All Forum Posts by: Karl McGarvey

Hey Murray,

Lovd the House Hack method! I actually have a client fixing up a house hack that will become an STR in Galveston right now.

I will caution you that renting out just rooms for STR and not whole home on the island is going to limit your visibility and client base. VRBO only accepts whole home listings which is where got the majority of our bookings last year (not the case for everyone). Most families vacationing on the island also want private residence, especially when kids are involved. Even though you'll be moving out after a year, the reason this matters is your first year of reviews will be based on your shared model.

For your AirDna questions, I much prefer PriceLabs. Way more bang for your buck at only $10/ mo for market and property info.

If there is anything else I can do to help with your search let me know! I work with a lot of investors on the island and have personal LTR/STR investment in Galveston!

Quote from @Mike Offenheiser:

Hello!

I’m looking to connect with a solid Houston realtor who has substantial experience working with out-of-state investors.

Thanks for any recommendations!

Hey Mike!

I am a Houston/Galveston investor and I work mostly with out of state investors looking to build their portfolio in the area. Would love to chat to see if I can add any value by being a part of your team!

- Karl

Your mortgage company should have given you requirements. But typical is Windstorm, Flood and Landlord/Liability/Homeowners for the island. They get pretty expensive down here especially over the last few years!

Try Bart Price with Gulf Coast Solutions

I have a personal rental listing that received a rental application last week, which was accepted. Those applicants have not yet signed a lease or paid a deposit due to their family having a busy weekend. Lease start date May 25.

While waiting we received a second application from a family who just lost their home in a fire. Insurance company and another agent contacted us about them leasing the property May 1 for the next 12 months. Their application is also acceptable.

Just wanted to make sure that we have the option to accept the second application and let them enter a lease, even with the first application having been accepted. Or, do I have to give the first applicants notice that we received a second application and they have a certain amount of time to sign a lease.

I have scoured google and some other Texas Property code resources (92.351) and have not found a straightforward answer with a source document.
Thanks!

I have a personal rental listing that received a rental application last week, which was accepted. Those applicants have not yet signed a lease or paid a deposit due to their family having a busy weekend. Lease start date May 25.

While waiting we received a second application from a family who just lost their home in a fire. Insurance company and another agent contacted us about them leasing the property May 1 for the next 12 months. Their application is also acceptable.

Just wanted to make sure that we have the option to accept the second application and let them enter a lease, even with the first application having been accepted. Or, do I have to give the first applicants notice that we received a second application and they have a certain amount of time to sign a lease.

I have scoured google and some other Texas Property code resources (92.351) and have not found a straightforward answer with a source document.

Wanted to see if anyone has any good source docs for this type of scenario. Thanks!

Can confirm that Galveston has year round ability to be rentable, but like many other markets it did see some decrease in bookings last year. The driveable aspect is why myself and so many of my clients continue to invest money on the island

Quote from @Daniel Silva:

Hi,

I am looking to purchase my first investment property in Houston, Tx. I am primarily looking for a house hack, but I can't seem to find any multi-family properties on the market in B class or better neighborhoods. I am planning on moving in with my girlfriend, so safety is a top priority. Does anyone know of any areas in Houston where I might find a small multi-family property in a decent neighborhood?

 Hey Daniel, 

I work with house hackers in Houston frequently. I think the podcasts do a poor job of truly explaining the different ways you can house hack. It does not have to be a MF property to be successful. I have a client who purchased a 4  bedroom house a year ago and lives in the smallest bedroom while renting out the rest of the bedrooms in a Medium Term Rental model for transient workers and is able to cover his mortgage! If you want to chat about some of the tactics we see people use in the area, shoot me a message, I would love to help you out!

- Karl

Are you thinking about buying a short term rental property? Whether you're a first-time buyer or an experienced investor, there's always more to learn about this exciting market. That's why we're hosting a short term rental buyer webinar that you won't want to miss.

During this webinar, we'll cover everything you need to know about finding and purchasing short term rental properties in Galveston Texas. We'll discuss the latest trends in the short term rental market, financing options, and what to look for when evaluating potential investments.

Our team of experienced real estate professionals will be on hand to answer all your questions and provide valuable insights into the short term rental market. You'll also have the chance to connect with other like-minded buyers and share your experiences and strategies.

Here are the details:

• Date: April 27, 2023
• Time: 7pm CDT
• Duration: 1 Hour
• Format: Online webinar via Zoom
• Cost: FREE

This is a unique opportunity to learn from some of the best in the business and take your short term rental buying game to the next level. So why wait? Sign up now to reserve your spot and take the first step towards owning your dream vacation property.

To register for the webinar, simply register at this link!

https://karlmcgarvey.exprealty...

I can't wait to see you there and teach you about our fantastic vacation rental market!

Cold feet means one one of a few thing:

1. Youre afraid of failure

2. You dont feel like you know enough

3. You care about your money

All of those are completely valid! Its a good thing to want to be successful, and a mentor is always a great way to help alleviate some of that. I work with investors in Houston and Galveston, many of them first timers! Feel free to reach out anytime you have questions and we can help educate the self doubt out of you and create confidence to move forward and enable you to make good decisions.

Good luck!

Quote from @Rahim Rogatia:

Quote from @Karl McGarvey:

Quote from @Rahim Rogatia:

Quote from @Ruchit Patel:

Check out some turnkey providers if they have good cash flowy deals. That's what I have been doing for the last two years. 

 Can you recommend in Houston area?

 Rahim, 

I am not a Turnkey provider, but I do help investors in the area find investment properties and if turnkey is what you are looking for, we can help with that. If you would like to talk about what we are seeing in the Houston market feel free to reach out.

- Karl 

 Karl,

Lets connect - what is the best way to reach out?

Feel free to shoot me a request on here or msg!