All Forum Posts by: Andy Webb

@Andrew Postell - well shoot, if I had seen this earlier we could have discussed at the Propelio thing last night!

@Jess White - insurance is pretty high in TX compared to some of the other states these guys may be referencing. And within TX it can swing quite a bit. I have two similar sized houses in Tarrrant and Dallas counties, similar values, and the insurance in Tarrant is a few hundred more and my insurance company requires a 2% deductible there rather than the 1% I usually carry - the storms come in from the west, Tarrant get slammed most of the time so rates are higher. Bottom line, check with an agent in your area to confirm.

Andy

I see their poor reputation is not just here in TX.  I feel your pain @Linda Weygant!

I talked recently with one of the small, local banks in the area (think Portfolio lender). These guys will absolutely give you a Line of Credit on the equity in your investment property, but they will ask you to refi your existing loan to them to put them in 1st lien position.  In my case that would result in lower cash flow since I would be moving from my FNMA loan into a higher-interest and shorter amortization loan.

My in-laws bought their primary residence a few years ago - an early 80s beast with no updating and carpet in BOTH bathrooms.  Drives me nuts.  Replace that stuff with tile or vinyl and save yourself the future headaches.

Andy

I should add that we typically are doing a rate-and-term refi, not a cash-out refi.  The seasoning requirements are usually in place if you are pulling out cash.  We just move from the short-term, high-interest HM loan into the 30-year one, so no seasoning required.

@Hao Dinh - that is exactly what we do: buy with HM, fix up and rent the place, then refi into 30-year FNMA loans.  There are plenty of mortgage brokers out there that will shop your loan to multiple investors/lenders to get you the best deal and the seasoning will not be an issue.

Talk to @Andrew Postell - he is very active and can help you with the back-end loan.

Andy

Bump!  I am also looking for a good GC for two deals down in San Antonio. Thanks!  Andy

@Account Closed - thank you sir! 

Hi folks - looks like we are about to pick up 2 rentals in San Antonio in the next week or so. One follow up question:

- Rental or CO inspections - does the city require inspections or any sort of registration for single-family (not Section 8) rentals?  I could not find anything on the city website, and short of a response here, will call the city.

I ask, because about half the cities around DFW where we are invested require either a registration, an inspection, or both. And of course each city varies as to its code requirements for a rental if they do do an inspection...

Thanks!

Andy