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All Forum Posts by: William Smith

William Smith has started 4 posts and replied 14 times.

Post: Investing in Austin, TX

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4

Kevin, that'd be great. Thanks!

Post: Investing in Austin, TX

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4
Brendon C. I'm partial to SA since that's where a majority of my investments have been, but I think it was the 'unknown' of Texas in that it flew under the radar behind DFW, Houston, and Austin. I think that has changed, but the city has tremendous growth potential and there are still some deals to be had (although like in most markets, they are harder to find in the current cycle right now). Another benefit is that since housing is generally more affordable, comparable investment properties are cheaper in SA, but I think that gap is closing as well.

Post: Investing in Austin, TX

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4

@Anderson Horn I've leased a place just south of downtown in 78704 for my first year in Austin. As for investing, I'm open to any area that fits the profile--whether that be near 78704, or Round Rock, or anywhere in between, as long as the numbers work. I've primarily focused in San Antonio, and had success on 3-8 unit buildings in median income neighborhoods where there are a lot of college age renters and young adults. These properties are also generally close to the "hot spots". I realize I may have to shift my strategy in Austin/surrounding area, which is one reason I'm reaching out.

As for house hacking, I'd probably be looking to stay fairly close to downtown. I'll have to be a bit more selective since I'll be living there with my girlfriend. It may even mean buying a house with a small apartment in the back. I wouldn't necessarily be looking for someone to pay my mortgage (although that's the goal, probably not obtainable in the city), but at least to offset the mortgage.

Post: Investing in Austin, TX

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4
I've been in RE investing for a few years now focusing on San Antonio. I primarily focus on small MF (duplex and up). I'm moving to Austin and want to start getting a feel for the market there (obviously it's hot), different areas, price points, etc. I'm also looking to house hack in about a year, so want to start putting my feelers out for that as well. I do not expect a lot of active investing on my part at the beginning of the move, but would like to get on an MLS list, meet for coffee/a beer to discuss, all with the goal to get more active as I become acclimated with the RE in Austin, as well as situated with the move. Thanks!

Post: Contractor Referral Please San Antonio

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4

Thanks @Joe Davalos, PM sent. 

Post: Contractor Referral Please San Antonio

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4

Hi all! I had my usual contractor run into issues unrelated to this project, and so he had to back out. Therefore, I am looking for, and in need of a contractor to finish out 2 units (1 a bedroom and a 2 bedroom). Both are essentially down to the studs and are in need of flooring, sheetrock, cabinets, lighting, etc. If the relationship works well, and the contractor is open to it, it could also lead to 'smaller' make ready type jobs.

Please, if you are a contractor, or have a referral, please let me know. This is in San Antonio, TX

Thanks,

Will

Post: Achieving 1% in North Dallas

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4

I think you and Erik nailed it. The main issue is you are giving someone else control over your cap ex and mainentance money - sometimes they manage it well, sometimes they don't. You are putting your trust in a board to properly manage thousands (or hundreds of thousands) of dollars. Sometimes boards have no experience with real estate and/or no knowledge of maintenance, causing them to misuse or misplace funds, thus allowing the property condition to slip. At that price point, in my experience, there is typically a fair amount of deferred maintenance, and the board starts to impose "special assessments" to raise enough money to take care of the necessities. That being said, they can be a good investment if they are properly managed and properly taken care of. 

Post: Contractor in San Antonio, TX needed

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4
Hello BP, I have a potential project in San Antonio and am looking for a contractor. The basics of the project are - it is a 2 unit rental property that is in need of some drywall, cabinets, fixtures, some new flooring, exterior painting, and of course other miscellaneous issues. If you are a contractor interested in doing the work, or if you are not a contractor but have any recommendations, please let me know; it is very much appreciated. If you're a contractor, a reference is appreciated. A tentative time frame would be to walk the project this Saturday April 8th, get an estimate, and to start work around the first or second week of May. The property is located in San Antonio, TX in Bexar County and is inside loop 410. Cheers, Will

Post: Creative Investing, Need help putting a deal together

William SmithPosted
  • Investor
  • Austin, TX
  • Posts 15
  • Votes 4

Erik, I might be missing something here, but can't you just have the seller get a payoff amount from the lender and then pay cash for it? Could you have her talk to the lender first, then see about assuming the loan? I would imagine the bank would rather have a paying person assume the loan rather than foreclose. If cash was the issue, couldn't you use a conventional loan, put 20% down and make sure the purchase price was enough to pay off her liens?

Also, you should check with an attorney as this is not legal advice, but I'd assume you could have her sign a power of attorney regarding the mortgage, or have her designate you as her representative. I'd imagine the lender would then be compelled to talk with you (on her behalf).

I hope that helps.

Sonu Sharma depending on your resources and timeline another place to try is a Law School Clinic - Texas A&M in Fort Worth, SMU or UNT in Dallas. It is free and the students are working under the supervision of licensed, and often extremely knowledgeable attorneys.