All Forum Posts by: Andrew Frowiss

Hi @Grey Stone I don't invest out of state, but I'm a property manager in Austin and manage lots of rentals for clients who live out of state. I think out of state investments can be a great avenue to pursue, but you need a good property manager you can trust. Or someone who can be your boots on the ground who really knows what they are doing. 

If you can find someone dependable who can communicate important issues to you, that will go a long way. There are tons of people who do this exact thing so you won't be the first. 

I'm a property manager in Austin, so things are different where I am. We do inspections before and after every Tenant which usually is about 2 inspections per year depending on the Lease term. We also do inspection upon request from our Owners (sometimes they want an inspection halfway through the Lease). I would talk to some PM companies in that area and ask them some questions about their experience, and if they have lots of clients who are out of state. 

Many of my clients are out of state so we are their eyes and ears here in Texas.

I recommend seeing what the Tenants will agree too. Whats more expensive? Paying a realtor for placing a Tenant and a makeready? Or the rent you would lose if you renewed them at the same rate? Even renewing at a lower rate could be better than paying for a new Tenant.

Hi @Cristobal Fernandez great question! I don't know how your Realtor works, and I am in no way suggesting you should find another Realtor. Their market is likely different than mine and I'm just sharing my experience as a Realtor in Austin.

I as a service to my clients am happy to jump on a zoom call to look at deals with them. That way we can analyze it together, they can see my spreadsheet and ask any questions they have up front. With a 30 minute session I can usually find at least 1 or 2 deals they like enough to submit offers on, and I try to do 1 of these calls a week or so per client. I can't always be hunting for deals, but by having regular meetings like this it reserves time for nothing but deal hunting and analysis. It also helps us to jump on good deals when we find them.

@Amanda Kessler welcome! If you are in Austin I would consider looking at Killeen TX and the surrounding areas. Lower purchase prices then Austin, but similar appreciation and more cash flow. Lots of my clients chose to buy there since ATX is getting expensive. Jarrell TX is also another place to consider! 

Hi @Anthony Bednarek I'm a Realtor and Property Manager in the Austin area and have clients that have the exact same issue. It's incredibly competitive, and I tell my clients to expect to submit 5 offers before getting 1 accepted. I know it can be discouraging, but if you stick with it you will get something eventually. It's a number game. 

If you can find someone to partner with who has cash then you will increase your chances. 

If you find a good property manager in another state or area then it could make sense to buy in another market. I manage rentals for lots of people who don't live in my state, so you wouldn't be the first person to try something like this. 

Also you could try to buy from For Sale by Owners off Zillow. I don't know if you would see any less competition, but it's worth looking into.

Just stick with it! I hope you get a deal soon!

My company used Buildium for the last few years, and thought it was a pretty good platform. I'm not sure if it's the cheapest option, but it's cheaper than the other ones we looked at. I'm currently using Appfolio and love it, but it's a little more expensive.

@Bruce Cline If you plan on selling it's going to be better to do it while Tenants aren't in the home. If you have Tenants in the home it may turn away owner occupant buyers. Are you ok waiting a year or two before selling? If so maybe hold on to them!

@Ahmed Jasim I would see what they are willing to agree to. I would rather keep a good Tenant at below market value (within reason of course) if it will save you from having a makeready. How much would a makeready cost you as opposed to the money lost from renting it under market? What's more expensive? Just my thoughts.

You should defer to what your Lease says. If the Tenants signed the Lease and it says they are accepting the property "as-is" then they can't force you to make a bunch of unnecessary repairs. If it's a safety issue, appliance isn't working properly, or something critical then you need to address it. If it's just cosmetic issues they have with the home then they really should have asked prior to signing the Lease. I'm not a Lawyer and am only offering my thoughts on the topic, not legal advice.

If you signed a Lease you should follow through with it.