All Forum Posts by: Thomas Glenn

@Henry Clark 

I am currently going through old threads on this topic, and your information is great.  I am currently in very early stages of possibly buying an existing RV storage lot which I am trying to work on how to value.  I am a smaller time investor with a few multi-family properties so this would be a large jump.  Do you have any type of system or process you use to value an existing one you would be willing to share?

I would agree with everything above.  The market especially for multifamily has been getting pretty heated the last couple of years.  We bought a quadplex for 170k a couple of years ago, and now they are selling for 50k more which in my opinion is more than I am willing to pay.  As far as renters, in the last 2-3 years now we have not gone any longer than 2 weeks without getting a new tenant, and one of our properties is in a little bit rougher area.  Finding a solid property manager is key in the market.  I have had similar experience with people coming out to the Killeen area that commute all the way to Austin because of how expensive it is there.  I work in between Austin and Killeen, and have also seen people buying houses out closer to Killeen that commute south as well again due to cost.  We have two properties in the market, and will most likely be looking for a 3rd within the next year.  I have noticed that anything priced around 200k in a decent area that is a quad has been getting going under contract very quickly.  

@pete harper I am not sure if you ended up choosing a proper management company, but I ended up calling a few.  I ended up really liking what I heard from That Realty Place located in Copperas Cove.  Their fee is a straight 10% with nothing added to maintenance, leasing, or eviction process.  They do inspections, and currently managed about 150 units.  It sounds like they are pretty responsive their tenants, and advised they only have 1 unit not rented out of the bunch.  I am probably going to be moving forward with them here in the next month or so once I finish some renovations on a duplex I own in Cove.  

On another note Pete if you don't mind me asking where are you buying your quad at?  I will tell you that managing myself my wife and I have done much much better than 50 percent vacancy. 

Appreciate the response.  I have seen a lot of Armadillo and JWC in the area.  I have read elsewhere Lone Star may be another good one to contact.  I plan on making phone calls this week, and I let you know what I find.  I am getting to the point where I no longer want to manager, but am with Nathan I have no problem paying a higher percentage or more money in general for a better PM.  I have a quad and duplex I am looking to put into management.

Did you ever get an private message from this?  I own two properties in the Killeen/Copperas Cove area, and am about to start my search for a PM.

Bringing back an old thread.  How did you fix this issue with cozy.  I am having the exact same problem right now. 

I have a buddy who I went through the police academy with that was stationed at Fort Hood. He ended up buying a quad and a duplex I believe using his a VA loan. Might be something to look into. I am assuming it would be less cash down that a non owner occupied investor loan but I do not have any experience with it.

I invest in the area and would go harker heights and cove before Killeen with harker heights being number one. 

I agree with the information above.  Anything above 190 is not something I am personally comfortable with.  Basically if the zip code ends in a 1 or 3 I typically don't look.  But I want to point out this is my preference and I know investors still buy in those areas. 

I will tell you that I am also a newer investor who owns 1 quad in Killeen and now a duplex in copperas cove.  My wife and I self manage mainly because the nature of the market has a lot of rentals which means lots of management companies managing lots of properties.  From experience the market is probably more labor intensive than most but we knew that going in.