All Forum Posts by: Karene Burnett

My Husband and I have been looking to purchase our first investment property. My husband has been at his current job for 7 years and it is a 70/30 split Salary/commission. He was offered a position at a new company with a salary higher than his current total expected earnings and is planning on taking it. After starting a new position how long should we wait before applying for a loan? Just looking for typical work history requirements. His income will be guaranteed now. Would 30 days with a letter from his new employer confirming his salary be sufficient? What is the typical timeline? Any help is appreciated. Thanks!

@Ian Humphrey I know this post was 5 months ago but how is your property doing? Did you end up buying another one? I was looking At some multi family properties in Waco and there seems to be a lot of inventory. Any insights on the market there? Hope your investment is flourishing! Thanks

Karene

Hi @Steven Vasquez! That is awesome congrats. My husband and I live in Round Rock but are moving to Leander soon. We are planning on using the profits from our home in Round Rock to purchase our first investment property. We would love to connect with you and other investors. Congrats again!

Thank you very much for the info Jake! Do you have a good Realtor down in SPI?

Hello All!
I am working towards purchasing my first investment property this year. I am strongly leaning towards a property to use as a short term rental. I am looking to connect with investors in this space. I noticed BP doesn't have a calculator specifically for this. What are you doing to analyze deals? Do you just use the rental calculator? I just feel like there are so many different factors/costs associated with Short term vs long term rentals. Also if there are any forums, blogs, tools, podcasts, books, anything that has helped you in this space please send them my way. I have listened to many of the BP podcasts. Any books on BP you would recommend for short term rentals. Also the market I have been eyeing is Port Aransas down to South padre Island. Any realtors in that area with experience for short term rentals please send me your contact info! Any investors that have properties in that area I would love to connect. Thank all for taking the time to read this. I have been listening to BP for about a year but I am newer to the website. 

Karene Burnett

Hello!

Just wanted to see what local real estate investor groups there are in the Rock TX, Austin metro area. I have been listening to bigger pockets for about six months and want to start connecting with other like minded people. If anyone knows of any local groups that are meeting I would love to join! Thank you in advance 

Sorry Forgot to mention -- Current counters in kitchen are laminate and in bathroom are a manufactured stone of some sort but dated. Cabinets are dated but could be painted, not great storage though

My Husband and I have decided to sell our current home. Round Rock is a HOT real estate market and the homes in our neighborhood have been selling right away with multiple offers well above asking price. We have gone back and forth with our realtors about how much money we should put into the home before listing. Our house was built in 1997, we have done several nice upgrades, Large concrete patio, new high quality windows, roof still has 20 years, replaced flooring with pergo and carpet 4 years ago, paint etc... We are doing some basic repairs to things we know buyers will want, refreshing paint, light fixtures, and staging. The question is do we replace our counters in the kitchen & bathrooms with quartz, also updating the master bath cabinets (we already did the guest bath). Currently houses in my neighborhood and in Round Rock general are typically going for $10k - 30k over asking price. There are not very many homes for sale in our city and it is in very high demand. Is it worth putting in the extra $10,000?? I know that we will get offers either way just cant determine if we will really get more by doing the counters, there is a chance we will get that regardless based on what we are seeing. We have owned the home for 10 years so we expect to get at least $100,000 profit after fees. We plan to invest that money back into real estate. Please any advice from local realtors/investors is appreciated. Thank you!

@ Whittney that is one of the things I have been trying to do but I am not sure which calculator to use to analyze this type of situation. It may be a live in flip or a BRRRR. I also dont have all of my numbers yet so that is something else I am working on.

@Travis that would be great are you an agent or an investor? Our plan after the refinance on our current home is to do a HELOC to pull out some of the equity on our current home to put towards a real estate investment. It just so happened our neighbors came to us with all of this at the same time. The comps I found that were sold in my area were definitely more updated but I feel like with the right renovation we could really bring up the value of the home if we decided to sell in the next 5 years. We really like our neighborhood so I think the opportunity is very unique but I don't want to make a mistake.