All Forum Posts by: Trevor Caswell

Which school district is it zoned to?

Baylor Bubble has a lot of competitive buyers that generally pay cash. You can figure around $650-800 a door depending on your finish-outs. I'd avoid trying to buy anything listed on the MLS due to the inflated prices that will kill your cash-flow. You may want to start looking for something off-market that is a value-add opportunity.

I would love more details.

Hello,

Is this still available?

Hello Otchi,

Hillsboro is located between DFW and Waco. However, I would not lump it in with either market. The city has been going through growing pains in the past decade or so. I don't see too much commercial stuff going on up there to justify an influx in renters or rental rates. You would be safer doing a BRRRR in cities closer to DFW, inside Waco/Hewitt, or down in Temple.

Scott Snyder - American Bank

Jared Poteet - TFNB Waco

Mike Nelson - Efficient Lending 

The benefit that Live Oak Lake has is its proximity to the Silos and Homestead Heritage. It's a short distance from I-35 making it a no-brainer for people heading into Waco for a weekend. There have been a lot of people looking to do this same concept, but they are unable to find the land that is zoned correctly (Commercial, or land in the ETJ zone) or within a good driving distance of I-35 or the silos. 

Proximity and uniqueness are key to successful STRs in Waco due to the high quality of workmanship in our homes and everyone's desire to be close to the Silos. The Gaines family has set the standard around here for Air BnBs and Flips. 

One of the most important pieces to this strategy will be finding the right lender and what your rate will end up at following your rehab. It's become increasingly difficult to work with local banks since they are taking a much more conservative approach to real estate loans. 

I know that the rental market has slowed down quite a bit in Waco, so the days of shooting for the moon are over. With today's current real estate market, I would recommend you pay close attention to your numbers. Especially since you are out of state. One of the big items here that will kill your numbers most often is property taxes. You can expect somewhere near 2.5%  

 How are you advertising these properties? I am interested in the MTR market here since we have 2 hospital systems. I am interested in your rental rate $/sqft. and Vacancy rates.

That is interesting. I have not heard that. What is the city telling you regarding why they won't let you?