All Forum Posts by: Mitchell Petras

Okay, but hear me out, hypothetically, if I was interested in financing these anyways, do you know a lender?

Looking to invest in 2 condos in the New Braunfels, Texas area to be used as short term rentals. The property is majority investment properties making it non-warrantable. I’m looking to get quotes and optimized options to make this happen. I’m willing to put down 25%, just looking to make an informed decision on the financing side here. The properties are currently about breaking even based on their first year as rentals, but the management company used seems to be leaving some on the table in my opinion. 

Howdy Tigers,

Has anyone dealt with any headaches or unforeseen consequences from the new STR ordinances? I'm looking to get into the space but was curious how much of a deterrent the new rules are, or if they've even kicked in yet. From everything I could read, it sounds like the biggie was just to make sure Baton Rouge was getting their lodging taxes, but I know they were kicking around more extreme policies, so I wanted to check with y'all. If anyone has a good link to a government page or full breakdown about it too that would be super appreciated. Thanks!

Looking for anyone local in the short term rental management space in Baton Rouge, added bonus if they can shed some light on some of the new ordinances around str’s in BR. 

 We did a pretty thorough walk around and didn't find anything major that was visible. We're in the process of trying to pay the previous buyer for their inspections, but we're still waiting on that. Looking at other homes in the community you can see some minor discoloring in the stucco, but nothing that jumps out at you. The owner definitely cleaned and repainted the stucco, so if there was anything it's probably covered up.  Worst case scenario we pay for an inspection during the option period and back out if it's a lot worse than expected.

I've been house hunting in Houston for a while now, and I finally found what I think might be my house-hacking dream home. The home was built in 2007, never flooded, currently priced well under market value, and after hearing a previous buyer fell through, my realtor and I asked around and turns out this home has some stucco issues. My question is this: How much of a deal-breaker should this be? 

Is there a cost/sqft range with which I could estimate repair costs and would repairs now be a permanent solution so long as I upkeep the stucco better than the previous owner?

The asking price is about 80k under what we've seen comps going for in the area, and so long as repair costs are reasonably under this it would seem like a no-brainer to make an offer, do the repairs, and refinance soon after to get back the repair costs and then some. If anyone has any experience with stucco repairs I'd like to hear how much of a headache it was.

Unfortunately we don't know the extent of the issue just yet, but I'd estimate there's approximately 1500-2000sqft of stucco exterior, so give me a worst case scenario.

Thanks so much!

Hi guys, I'm looking into some multi-family and single family properties in BR and was hoping someone could point me to good realtor (and eventually a good property manager as well). Thanks so much in advance!

@Jeffrey, I definitely was thinking along the same lines as you. I don't think things can begin to appreciate until they run out of room to build brand new developments left and right.

@Chris, certainly for the one I'm living in I'd be lucky to have two roommates that would even put me close to breaking even each month, but if I was to just buy a separate one, I'm really fortunate to have a lot of strong connections with people that need short term leases in the area, and I know what kind of premium they are use to paying for those. I do really appreciate the skepticism though, I'm super new to this and need people like you to bring me back down to earth haha 

Does anyone have any experience with investing in townhome developments in the inner loop area, specifically in the Heights/Midtown/EaDo Areas? 

I have a lot of friends from college that rave about them, and I've been considering purchasing 2 townhomes in the $400k range (one as a principal residence while househacking, the other as purely a rental property); however, a good majority of the townhomes I've seen listed have had numerous price reductions, with some having an asking price nearly $100k lower than their original asking price!

The appreciation of those areas over time are definitely part of the selling point for me, but it seems like the people who are already there must be pretty disappointed when what they thought was a $450k townhome is selling at $350k.

I'm not looking at townhomes older than 2010, and I'm also not looking at areas that flooded, so I'm wondering what I'm missing!

Any insight would be great.