All Forum Posts by: Seth Teel

Bring cash, exact change, for the notary $5 and $21 for the filing. Ask to file an "Assumed Name." 

@Andrew Alvarez  There are several other HM options with guys on the ground here in San Antonio.  Shoot me a PM and I will share a few good contacts I have used.

Give me a call. Let's grab lunch or coffee or something. I am happy to help in any way I can.

@Joseph Weisenbloom So did you decide to rezone or apply for conditional use permit?  Prior to getting the ball rolling you may want to talk with the lender to find out first what their underwriters require and/or will accept.  This should inform the decision as to which avenue to pursue.  

I would also ask the zoning person you have been speaking with if the property can be used as a duplex "by right."  When the city adopted the unified development code several years back, they rezone nearly all of the city.  Many of the existing structures & uses, setbacks, etc. did not fit the new development, and certain items were allowed "by right."  I.e. The property's non-conforming features were "grandfathered in."  This may be the case with your property.  If so, I've had good luck with asking the city zoning department to write something on their letterhead stating this use is allowed "by right," and is compliance with the current zoning.  This has worked for me once and several times for my clients.  There are still lender/underwriters that will not accept this and you may need to get a variance or rezone.  This may save you some of the hassle. 

NOTE: Neither a zoning change or a conditional use permit are rubber stamp applications.  Simply getting the support of the neighborhood association does not guarantee you will get your desired outcome. Sometimes not even having the support of the Councilperson is enough. It sounds like in your case it shouldn't be an issue, since the home is already being used as a duplex.  That being said, you never know which crazies will come out to speak against your case at a zoning committee or board of adjustment hearing. 

Institutional or hard money?  @Account Closed

@Ian R., send me a PM.  I have a couple contacts that may be able to help. 

If you want to get a retail price for it, I would list with an agent.  Depending on the location (inside/outside 410, proximity to Medical Center) condos & townhomes are very desirable at retail.

However from an investor standpoint condos/townhomes are much less desirable unless there is a significant discount. Most of my rental buying clients don't want to mess with the fees and annoyance of an HOA, and require at least $300/month cash flow...which is often not possible with the cost of a monthly HOA and Property managnent.

Back to my original point, I sold a 2/2 fully remoldeled condo on of Turtle Village, 78230, less than a year ago. We had 6 full price or above offers with 72 hours of listing. 

Hey Mike, welcome. I am always looking to network and looking to buy good wholesale  deals. If you get a deal, shoot it my way. Thanks. 

This is pretty much a non-issue. I have had rental property here in SA for the last 4.5 years including a couple duplexes with common meters. When we first bought the property, we looked into getting separate meters. SAWS wont sub-meter, and installation of a second meter meant $3500 impact fee + the cost of the new waterline & meter. Total cost estimate was around $8000. There was no ROI on this improvement and added absolutely zero to the property value. We decided to just add the water cost to our calcs. The highest monthly water bill we have ever had for single unit is $56.

On the opposite end of the spectrum from @John Barr, I have had great success with duplex and multi-family rentals in the central core (closer to downtown the better).  Although recent popularity and appreciation has priced out most cash-flow investors in areas like Tobin Hill, Lavaca, Dignowity Hill, and Mahncke  Park, there are still some deals to be had.  Of course these areas have older housing stock and rarely require just a cosmetic rehab.  Close to the neighborhoods I just mentioned are also good MF rental areas: Beacon Hill, Five Points, Highland Park, Durango/Roosevelt, even Denver Heights is coming up.    

Ultimately it boils down to your strategy, the comps, and comfort level with the area. For comfort level I've always used what I call "The lady-friend Test"  - Would I send my wife/girlfriend/etc. to go pick up rent at night in this specific area?  If they answer is Yes, and the numbers work, then I buy. I use this test regardless of whether I will be property managing it myself or paying someone else to.