All Forum Posts by: Aaron Signer

Happy almost New Year!

Quick question for the realtors out there: what are the biggest challenges that you face/what would make your life easier?

My buddy is considering getting started but has no experience. Appreciate your help!

I rent rooms near the Domain and I can confirm that finding tenants to fill it is not a challenge. Even with the abundance of apartments in the area, people still like having access to the private yard and other perks of a house.

Given cost of entry for Austin, and the appreciation, I would definitely house hack. If you can do 5% down, that allows you to access Homestyle loans with Fannie Mae that allow you to swing your own hammer on your property vs being forced to rely on a GC.

Or new builds are an option starting in the high 200's/low 300's if you don't want to worry about the rehab portion.

I know that in Indiana, buying cheap houses, demoing them, and building fresh is a solid strategy for flipping but having seen the list of permits required up there vs down here, I would advise to make sure that you have all your t's crossed and i's dotted. 

I have considered it down here but only for flipping, not rentals. 

I was looking for comps in Belleville, IL and most are within the same 20K range until you get just outside the neighborhood. Then property values drop pretty dramatically, pretty quickly. We are talking going from mid 200's down to 60K or so.

All of the sudden, I found a house (2 bd,1 ba1,176 sqft)that was bought this year in that area for $600,000.
https://stclairil.devnetwedge....

It was bought 5 years earlier for $300,000. The time before that it was sold in 2006 for $24,500.

Site Address: 517 BELVEDERE DR BELLEVILLE, IL 62223

Any ideas on what the strategy here is?

Thank you so much for your quick replies and suggestions!
@Chris Mills @Will Fraser @Lauren Speidel @Glenna Wood @Scott Wolf @John Warren

Anyone have a recommendation for a 1031 Exchange expert?

Property is located in Austin, TX.

Much obliged!

I hired a contractor on a flip back in June on a 10 week construction bid and have been doing staggered draws.

We are currently 3 months behind schedule and he is not only no longer responding to me, but has removed the lockbox from the property. There is still a good deal of work that needs to be finished.

Looking for people experienced in the Austin area for advice as to what to do to move forward. Thanks in advance for your help!

@Theresa Harris Hindsight absolutely is 20/20 on this learning lesson. Thanks; fingers crossed she reaches out to him.

@Harvey Levin The former owner refused to transfer security deposits as it wasn't expressly written in the contract. I found the following:

Even after the sale, the landlord is still responsible for the proper return of all tenants’ security deposits for one year after the sale unless:

• He or she transfers the security deposits to the new owner. The new owner must then notify the tenants that he or she is now the owner and is in possession of their security deposits.

What Is Indiana's Security Deposit Law?

For the actual text of the law applying to security deposits in the state of Indiana, please consult Indiana Code Annotated §§ 32-31-3-1 to 32-31-3-19.

https://www.thebalancesmb.com/indiana-security-deposit-law-2125069