All Forum Posts by: Joseph Cacciapaglia

Some of the most successful investors I know got started by working as leasing agents during college. If you're committed to finishing school, instead of getting involved in real estate right away, a part-time leasing agent job would be great experience. Everyone you meet is a potential client

Heath is right about foundation issues. 

The other issues we run into all the time are properties that have multiple units, but are zoned for single family. These properties seem to get passed off to out of state investors more often than not. If you're not familiar with the San Antonio One Stop Map, you should check it out. It has zoning info. Turn on the flood layer too, because we have a lot of flood zones.

I was thinking exactly what Shannon said about feasibility of BRRRRing with a light renovation right now. However, if you are able to find a deal with numbers that work for you, I'd suggest having your PM run the renovation. We do cosmetic renovations for clients all the time as part of the make-ready process, and/or when they're prepping their former rentals for sale. Any good PM should have the resources to get it done in a timely fashion, and the systems in place to keep you in the loop.

I'm an agent in San Antonio, I only work with investors, and for the first time in several years, I have a more clients selling than buying. Of the clients that are still buying, most are looking for STRs and most of the the remainder are looking for small multifamily. I have a few that are taking advantage of very soft land prices and buying properties to hold for the next cycle.

Opportunities I see in this market:

 - Selling your turnkey STRs or multifamily. Both of these property types still have strong demand for turnkey properties. If you're a believer in a imminent downturn, it may make sense to sell now, unless you plan to hold forever. There is no telling how long this will last.

- Buying and renovating properties to use as STRs. Most of the STR investors that are still active here are looking for completely turnkey properties, which leaves some good opportunities for investors willing to rehab to STR.

- Flipping properties to STR investors. Most of the flips I'm seeing in San Antonio right now are on the low end of the market. There are a lot of larger homes with pools that would make great STRs, if they were rehabbed. As mentioned above, many STR investors are looking for turnkey deals at the moment, so there may be room to flip to these buyers.

 - Flipping land with owner financing. This is a strategy I've started doing for myself this year. Land sales are very soft right now, so there are opportunities to get large discounts. At the same time there is still demand for owner financed land with low down payments from buyers that are looking to hold the land for the next cycle. 

 - Seller financing deals are working for both sellers and buyers today, but finding sellers willing to participate in these deals remains somewhat challenging. There are a lot of buyers out trying to make these deals happen, and I think it's just a matter of time before they become a bit more commonplace. 

- Condos are struggling right now, with an average days on market somewhere around 100 days. We've had a few clients get strong discounts on condos this year, and I expect this to get even better as time goes on. Most are buying all cash.

I started investing in 2005, and invested through the GFC. I strongly believe there are opportunities in every market.

There are quite a few Facebook groups with lots of active investors. I've seen a couple newer wholesalers use those groups to build decent buyer lists over the last couple of years. I know this is a very basic strategy, but it still seems to work.

I flipped a couple lots in San Antonio this year. I bought both on the MLS and sold both with owner financing. I had a lot of general real estate investing experience, but these were my first couple land flips. I had already sold a decent amount of land as a real estate agent, so it wasn't exactly "no prior experience".

For me the value came from 2 sources: 

1. Finding land listings that were inaccurate or incomplete. This allowed me to buy lots from the MLS that were mispriced.

2. Providing owner financing. I asked for small down payments and provided relatively long term loans (10 years). This allows someone to pay a high price, but get into the property without a lot of cash. I charged 9% interest on each, and one already paid it off in full. 

I've been investing since 2005, and have tried several different strategies over the years. Flipping land with owner financing is my new favorite strategy.

Definitely not. Everything that I learned that was actually applicable, I could have learned online or with a few books. I learned way more once I started buying properties.

Real estate finance is offered by a lot of business schools. I got a masters in real estate finance, and found the info somewhat useful for investing. I think if someone is planning to be a full time investor, then college is a bit of a waste though. If I had it to do over, I would have just became a real estate agent immediately, and learned while I earned.

Has he considered becoming a real estate agent? The schedule can be very flexible, and if he focuses on working with investor clients, he could learn a lot that way. I'm currently training a part-time agent on my team here in San Antonio, and she's been able to make it work with her other job.

Price is the #1 factor in how long it takes to sell a property. When I've had limited flexibility with price, I've found that offering a buyer's agent bonus or larger buyers agent commission is helpful. The rules regarding this vary by location and MLS. I've also found offering owner financing leads to a quicker sale. You may want to look into selling with a wrap.