All Forum Posts by: Polo Vazquez

I know a place! Are you looking to do out of state investing? DM and I'll give you more details

I haven't had a problem finding new tenants during the pandemic. Nontheless I would increase the rent by that much if they are good tenants. Do $100 as some recommended and give them the option to rent month to month for $200 more. Maybe they will pick that one or at least it will make the $100 seem like a lot less

Investing for appreciation seems like a great idea after you see home prices skyrocket in a city like Austin, but you have to keep in mind that if you are breaking even on rent vs expeses and an economic crisis happens you might be forced to lower your rents or handly longer vancies. If you have one property and have to lower rent by $100 it's not a big deal, but if you have 20 properties thats $2k per month you are gushing out... it can add up pretty quick. Make sure you have big cash reserves if you are going to do something like this.

Then again, if you invested into cashflow you could also invest this cash reserves and be making money on them! 

Anyways, I'm just doing what you asked! I would probably invest some of my money into appreciation if I lived in Austin myself

Welp, rental assisstance was passed so your tenants should be able to apply for or now or very soon. It is rumored that you can apply for it yourself. 

I put a few of my properties on forbearance. I know I will still have to pay for it at some point but you can add it to the back of the loan in most instances so who really cares. Besides, you are not paying for it in 30 years, whoever your tenant is will.

Lastly, people claim that they have gotten PPP Loans. I have no Idea how. If you figure it out let me know hahaha

Simplest way out I see is cash for keys. Pay them $500 or so to move out. Make sure you don't pay them anything until all their stuff is out and you can change the locks and they have signed to forfit the property back to you. 

Anyhow, here is the Landlord and Tenant guide for Texas in plain english. Read over evictions, if anything it might at least point you in the correct direction to move forward.

https://assets.recenter.tamu.e...

I know a couple as well. DM me if you want their info.

You can go to another lender and get a loan estimate from them. Then you put both lenders against each other to make them lower their price. 

By the way, the only real cost that the lender is charging you is what is under Origination Charges. That's what you need to look at when comparing lenders. Everything else is estimates, prepaids, and cost of other things that you can shop around yourself but regulartly don't vary much in price.

$1600 seems pretty normal to me for how big of a loan you are getting. Also, the more origination charges you pay the lower your interest reate is (for the most part).

DM me directly if you want further explanation. I'm from the valley as well and fluent in spanish.

This specific property mentioned is not in San Antonio. It is in Pharr TX. San Antonio is more expensive. You are 100% right. San Antonio multifamily is very scarce. It is very hard to see a fourplex for sale. There is a bit more duplexes but even those go very very fast.

I just helped a friend buy a 4plex to hosue hack using a VA loan. Once he moves out, his CoC ROI will be 94% because he only put about $7k down at 2.5% interest rate (closing costs). Not only is he getting an awesome COC ROI, he property is appreciating about $7k per year. On top of that, he still has almost all the money he had saved up and is ready to buy another property.

It's insane! Take advantage of this loan @Jeffrey L Jerschina.

I couldn't agree more.