All Forum Posts by: Kris Wong

I would purchase with 80% LTV conventional financing, especially if you're planning little to no rehab. I would also try to find your own rental comps to verify the rent ($1195 may be pushing it for that area). The HOA fee does not get passed on to your tenant. In order to do your analysis, either use the BP rental property calculator, or throw together your own simple spreadsheet.

@Kyle Neff I started small and worked my way up. In fact I have purchased turnkey properties in the past. The turnkey companies I have seen were all focused on SFR, however I am sure there are companies out there doing small multifamily.

I would be very skeptical that you know something that other developers/builders don't, in this highly competitive market. I would put together a very detailed business plan before making an offer on this land.

And props to @Beau Fannon for the very entertaining story to make his point.

Have you considered investing in a syndication deal? This is a passive investment that allows you to leverage the experience and focus of a team of established investors. There are several reliable sponsors here on bigger pockets. Feel free to PM if you would like to chat further.

Oh got ya. We just try to keep an eye on it and my property manager's maintenance people will handle it when necessary. I'm not sure where they take it to be honest.

Rumpke. We pay around $120/month for a single dumpster with weekly pickup. It really depends on how many dumpsters you need.

If your only hesitation is the ARV, then you could work with an appraiser to get an "official" opinion. If you have a bank in mind for the refi, you could even use the same appraiser that they use. This is what the lender will base your LTV on.

This project has been ongoing for about 2 years now. It's excellent for the deep East side, and will help to fuel expansion out to Manor and near the airport. We sold our house in the Knollwood community shortly after this started. The community used to be around 100 ft. or more away from 183, with a small connector road. Now it buts right up against it.

@Shawn C. I have not worked with a portfolio lender myself, but they generally charge a higher interest rate than conventional lenders. In exchange they offer more flexibility.

There aren't a ton of quads in Austin (most of them are relatively concentrated in a few different areas), and at that price point, I'd guess about half of them will be above your max budget. That will most likely limit your areas to choose from pretty severely. I would take a look at which areas have inventory that meets your criteria, and limit it down to 2 or 3 neighborhoods that meet your own personal wants & needs. From their you could ask the forum's general opinion of those neighborhoods.