you looking to continue to flip and invest yourself or mainly for clients?

@Aaron Lenard seems oddly low. I have two SF rentals in Odessa. Is the fourplex small? I also saw two triplexes sit on market for 6+ months one in each Midland and Odessa and I considered them but did not purchase. I was wondering the same thing. Why aren’t these being scooped up? Rentals fly off market so you’d think an investor would scoop it up but I don’t know exactly. They eventually sold. I would say buy it. You know one thing- it will rent out!

Hello! My sister is wanting to purchase land in Colorado and is needing some advice on best location for this (I’m an investor in TX so am trying to help her navigate this purchase). We have found some large acreage listings available in cities like Gunnison and Ouray and are wondering why they have sat on market so long because here in Texas, $350k for 100 acres is outrageously low. We have even seen 40 acres listed for $100k and then a 2,000 SF home nearby listed for $700k on one acre or less. She’s wondering what the catch is; why aren’t more people just buying the land and building? Also- where would you locals with CO knowledge recommend buying land? She wants to eventually build a home on the land and use it as a summer house, so she’s not overly concerned on immediate returns, but I would love for her to buy in a place that would appreciate for her over the next 5 years (instead of 25 years!) and is up-and coming. Any Colorado expert’s opinions would be very valuable! Also any recommendations for local realtors and lenders would be great. Thank you!!