All Forum Posts by: Maggie Vineyard

Residential Portfolio for sale; consists of a large 1 bedroom loft in Downtown Austin, a Fourplex in San Antonio and two duplexes in New Braunfels. 

The Loft was built in 1990 but underwent a complete renovation in 2015. 

The Fouplex is located in San Antonio, was built in 2017 and consists of four 3 bed/2.5 bath townhome-style units with garages. 

The duplexes were also built in 2017 and all are 3 bedroom/2 bath units with garages. 

High-end finishes in all properties. Excellent investment package with positive cash flow and low maintenance. Buyer must cooperate with seller's 1031 exchange. Sold "AS IS".

Listing price is $1,950,000. 

Jordan Butz hi Jordan Would you be able to share contact info on a few of the brokers in Huntsville? I am selling a property in January and will be looking for an upleg for our 1031 exchange. Wondering what I can buy for $3-4M in that area.

Andrew Cushman thanks for the suggestions and actually addressing my question! Lol

Chibuzor Nnaji hello! Please reach out to me regarding your Dallas contacts. Thanks!

Hello Chibuzor. 

Yes, I'd be interested in Dallas if they meet my requirements.  Would love some referrals, thank you!

Hello-

I am looking to buy multifamily in the $3-4M price range toward the end of the year.  I live in Texas and cap rates are compressed here quite a bit so I've begun looking out of state.  Our goal is cash flow and we are fine with a long-term hold.

What other markets are you investing in? 

I know everyone wants to know this but I'd love to hear success stories from investors in this price range!  

I am looking for 7-8% cap rates with a strong economy, and low risk of being overbuilt.  Would appreciate any advice on your success stories in this price range. 

We are transitioning from 1-4 unit properties and looking for income for my father's retirement.  I have been a commercial real estate analyst for 10+ years so understand how to underwrite a building, I'm just not sure what market you can still find good cash flow.

Thanks for your input!!

Dave Foster That's an interesting idea Dave though I think we'd be better off using the $40k to do the work ourselves through a reputable professional. Even if I offered the seller (builder) that money, it would not be done properly. He has already proven this with the shoddy "repairs" he's done. He literally stuffed concrete up behind his stucco job to fix it. No sleeve on any of the plumbing in the concrete foundation, to save what a few dollars? Patios all slope down toward the property and accumulate rainfall and water that will just sit there. So many corners cut, I can't even tell you. It's sad a builder can get away with selling such a poorly made product. Thank you for your insight and suggestions. I very much appreciate it.

Rob Harris Yes! That makes a lot of sense. The title report should show if there's currently a bank involved on their end, correct? I very much appreciate this advice. Thank you!

Rob Harris Thank you Rob! Yes we are getting a loan, though the bank has not seen the inspection report. Do you think I should forward it to them? I would think after reviewing it, they would require the stucco and patio and drainage issues be addressed, but am not sure. These will most certainly be issues in the future that could affect the structure, not just cosmetic issues. I am very interested in your idea about full disclosure. The developer is also the broker and property manager. If It's possible he could lose his license by not disclosing etc, maybe that would get him to agree?

Thank you Dave for your insight. I appreciate it very much. When guy say "offer them a premium", do you mean offer to pay more on the price for them to repair it? I no longer have confidence in their competency to fix these issues and would rather hire someone reputable to do the work ourselves. There are issues with the stucco and slope of the patio etc that are going to create big water issues in the future. Their solution to "repair it" was to stuff cement up behind it... ugh. :-/ If we were to close on the property, could we still go after them for the repair cost since they are obligated in the contract? They have also agreed to provide a builder warranty and have not. We have signed a management agreement with them, and are concerned now we can't get out if it if we do close, but don't trust these people anymore to do anything. I can see additional problems arising in the future if we keep them as a manager. In a bind and would consider just walking away, but the cash flow on the property is actually good. Better than anything else I've seen in San Antonio for this size.