All Forum Posts by: Jacob V.

Hi Guys,

I'm under contract on a 133 unit self storage facility in Odessa, TX at a purchase price of $615k.  Due to timeline we won't be able to use an SBA loan, and it's a turnaround (40% occupied with no marketing, no online presence, no automation).  After close we're investing in a new automatic gate, management software, and automated unit entry systems to start.

I have a family friend we're working with for private-money type financing, but does anyone else have another solid financing partner for this type of project? Thanks in advance.

Hey @Alec Strahl, I would look into renting by the room as well.  If house hacking, it's easy to start as rent by the room and creates higher cashflow on the backend (around 1%).  Depending on where you want to live there's more neighborhoods that will cashflow by the room vs renting the whole house. 

Hi @Adam Ward, I've started this way and have really enjoyed it so far. I bought a property in Irving near Las Colinas and have 3 bedrooms rented out, and will turn it into a pure investment in January. The VA loan can be huge starting out so take advantage!

I know some people that have done the same thing in Dallas, Fort Worth, and Arlington. Happy to talk further about it if you'd like.

Welcome @Talia Hamm, it's certainly easier to get more doors with less $ here than CA!

Welcome @Nikolas Hamon! Good news is you're in a great area to get exposure.  I've only done single family so far but happy to share anything that may be useful.

Hi @Willis Weeams! I'm in DFW too and have a property here.  My next rental is going to be in the Killeen area for the following reasons: Cheaper, good rent to value, economic driver in the base.  Every market is competitive right now, it just depends on what you're looking for as to where and what you should look for.

Appreciate it, @Will Fraser! 

It was partially luck/circumstance that we got the contract. The owner had remodeled/flipped the house and was also acting as a listing agent, and had previously worked with my lender whom he liked.  Market is definitely in a different position now than it was in the winter so I don't think that would be enough to repeat today!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $285,000
Cash invested: $15,000

This was my first residential investment that's starting as a house hack and will transition to fully leased rent by the room at the end of 2021.

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

There were 7 offers on this property, and we were able to lock it down at list price with closing costs wrapped in.

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

I used NXT mortgage for this transaction and got a great rate and closed in 3 weeks. Would definitely recommend and use them going forward.

Hey @Jeff T. just wanted to chime in on the Campus/Student areas.  I like East Riverside as there's still some rough parts that are being renovated, West Campus/North Campus/Hyde Park though all suck as far as RentToValue goes so it's hard to find anything that make sense.  Love the idea of mailings, if you could find a motivated off market Multi in North Campus/Hyde Park it's a beautiful area especially long term.  Personally I love San Marcos, can't give you a specific zip but Texas State is growing in student population and quality and Multis there could have potential, tougher to be super involved and get that awesome cashflow though.  Goodluck and welcome!