My name is Rene Gonzalez. I'm from Laredo, Texas, but my family and I are currently living in South America and will be residing outside of the U.S. for the next 3+ years. I have been browsing BP website/forum for the last year and half and have read a few books on real estate investing and have learned a lot. I wish I had read the books and found this site about 10 years ago when I was in my 20s. I'm confident that it is not too late and I'm now ready to commit to purchase our "first" real estate investment and start the journey to financial freedom. We currently live frugally, have no debt, have built up our savings account and now we need to put it to work for us.
I have some accidental experience with rental properties that weren't purchase as investments. I have made some mistakes and learned from them.
1st Rental Property was a 2 bedroom condo I purchased when I was single (wish I had known about house hacking then). I got married, got a new job and moved cities. We kept the condo and decided to rent it out and manage it ourselves. It went great with the first tenant for about 2 years. The second tenant not so much. We lost a couple of months of rent that went unpaid and the tenant picked up and left one day. It caused some stress as we were carrying two mortgages for a few months and we lived a few hours away from the property. So, we decided to sell it.
2nd Rental Property. We are currently renting our home in McAllen, Texas, but this time with the help of a property management company. This property was purchased as a home and not as an investment and the numbers are not great, but not bad. We kept it as a possible landing spot when we return to the U.S.
My area of interest for investing is single family, duplex or 3-4 unit apartments in the Rio Grande Valley, Texas area and San Antonio, Texas.
Welcome to Bigger Pockets.
Hey Rene, welcome. I've been a landlord in McAllen for over 25 years and am familiar with property here. The money that sellers are asking for town homes and -4 plexes are stupid high right now. I've been sitting and waiting like a lion in the bush for over 2 years and the only deal that was worth anything was snatched up right away probably by a friend or family of the real estate broker. Don't get me wrong, there is property out here on the market but none if you plan on making any type of return on your money. The prices here in McAllen in particular are getting higher and higher by the month. You really need to be watching the area market everyday for something to pop up and be ready to bust a move. The more readily available properties right now are commercial but that is a very different ball game and I wouldn't recommend that to someone like yourself just yet. There is a saturation here when it comes to apartments and I am not a big proponent for home rentals. I realize how this might be a big negative for you but I tend to be realist. I'm giving you the down and dirty and not filling you with a bunch of BS. Your more than welcome to get in contact with me and I'll do what anything I can for you.
Thanks for the advice. I'm keeping an eye in McAllen as one of the possible places to invest, but being realistic. It is interesting that you mention the saturation of apartment rentals. I was told the same by the property management company I'm working with regarding a saturation of SFR rentals.
Hi Rene, good to see another Laredoan on here. I currently live in San Antonio, and can help you with your search for your next investment. Feel free to reach out at any time and best of luck in your real estate career.
I'll be reaching out. I'm interested in acquiring a SFR in the NW side near 1604/I10. Very early stages, I'm doing some research in that area.
Normally when I read south Texas on a post it is referring to San Antonio and the area around it. Quite refreshing to see it was for Laredo/McAllen.
I live in the RGV as well and have two SFR rentals at the moment. Looking to expand into multi-family soon.
Wish you the best of luck!
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