All Forum Posts by: Andrew Oatman

Congrats!

Always great to see the numbers, looks like this will work well for you. 

Liked your callout for discipline - as your numbers show, having savings & investing criteria and sticking to it for years can be life changing. Thanks for the encouragement and best of luck!

Thanks for your response Bob, I appreciate it!

My wife and I will close on the sale of our personal residence in a couple weeks. We're considering pros/cons of buying another SFR vs. renting. The SFR would tie up a lot of capital that we could otherwise use to invest in multifamily real estate. I'd like the BP community's thoughts on which scenario is the better investment:

1. Buy a $450k SFR. $22k downpayment; $10k closing costs; $50k rehab budget, ARV of $550. $40k/year in mortgage payments (including principal pay-down, interest, taxes & insurance). Make this our personal residence for 2 years to take advantage of the no-capital-gains-tax benefit. Expected sales price after 2 years is $600k. OR
2. Rent an apartment for $15k/year. Save $82k in capital from not buying & renovating an SFR. Invest that $82k+ in an 8-12 unit multifamily property that cash flows $1,000/month (after applying 50% rule). Use Year 1 & 2's total living expense savings of $50k (renting at $15k vs. mortgage at $40k) and either buy SFR in Year 3 or continue renting & invest in multifamily real estate.

Sorry you had a bad experience Steven, that sounds terrible. 

Echoing the comments above, definitely attend any real estate meet ups in San Antonio. I'm not from the area and can't recommend any, but those can be extremely valuable.

One way you can get involved without having great credit/capital is to provide value by finding deals. This could be like the wholesaling recommendation above, or your plan could be to "drive for dollars" and then partner on the purchase/renovation/flip with someone who has good credit/capital but who doesn't want to be as involved.

Best of luck

Sure thing @Tommy Coleman - Austin Apartment Investing Discussion Group

Hi Marley,

Nice to meet you. I'm also an Austin resident looking to buy my first San Antonio property. Ken Harris facilitates a great meet-up in Austin at the Flying Saucer at 815 West 47th (#103) at North Lamar on Tuesdays at 11:45am CT. Lots of good experience there, from people who've been in the business for decades and have done hundreds of deals to new investors. Everyone has been very welcoming.

Hi @Tyler Maxwell,
I'm new to San Antonio REI as well and I've been driving down there every few weekends to check out another neighborhood. From my experience, north San Antonio is the most expensive (and newest); west, and south are a step or two below, and east is a step below that (hopefully someone will correct me if I'm wrong!). There's a lot of variation within that and the long-term outlook for each neighborhood is not the same.

It's not uncommon to find 100 year old houses in E, S and W San Antonio, which may be good for you if that means more demand for property inspections - I'd be interested to hear your perspective.

San Antonio has a unique identity with the Missions and a strong Latin culture. The city is investing a lot in some areas a bit further away from the current Riverwalk to make them nice and walkable. Lots of San Antonio Spurs fans. Great food. Public transportation appears to be average, buses including 3 new service lines the city started last year.

Congrats! Thanks for posting the numbers too, particularly seems like a solid deal with the recent updates to roof/electric/plumbing. Nice to not have to worry about those ever, but especially on your first rental. Best of luck to you!