All Forum Posts by: Steven Wesolowski

Quote from @Mary Eubanks:

What is the minimum rate of return I should be looking for to make a flip worth it?

 In San Antonio, Texas, I can tell you that the minimum rate of return you should anticipate for your first single family home flip right now is around 20%.  The average price for most single family homes down here is $250k, with average renovation expenses around $50k. The average time to flip a home is 6 months --again averages, but with a solid network and referral partner you can find incredible deals that are far less price than $250k (like $70 - $90k) and average profit potentials over double from the 20% average example, pending on extra hands provided for your daily research. Let me know if you need examples of off-market inventory down here in San Antonio anytime.

San Antonio, TX. DM me for a more qualitative report I can refer you to. Several things in Florida that are comparable, too. 

San Antonio, Texas. DM me for more qualitative report I can refer you to.

Hire out the lawn service. Now, if you and your tenants have a mutual understanding and good relationship (they appreciate you as their landlord and they agree the lawn needs a cut), then ask and see if they would be willing to cut it. If they're like, "gee willickers, cutting grass makes my skin rash" or "I am unable to due t o my medical condition" or whatever their reason, just hire a lawn service. If lawn care expense was not covered in the rental agreement, then you need to just go ahead and either do it yourself or hire a lawn service if you are not going to do it. Don't add more to what the tenant is already doing for you with their rental payments. 

Welcome to San Antonio!

I am going to this tomorrow during lunch: 

https://www.meetup.com/businessreferrals/events/296878111/rs...

And then tomorrow night, a cool place:

https://www.meetup.com/hey-let-s-do-cool-stuff-together/even...

DM me, let's connect, so that I may be able to help you. -Steve

Mike, dm me.

While yes, rental rates correlate to our nation's inflation (hence housing is a major component of the CPI), it does not mean that rentals are becoming unrealistic. Down here in San Antonio, TX,(of course, the cheapest major city market in Texas right now), we're finding a lot of buy/hold investors leaning towards heavier discounted off-market properties since demands to sell remain constant. Buyers have been able to off-set rental difference in the multifamily units, so that they're still attracting longer term tenants. Although not a frequent occurrence across the entire city, It's been nothing but good news for renters looking to find affordable housing despite rising interest rates. So, they're out there. Multifamily investors will continue to grapple with how to increase affordable housing in the face of rising rents, but property, rehab, and rent remain crucial to the success of any multifamily investment.

Matt! --100% yes! You and your wife will LOVE Texas! Congrats on your equity! So you've got a couple courses of action. Also, have you spoken with a financial advisor or a CPA to help max our your decisions? Definitely talk with a CPA in Boston, or let me know if you need a Texas one. If you need a new financial advisor or CFP, I got a Texas one too for ya.

I do know that If you decide to sell your home in Boston before the move, you'll avoid paying capital gains tax IF you reinvest your sales proceeds into your new home within 2 years. If you and wife decide to downsize to a smaller, easily affordable home down here, you'll definitely be freeing up more money, plus Texas as no state income tax!
Just things to keep in mind if you're planning to get rid of your Boston home --prepare to pay real estate commissions and other closing costs on both sale&purchase of the home. Pending your current market, you may even need to sell your home less than you would like in order to move quickly.

With the HELOC option, you can keep your home in Boston as a continued investment rental/access equity without selling, then build quickly with your HELOC funds to purchase your Texas investment properties immediately. Hope this helps.

Should you pull the trigger on whatever you choose, welcome to Texas! Your quality of life should skyrocket.

Quote from @Terence Crafton:

Good evening. I want to "house hack". I've listened for over 5yrs doubting. 

Im currently in San Antonio Texas married staying in an apartment. Lease is up at the end of December and I'm straddling the fence on if I should move back home to Kansas City Missouri. 

Im not in the position I thought I would be in when I moved down here. I no longer want to rent. I no longer want to listen to the podcast yet be afraid to step out and give it a real shot. 

So in short Im determined to get started. Problem is how do I figure out which state/market is best for Me? How to start and what programs are available for Me to take advantage of. I would appreciate any and all help or info given. 

Thank You for Your time. Terence 

Terence, cannot speak on behalf of Missouri, but I know some folks up there that can give you solid estimates. San Antonio, however, currently leads with the best market for cheap rentals compared to any other city in Texas right now! While it's good you have got the 60 days mark, very highly encourage you to check out local networking events with flippers and wholesaler education opportunities in the area.

When house hacking, really your best shot is to aim, fire, and DO NOT be afraid to fail! Alternatively, to living next to a renter, I strongly recommend checking out available duplexes that are at heavy discounts we're running into daily over here. Shoot me a note and be happy to relay to you several examples. And if you could please do share what areas or side of town you would consider. Best, Steve

Quote from @Brian Willie:

Hi everyone! I need some advice from someone who knows SA well. Is the Jefferson neighborhood just south of Balcones Heights a good/bad place to invest? Trying to determine if it's a safe area and would be somewhere a tenant would want to live or even to rent as a mid term. Thanks!

Good morning Brian!

The Jefferson neighborhood in San Antonio, Texas is a great place to invest in rental properties. It is a generally safe and desirable area with a mix of single-family homes, duplexes, apartments, and businesses. The neighborhood is located just south of Balcones Heights, which is a more affluent area. However, the Jefferson neighborhood is still very affordable and has seen a lot of development in last 2 - 3 years.

There are a few reasons why the Jefferson neighborhood is a good place to invest in rental properties:

• Location: The Jefferson neighborhood is centrally located in San Antonio, with easy access to major highways and public transportation (the I-10 central corridor). This makes it a convenient place to live for tenants who work or go to school in any given part of the city.
• Affordability: The Jefferson neighborhood is still relatively affordable, compared to others of San Antonio. It makes it a good option for tenants who are on a budget especially.
• Development: The Jefferson neighborhood has seen a lot of development in recent years. New businesses and restaurants are opening up all the time, making the area more and more vibrant. Great area for tenants looking to be in a trendy and up-and-coming area.

In terms of safety, the Jefferson neighborhood is a relatively safe area. Crime rates are shown to be slightly higher than the San Antonio average -violent crime is 12% higher, and property crime rate is 8% higher, however still lower than the crime rate in some other parts of the city. The neighborhood is a hub of a number of community organizations working well to deter crime and keep the area safe.