All Forum Posts by: Aaron Gordy

@Sarah Davis notice the 55% impervious cover limit. That is a serious impediment. They need to allow for limits comparable to multifamily or commercial. It is a step in the right direction though. I am wondering and hoping that the voting that takes place today will change things for more density. 

@Tyler Livingstone Find a local bank lender that is doing construction loans. Establish a relationship with them. They will be considerably cheaper than hml. I have used hml before and I will in a pinch but only in a pinch as they are very expensive. 

@Jordan Moorhead Agreed. We aren't seeing any drops. We are seeing longer hold times which reflects the market. The days on market has increased but overall its still defined as a sellers market. Sure, one can drop the price and sell it sooner but its not necessary. I think that folks still have the 50% YOY appreciation and 100 offers in their rear view mirror as a comparison and clearly, today's market is substantially different. 

I have had good luck with Section 8 but the properties were usually in worse shape when the tenants left. I would expect the same type of results for this program. It worked really well when my section 8 tenants stayed for a very long time, which tends to happen as their choices for other housing is very limited.  One very nice elderly lady stayed at the property for many years. One has to screen them just like any other tenant even though the rent is guaranteed and most definitely call the previous two landlords. The first landlord may give them a stellar review just to get them out of their property..fyi.  

@Calvin Cheong Hey Calvin. Not sure where you got the info from about the 16% drop. The stats that I have from the latest Austin board of Realtors for the entire metro is in the positive. In fact, 36 zip codes has very good appreciation.   Quite a few are still double digit appreciation...but tbh the days on market is a little longer than what they had been this time last year. The downtown market is on fire with a ridiculous appreciation YOY but there is no way that one can come close to cash flowing or make sense of it from an investment standpoint, imo. 

The ROI's that folks are seeing in Austin is incredible. There are plenty of naysayers that keep on saying that Austin has run its course. I stand by the side of history. The Austin metro has been growing substantially over several decades.

My company is Austin metro centric with over 20 years property mgt experience from sfh to apartment buildings. 

@Frank Conrad Good info. The best quote that has been applicable for years is the one by Greg Anderson who is also on the city planning council.

"We have a lot of properties where a lot of housing would be amazing to build, but it's illegal to do so because our code is as old as Abraham Lincoln."

I call it the Dazed and Confused zoning since nothing has happened in over 30 years even though the city has grown exponentially. 

how big of a project is it? It seems like a small job. Check with your painters. They will sometimes do it if they have the time or at least mine will.

Know your market that you will be investing in. There could be a great deal of demand for that commercial metal building or not. Same thing applies to the older homes. You could do a dscr type loan if you have good credit.