All Forum Posts by: Charlotte Chew

@Abasi Wint I've only heard of the 5% down conventional being for owner occupied and I have used it to house hack. I recently found out there's such thing as a 10% down to buy a vacation home, if it's 100 miles away from your primary residence (I'm in TX so I'm not sure if types of financing vary state to state).

@Cesar Gomez I started off with about that much by house hacking and using 3.5% down FHA or 5% down owner occupied conventional loans. It was possible for me to do this with prices in my market but I'm not sure how it is in your market. It is also easier to house hack since being single or when those in my household were willing to move around with me and live in a construction zone. Hope that helps some! Feel free to ask questions if you have any!

@Russ Wahl I'm in Texas, getting my real estate license (4 of 6 classes finished!) and probably will go with EXP. I'm hoping that being an investor too will give me a unique niche to work with investors since I can understand their mentality, unlike some other RE agents who focus on selling someone their turnkey dream home. I've also had a lot of measly side hustles to earn capital for my next deal so being an agent might help expidite how much capital I can earn/save as a commission will be a much better return than my side hustles. Good luck!!

@Andrew Postell, is this something you can help with?

Investment Info:

Townhouse buy & hold investment in San Antonio.

Purchase price: $92,000
Cash invested: $5,000

I bought this townhome as a primary residence before I knew I wanted to get into real estate investing. It was a good little home, 3 bed, 3.5 bath, perfect for roommates. I moved out of it to househack another property and have had it rented out two years, cash flowing about $70/month. A good little spring board property into investing. I did a cash out refi on it to help me get the down payment for my 2nd property. And I lived for free while I lived in it since my roommates paid my mortgage.

What made you interested in investing in this type of deal?

I wanted to get out of living in apartments and this was a house I could afford at the time and bought it as my primary residence.

How did you find this deal and how did you negotiate it?

MLS listing and I think I offered close to list price.

How did you finance this deal?

FHA loan

How did you add value to the deal?

It was pretty turnkey moving in. I lived there 4 years and had roommates. I did a cash out refi to get down payment for my 2nd property.

What was the outcome?

This house was my first rental property. It rents for ~$150 over what my PITI, HOA fees & management fees are. Current residents are in their 2nd year of a lease. I self managed the first year but now I have Darwin Homes manage it.

Lessons learned? Challenges?

Managing the property was interesting. I had one company who charged a lot and didnt do much, so I self managed for awhile. The neighborhood the townhome is in is super quiet and the tenants came from a more boisterous neighborhood. I had to re-explain HOA rules and the "culture" of the neighborhood so tenants understood expectations.
Now that I've found a management company that's a better fit, paying someone to manage it is totally worth it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Griff Zolninger-realtor
Dale Lucas-lender
Darwin Homes-Property management

Hi all, I have a rental property and tenants want to renew their lease at the end of the month. I've heard there may be some holes in drywall and a door being pulled off hinges because of the guy has some anger issues. The neighbor said the couple argues loudly and the police have been called a few times. They have been paying rent on time. I told the tenants that I will be doing an inspection upon lease renewal. Any suggestions on how I should handle the situation if I do have damaged dry wall or doors? Do I still renew their lease?

Hello from San Antonio! I have one rental and Air BnB out the garage on my primary residence. I'm also working on my real estate license (while teaching middle school). We have a few "Women in Real Estate" meetings here. All the best to y'all! 

Are there any Meet ups in San Antonio, TX? If not, how can I arrange one if there's interest for a San Antonio Meet Up? 

I'm trying to find a property management company in San Antonio for a property. What are some companies you've worked with, pros/cons of their business and amount in fees they charge? Your input is appreciated!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000
Cash invested: $20,000

Single Family, 2 bed, 1 bath. Built 1954. I put in central air, updated electrical from fuse box to breaker box. Converted garage & utility to a master suite with a wet bar. Garage is now an Air BnB and someone is renting it for two months. AND I have a roommate. This area is also going through gentrification.

What made you interested in investing in this type of deal?

I could only save enough cash to do owner occupied financing so it'd be my primary residence. I was looking for something that would make a good rental that I could force appreciation on through rehabbing it.

How did you find this deal and how did you negotiate it?

My friend from work lives next door. The owner passed away and his grown kids were cleaning out and selling the property. My friend knew I was looking for a house and she gave them my number. Off market deal, FSBO.

How did you finance this deal?

It was a roller coaster!! I intended to do an FHA 203k loan but could not find a contractor who had all taxes filed and could provide all the necessary paperwork. I tried to do a regular FHA but the house didn't qualify (peeling paint, 40 year old furnace etc). I ended up doing a 5% conventional in the end and using bank loans and credit card for the rehab.

How did you add value to the deal?

I put in central air and am updating the electrical. I converted garage/utility to be another bedroom & bathroom so it's now a 3/2 from a 2/1. I can still update the kitchen and bath to add value but that's the next phase.

What was the outcome?

Someone is renting my Air BnB for TWO MONTHS!

Lessons learned? Challenges?

This was really dumb but worked out in the end. I was doing an FHA loan and house didn't qualify because of old furnace,so owners let me put in HVAC before I closed. The house still didn't qualify after updated HVAC bc of peeling paint so, luckily, my lender could switch me to a 5% conventional and I was able to close. That could've been an $11k lesson but the house is mine so we're all good.
Also, if a contractor's truck breaks down, he's probably not the one you want to hire.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dale Lucas, Movement Mortgage
Mona Hughes, Keller Williams