All Forum Posts by: Joan Brown

@Caleb West, congrats on your investments! I am happy to meet up in Lubbock sometime!

Congrats, Chris! Win or learn. I love it! After you have  been investing for awhile, people think you are "naturally" good at it but I think we all have learned expensive lessons. My goal is to not have to "relearn" the same lesson twice. Sometimes I meet my goal, but I am moving forward all the time!

Thanks for the post. If you are in Lubbock sometime, let's meet up!

Joan

The rental market for the university area in Lubbock is currently saturated. There have been several high-rise apartments built near the campus recently so many of the student-focused areas are hurting for renters. The campus is projected to continue to grow, so we will need those houses again before too long. I am able to rent my non-campus area houses without any problem. It also helps to have a house in very good condition compared to the houses nearby and to have a reasonable rent.

There is some verbiage about type of property, apparently it doesn't count for multi-family zoning.

From the city's website:

The majority of our neighborhoods in the City of Lubbock are zoned as single family neighborhoods. In these neighborhoods no more than two unrelated persons may live in a dwelling.

If you read the ordinance for the residential zone, you will find that use is limited to single family residences. In the definition section of the Code of Ordinances, the definition of family is as follows: “One or more persons related by blood, adoption, or marriage, or not more than two (2) unrelated persons living and cooking together as a single housekeeping unit.”

This means that the City Of Lubbock does not limit the number of related people who can live together in a residential structure in a residential zone; the federal courts have held that to be unconstitutional. However, if the people living together are not related, no more than two may live together in a single family zone.

In Lubbock, we have an ordinance about more than two unrelated people living in the same place. It is enforced based on complaint. One urban legend is that it was created to give neighbors leverage for loud student party houses or students parking all over the street. I mention the ordinance when talking with potential tenants and have tenants sign a disclosure when they are signing the lease.

Connor,

I wholeheartedly agree with Corey's post. Listen to Bigger Pockets podcasts daily. They are so informative and also inspirational!

It doesn't have a Facebook page yet. I asked them to create one. I will keep you informed!

@Michael Joseph Allen II, why not get one of those little houses in the medical district or Heart of Lubbock that has a separate apartment on the lot. You buy a house and apartment for one mortgage and get rental income from the little house. Not exactly a duplex, but it will let you keep your privacy!

@Bo McCraw, that is awesome that you are researching a lot on real estate investing. You are also in a great city to begin your investment careers! I know a lot of young investors in Lubbock who started out while in college. We have two REIA (Real Estate Investment groups) that have started in Lubbock after a lapse for a year or so. I will send you a colleague request and keep you informed.

Try reading Brandon Turner's How to Invest with Low or No Money Down next!

Also listen to the podcasts. They are awesome!

Joan

We now have two groups! Both have facebook pages. Both should be valuable! I will try to post the next meetings for each!