All Forum Posts by: Robert Finn

Without using a realtor, I'd look on the OTA's for remodeled homes in your target area, days on market, pending sales, and see what's available to buy at around a 70% LTV (for buffer room) of those comps. If you can find properties that check the boxes on your criteria, your deal is utilizing hard money or cash to get that purchase price as low as possible.

*San Antonio, TX*
- Demand Drivers consisting of universities, military bases, corporate headquarters, and leisure attractions (theme parks, historic poi's)
- 350k-500k+ pool properties potentially grossing 70k-100k+ revenue on the STR side
- Active Permit good for 3 years currently
- No specific to SA, but 2022 is the last year for 100% bonus depreciation, talk to your CPA on how this applies on new acquisitions. 

San Antonio, we are still seeing multiple offer situations. Our price points didn't really soar to extreme heights like other Texas markets, so it's not surprising we are still seeing strong demand. Long term rents have increased (12%+) and the travel demand is still there (military, corporate travel, theme parks, historic district, etc). Small multifamily is even more competitive!

Depending on your pre approval amount, you can get into small multi family here in San Antonio. I'd speak to a lender, as they may be able to use market rent for the other unit(s) as qualifying income. During the time you live there, you could add value (in unit laundry, foot print reconfiguration, and cosmetic updates). Over time you could refinance into a different loan product and short term one side and long term the other, and repeat the process. For schools you can use niche or usnews to get a general idea of graduation rates and other statistics. 

I agree with @Jordan Moorhead! first hand experience is the greatest teacher. Once you go through the process of finding a value add property, negotiating the best price and terms, getting through underwriting, and implementing processes to get the asset to perform to your criteria. You'll notice there are many others trying to do the same thing, post about your successes and add value to their threads. Your network will grow overtime and you'll be up and running. Best of luck!!

When researching markets, connect with a local operator or realtor. Most are here on BP and can share their first hand experience. Here in San Antonio we are seeing roughly 68% occupancy, with heavy leisure demand in the spring and summer and more business/ corporate travel in the fall and winter. 

If you're purchasing a property strictly for STR, see if your realtor can guide you through the permitting process and HOA's CCRs, while you're in the option period. Personally, I only buy in non HOA neighborhoods. The last thing you want is to buy a home and find out you can't operate it as an STR after you close. Best of luck in your search!

Welcome to BP @Justin Miller happy to help answer any questions about STR's, small multi, BRRRR's and LTR's here in San Antonio! Best of luck in your REI journey!

Call homeowners insurance companies and try and get on their third party relocation/temporary housing call lists. This strategy, along with being on the OTA's, 30+ day stay discounts, furnish finder, etc will increase your chances of getting those mid term bookings. You do save on the turnover costs and lodging taxes. I do this with my rentals in the off peak season, and during the summer months its full throttle STR. Good Luck!!

Welcome to BP @Talish Cole, congrats on making the move in to REI. Have you spoken to a lender yet to go over the different owner occupied loan products? House hacking is a great strategy and education starting out. Most of the small multifamily here in San Antonio will require some sweat equity or repair. You can implement the live in flip strategy, add value, then proceed to rent the units and repeat. Best of luck on your venture, feel free to reach out anytime! Happy to help.

I've been in three bidding wars in three different areas of San Antonio this week. Deals are penciling out on the long and short term side and buying activity hasn't slowed. Summer is always a boom here with leisure travel, interesting to see the demand stay constant going into late August.