All Forum Posts by: Joseph Luce

@Lynnette E. There could be mold behind the walls. This leak has been going on for a few months it seems. Its also illegal in my state to not disclose such an issue.

Good stuff!

I'm really torn whether to continue with the deal now that I'm in escrow. Don't want to enter a deal that is too crazy to handle. I'm doing an out of state investment for buy and hold rentals.

This will be one of my first ever purchase. In a neighborhood where a new school was built, close to a monorail and new development is booming. The property will cashflow positive by $100 after vacancy and repairs but the important thing is that it will have 70k equity with my down payment of 20-30k After an estimated of 10-15k of repairs. Cash on cash return is roughly 4% but rents have been historically rising greatly in the past 8 years. The home is being bought at $90 a sqft while the rest of the homes are $120+ a sqft. Home is vacant.

However, the inspection report just came in and there are reports of water leaking that has been going on both on the roof and from the bathrooms. Possible mold was found but not 100% sure, will need to get a mold inspection done. The main issue is that the seller disclosure doesn't have any of this, and its visible by just walking around yourself.  This has me and my agent believe they are being dishonest. The owner has agreed to do the repairs but I don't believe they will do a good job.

Am I turning down a great deal or I could do better and find something else? I Ideally would like a home with some roof repairs, interior updates, and some landscaping as my first deal.

@John T.
Thanks, so there are no mandatory utilities that the landlord must provide? For example, In California landlords has to pay garbage disposal for tenants. 

Sorry noob here.

Who pays for utilities in Texas, the landlord or the tenant or which utilities are required to be paid by the landlord for each SFH/multi/etc..??? I can't seem to find it written anywhere. Can anyone provide a link??

Sorry noob here.

Who pays for utilities in Texas, the landlord or the tenant or which utilities are required to be paid by the landlord for each SFH/multi/etc..??? I can't seem to find it written anywhere. Can anyone provide a link??

Was wondering what investors in Austin think of the new LOD in Leander/Cedar, TX? Besides apple coming into Austin.

What are people's experience when new homes + shops come into a town. How does that affect rental properties vs appreciation? Is it bad that there is a lot more development of homes in the area? Would you personally invest in an area with this much future development like this?

https://communityimpact.com/austin/leander-cedar-p...

@Steve Rick You are right. Just snagged a deal near one of these leander mono rails. Glenn high school just opened in 2016. Growth of leander in terms of school attendance has doubled in the past 3 years.

Was wondering how much does the school rating influence you on a purchase. I want to target single homes for families to rent to and I think in my case, schools will have a large influence on my rentals. Do you agree? What is the threshold?

So I found a home that has a 4/4/6 school rating on great schools. But the SFH 3bdr home is 15% below market value and needs minimal repairs. It meets the 50% rule. Will this still be a good deal with the low school rating?

The one at ballistic point? Yeah, hell of a turnout.