All Forum Posts by: Holly Brown

Yes Linda! Will do! 

Hi William! I will add you to my list! Hoping to have one scheduled in the very near future!

I agree completely with @Zachary Ray@Stephen Doyon. STR's are not that much more expensive to furnish, but do take a lot more time to manage. The benefit is higher cash flow which is helpful to diversify your portfolio early and grow more quickly.

@Zachary Ray is spot on. It's all about the long term strategy. If you buy a property that can "only" be STR, then you are limiting your options. I have purchased in Galveston for STR but only properties that I would consider attractive to a snowbird (medium term) and could also be turned into a long term, if needed. I was thankful for this very strategy in March, as I turned an LTR I have near the med center into a medium term for the increase in traveling medical professionals. Thankfully, I now know that was the right decision, as I have had 8 days of vacancy since March and a much higher cash flow.

Hi Turner, I bought during Covid in March. I was still in the option period on March 11, and chose to close because it was too good of a deal to pass up, regardless. This one was owner financing. Found it on the MLS and offered 80% of asking.

@Natasha Norregaard, I used Truth Lending as well that @Karl McGarvey suggested. They were great for my refinance and would be happy to connect you to Troy and Chris to help if needed!

Hi Stella,

You are completely right. Most agents are not specifically investment agents and want to buy and sell quickly, which allows them to make more. 

Most of my clients have become good friends, as I truly believe most on BP are like-minded individuals and all want the same thing... freedom through wealth via RE investing. I can connect you with them if you would like.

I am also happy to do a virtual call or speak with you about the areas of town that I am personally invested in, as well as those that are gentrifying that I look to invest within the next year. Hopefully we can learn something from one another! 

Best wishes, 

Holly 

Hi @Zoabe Hafeez. I am currently house hacking a SFR + garage apartment in the First Ward/New Arts District and prices are still low enough in this area to get in at a more reasonable price. Current expenses are $1400 a month for PITI + utilities with medium term renting out the back apartment. It's an older home, so higher cap ex but when I move out, it should cash flow approx $1000 a month.

If you have any questions or need info, I’m also an agent and can run comps for you in the areas you are most interested in, which should help you get an understanding of price ranges in each pocket. 

Good luck! House hacking is a really great way to get started in the RE investing world, and I highly recommend it to learn by doing while also building wealth. 

@Edward Johnson. Great question! You can put less than 20% down on a conventional mortgage loan. It just depends on how well you qualify as to how little you can put down. I have a few lenders that would be able to better answer how much you could put down in today’s market for a  conventional mortgage if you would like me to connect you. 

Quick example: For my first home (primary residence), I qualified for a conventional mortgage at 5% down with PMI (private mortgage insurance) that dropped off when I had paid 20% equity in the home. (Lenders, by law, must remove this insurance at 22% but you can call at 20% and request it to be removed)

If I were to have used an FHA loan, the PMI (Also called MIP), it can easily be 11 years or possibly the life of the loan. This depends on the percentage of down payment and the loan term.

Thus, in a nutshell, it was better for me to go with a slightly higher down payment conventional loan with PMI that I could later remove, rather than pay an additional fee (PMI/MIP) for the life of the loan.

Hope this helps! Feel free to send me a direct message if you would like to discuss further on the phone.

Hi Edward!

I agree completely with @Cameron Tope. House hacking is a great way to get started in RE investing. It was the way I got started and learned so much in that first year. The FHA is a good way to get started or possibly asking your mortgage lender about a lower percentage down conventional mortgage with PMI, that way the insurance will drop off after 20% of the loan is paid.

Best of luck to you! 

We moved all of our STR to medium term renting and have stayed mostly booked. We were 78% to projected.

100% LTR rents for both April and May. Very thankful.