I've only been to San Antonio once and don't know the area well. What neighborhoods should I checkout for 25% down, properties under 300k? Are SFH, townhome or condo's better for LTR?
Hey @John Blackrock with that criteria, I would recommend either the NW side or the NW side for single family. I'm not sure how condos and townhomes do here for rentals, condos don't seem to appreciate as well and also many times have high monthly costs. I looked at a condo a few months back that was a wholesale lead and it was difficult to make it work because the condo recently had an assessment for repairs and HOA fees were 680 a month and it still had 3 years on the special assessment.
My name is Jacob and I recently bought a home in the Harlandale district for 95k. Fortunately, I found a good home for a cheap price that was appraised at 10k above what I bought it for and my mortgage is significantly lower than my rent at my apartment, so I’m interested in getting a rental property. I currently have about 50k in the stock market, 7k in cash. I’d love to buy my parents home but I fear the cost of renovations would be too much. They’d probably sell it to me for 50k. The repairs would include foundation, new roof, new floors, new bathroom and kitchen (it’s an extremely old house), possibly plumbing and electrical work, etc
Do yall have any suggestions about how I should proceed? I’m new to this so I appreciate any feedback.
Sounds like SA is a great place to invest with all the amazing growth that is happening. How do you all mitigate paying the 2.12% property tax in San Antonio? That $300 monthly payment would really eat away at profits! Is that the correct rate for non-owner occupied houses?
@Cheryl Vargas the property tax rate is more like 2.8% depending on the city and school district. It is just a cost of doing business. That is why the prices of properties are not $400 to $600 per sf like they are in SF area. Plus there is not a state income tax like Cali. You just have to work with what you have.
Yes, the $150k-$200k purchase price for a 3/2 in San Antonio is way more desirable than the $600k- $800k purchase price in the SF Bay Area where I live, even with the lower property tax rate!! Sounds like you know the area well over here. Good to know that there is no income tax. That doesn’t help me as an out of state investor, unfortunately, but it makes sense as to why that is a desirable place to live.
I have been running numbers and haven’t found a house on the market in SA that will produce even $100/month cash flow on the BP calculators. Maybe the home prices have already risen too much over the last 10 years to find good cash flow.