All Forum Posts by: Tyrell Proby

I would suggest focusing on improving both your credit and your financial skills simultaneously. While a credit repair company may offer some assistance in improving your credit score, it's important to also learn how to manage your finances better to avoid accumulating debt in the future. You can start by budgeting your expenses, paying off existing debts, and saving money for your future real estate investment. Improving your credit score can also help you qualify for better loan terms and interest rates when it's time to secure financing. As for creative financing, it can be a good option to explore, but it's important to understand the risks and limitations involved. It may be helpful to consult with a financial advisor or real estate professional for guidance on your specific situation. If you would like to discuss future harmoney options i'd be more than willing to talk with you. 

Try "Austin Real Estate Investors" Group on Facebook.

These large corporations are expected to create new jobs, attract highly-skilled professionals, and drive economic growth. This could result in an increase in demand for housing, services, and infrastructure development in the area. Additionally, their presence could lead to an increase in business development, as smaller companies may want to set up shop near them to take advantage of business opportunities.

Lets just hope we figure out this Public Transportation problem !

I would advise you to attend Real Estate meet ups here in Austin. Start introducing yourself to everyone and building your network. Be yourself and ask questions. You may even find a mentor. If you want to know where to go to find RE Meet ups send me a message. 

It's great that you're considering purchasing your first property! However, it's important to take your current financial situation into consideration before making any big decisions. Here are a few things to consider:

Paying off your student loans: It may be a good idea to focus on paying off your student loans before taking on the additional financial responsibility of a mortgage. This will not only free up more cash flow to put towards your mortgage payments when the time comes, but it can also improve your credit score, making it easier to get approved for a mortgage.

Saving for a down payment: If you do decide to purchase a property in the near future, it's important to have enough saved up for a down payment. This can be a large amount of money, so it's important to start saving as soon as possible.

Renting vs. owning: While it's true that owning a property comes with additional costs such as property taxes and maintenance, there are also benefits such as building equity and having more control over your living situation. It's important to weigh the pros and cons of each option and determine which makes more sense for you in the long run.

Ultimately, the decision to purchase a property should be based on your individual financial situation and goals.

The decline in the value of the US dollar as the world's number one currency could have various effects on the real estate market. Here are a few possible scenarios:

1. Increased demand from foreign buyers: As the US dollar weakens, foreign currencies may become relatively stronger. This could lead to an increase in demand from foreign buyers for US real estate, as it becomes relatively cheaper for them to invest in US property.
2. Rising interest rates: A declining dollar could lead to rising inflation, which could cause the Federal Reserve to raise interest rates to control inflation. This could make it more expensive for buyers to obtain a mortgage, which could lower demand for real estate.
3. Decreased investment in US real estate: A declining US dollar could also make US real estate less attractive to foreign investors who are looking for stable returns. In this case, investment in other countries may become more appealing, leading to a decrease in demand for US property.
4. Higher costs for building materials: If the US dollar continues to decline, it could lead to an increase in the cost of building materials that are imported from other countries. This could make new construction projects more expensive, which could lead to a decrease in the supply of new homes and potentially drive up prices.

Overall, the impact of a declining US dollar on the real estate market would depend on a range of factors, including inflation, interest rates, foreign investment, and the availability of building materials.

It really just depends on your individual financial situation and preferences. Here are some pros and cons to consider for each option:

One Time Construction Loan:

Pros:

Typically requires a lower interest rate than other types of loans.

The loan can be tailored to meet your specific needs for the construction process.

The loan is often dispersed in stages to help manage cash flow during the construction process.

Cons:

You will need to have a good credit score in order to be approved for a construction loan.

If the construction process takes longer than anticipated, you may need to extend the loan or get an additional loan to complete the project.

Borrowing from 401K:

Pros:

There is no credit check required to borrow from your own 401K.

The interest rate is often lower compared to a traditional loan.

Cons:

You will be taking money out of your retirement funds, which may hamper your future savings.

There may be fees or repayment penalties for early withdrawals.

Selling Stocks:

Pros:

Selling stocks can provide a quick source of cash.

Cons:

There may be capital gains taxes when you sell stocks.

Selling stocks may not provide enough cash to cover the cost of construction.

Pulling out Equity from Rental Properties:

Pros:

If you have enough equity in your rental properties, this can provide a good source of cash.

Cons:

Depending on the equity you pull out, you may have higher monthly mortgage payments for your rental properties.

Pulling out equity from rental properties may not provide enough cash to cover the cost of construction.

Overall, it is important to carefully consider each option and to consult with a financial advisor to determine the best course of action for your individual situation.

Renovating an inhabited property requires a delicate balance between keeping the tenants happy and making the necessary changes. Here are some strategies you can use:

Plan the renovation around the tenants: Try to schedule the renovation work for a convenient time for the tenants, like when they are at work. You should also communicate with them and let them know the scope of the work and expected timelines to minimize disruptions.

Make temporary arrangements: If major work is being done, you may want to consider temporarily relocating the tenants to another unit in the building or offering them temporary accommodation elsewhere.

Phase the renovation: Instead of renovating the entire building at once, you can consider renovating one unit at a time. This approach ensures that the tenants are not displaced and can still enjoy the comfort of their home.

Hire professional contractors: Work with professional contractors who have experience renovating inhabited buildings. They should be able to minimize disruptions, provide safe working conditions, and ensure that the tenants' privacy is respected.

Offer incentives: You can offer your tenants incentives, like rent discounts, to compensate for any inconvenience caused during the renovation period.

In conclusion, renovating an inhabited multi-family property requires careful planning, communication, and consideration. The goal is to maintain a positive relationship with your tenants while upgrading the property to increase its value.

This should be fun; Hundreds of new employees coming to the area, along with the need for transportation of goods and materials, could cause increased traffic congestion in the area, making it more difficult to get around. Especially in a city that already lack public transportation in the first place. The arrival of a large business can potentially change the community as more people move in and the area accommodates more industrial activity. This can lead to changes in the character of the area and potentially disrupt local communities.

But the positives outweigh the Negatives !!

Here are some suggestions to market for quality tenants for a SFR rent by room:

1. Advertise on rental websites: There are several websites like Craigslist, Zillow, Trulia, and Padmapper where you can advertise your rental listing. Be sure to provide clear, concise descriptions of the property, including details about each room, and include quality photos.
2. Use social media: You can also advertise your rental listing on social media platforms like Facebook, Twitter, and Instagram. You can create a post on your own social media accounts, join local rental groups, and ask your friends and family to share your post.
3. Digital marketing: You can also use targeted digital marketing campaigns to reach your target audience. Look into platforms like Google AdWords, Facebook Ads, and Instagram Ads to target renters efficiently.
4. Utilize local community groups: As you mentioned, posting in local church Facebook pages is a great idea for marketing. You can also post in local community groups, such as neighborhood associations or parent-teacher associations, to reach potential renters.
5. Create a referral program: Consider implementing a referral program for current tenants. Offer discounts or incentives for referrals that lead to a lease signing.
6. Hire a property management company: If you don't have the time or resources to market your rental listing, consider hiring a local property management company to do it for you. They can assist in creating an effective marketing strategy and help you reach quality tenants.