All Forum Posts by: Kraig Kujawa

hi @Danny Webber - thanks for the answers. It does help

It's on the East Side. Agree it's booming. It also seems like Austin is slowing down. The property is probably worth $630k+ right now. It's very unique for where it is (near The Chicon). 

Reason Im considering selling at the end of the lease (March '19): I'm concerned that in another year, higher rates will make it harder to sell a property this expensive and another inevitable bump in terrible Texas property taxes will push the needed rent to a place that isn't feasible.

I'm not familiar with a Mortgage Wrap, ill have to look into that.

Kraig

Yep, that's the 'when' part. What youre saying is a good reason to wait towards the end of the lease to discuss with them. I would not sell the home until the end of their lease regardless.

I might. The thing is, if i sell it to the tenants directly, i will avoid 5-6% realtor fees. Which adds up to a lot

A few years ago, I bought a house for my girlfriend and I to live in. Plans changed, we moved, and I ended up renting it out.

It's in Austin TX and appreciating very well. I lose about $100/month after expenses, etc.

I just rented it out to a really good couple in May. They wanted a 2 yr lease, I said 1 yr (because I need to be able to raise the rent). So we know they're thinking at least 2 years.  The house is now worth $650k

I'm thinking about whether they might want to buy the place and when/how to broach the subject. Their lease ends in May. Has anyone else done this? Of course, I've heard of Lease Options, but those are usually better for lower appreciation markets / offered from the onset.

Thanks

Kraig

The Dreaded Stage Two Bubble.

@Jason Smith interesting. Wells Fargo told me the same thing, then after the whole process, said the underwriter denied it. Please keep us posted. If yours goes thru, I might have a hot date with PenFed

Hi @Jason A. I assume you sell off-markets as well? If so, I'd love to chat / get placed on your list. Congrats on the success
Kraig

I hear you. The HOA isn't too bad and covers some stuff that would otherwise eat at cash flow.

Update on this one: I took @Joe Miller advice (Thanks again). Called the property and planning assessor and found out that the owner tried to combine the units in May but was denied. There's no chance of combining them in the future. So essentially its a package of two condos. 

I'm not sure if I'm getting a deal or not. On one hand i could sell the units separately. On the other, I will have to get two loans (more costly) and I would have to eat up two of my 10 FNMA loans (i currrently have 4 remaining). 

Perhaps I go back and say "this requires a double loan, im willing to help you solve a problem, but youll have to knock 10k off the price'

Thoughts? Gonna make a call this afternoon

@Joe Miller yep - two parcel numbers, one duplex. How did you get around it?