All Forum Posts by: Mike Castellow

@Eric Chase I wouldn't want to keep all my equity tied up in the property either. Will it cash flow if you refinanced at the maximum allowable percentage (70%-80% of the appraised value)? If not, I would probably sell and try to make better use of the equity.

@Eric Chase Property taxes in Texas are higher than the majority of other states mainly because it is the primary source of income for the state and local government since we don't have a state or local income tax. Since that is the case, it only makes sense to invest in Texas from out of state if all costs (including taxes) still gets you the ROI that you are looking for. Otherwise, it probably makes more sense for you to sell the properties and invest elsewhere.

@Brendan O. Welcome to the area in advance. There are several meet ups that routinely post on here that would make for great opportunities for networking. 

@William Haas I won't be back in town until this weekend, but I'd be interested in meeting up to discuss our ideas and see how we can help each other accomplish our goals.

@Dominique Sharp Welcome to both you and your husband. Congratulations on your first flip! I do have one question, is there a reason that you started in San Antonio and are now looking in Collin County? Did you recently move, or is it a market preference?

@Mary Blanco Depending on location in Central Texas, you might be able to build a duplex on each lot. A lot of cities treat SFH's and duplex's similarly. I'm looking at doing the same with some infill development, but I've had a couple of other projects that have been priority recently. There are a number of design / build companies on here, but you probably need to narrow down where your lots are to get a little more relevant recommendations.

@Mark H.

I haven't previously invested in commercial properties, but I've been researching the opportunities that are available and think that there are some great opportunities available at and even well below your price range.

@Pari Rizwan I don't have a clue as to what your goals in the real estate industry are so I would have no way of knowing if a sales agent license would be of a benefit to you. My best advice without knowing what you want to do would be to attend some of the local meet ups and to reach out to a local real estate broker at one of the big name brokerages to discuss whether this is a viable path.

@Pari Rizwan I'm not sure what your background is or what your goals are except to become a licensed agent but your best bet is to start with the Texas Real Estate Commission. This should at least point you in the right direction. https://www.trec.texas.gov/become-licensed/sales-agent

@Tony Sawah I would be careful about overextending yourself and not having any money saved for unexpected emergencies or extended vacancies. If you can save enough for down payment, closing costs, and an adequate  buffer than by all means move forward in trying to meet your real estate investment goals.

Will the duplex in Chicago cash flow and if not could you sell it for a profit and then reinvest that money in the San Antonio area?