All Forum Posts by: Stone Saathoff

Anybody buying in new braunfels??

I have a 4 bed 4 bath selling literally right next to schlitterbahn and landa park. Needs cosmetic updates and a roof.

Bids are starting just under 300K.

Avg price per sq ft of sold rehabbed comps is 256$, our sq footage is over 2800, you do the math. You can't spend enough on a roof and cosmetics to make this deal not be an insane return...

To top it off, Jade Florez loan terms leaves you with cash to close the deal at under 50K! message me for details on the property!

My cell phone is 713-305-7995, we have a showing confirmed already for this Wednesday. If you are a qualified buyer and you'd like to see the house, or hear about other off market opportunities I have, please reach out directly. Call or text.

A lot of investors I've talked to will say things like "I want to see where this ends up" or "I'm unsure of the market right now", and rightfully so. We have never seen an event like this in our lifetimes and we may never see it again. The results might not be such a cookie-cutter simple up or down price drop, and it may depend heavily on your market. @Joseph Cacciapaglia and I are both in the San Antonio, TX area, and prices have not gone down at all. I think the last statistic I saw showed the average sale price still going up month over month. Fix & flip investors I work with are still selling at projected ARV's with even lower days on market than usual. Rental investors are still getting applications for tenants, all is well.

To all real estate investors who look for deals in the greater San Antonio, TX area, let's connect.

I work with New Western Acquisitions wholesale brokerage providing value-add single family, multi family, and vacant lots to both local and out of state investors. Just this year we have had deals ranging from a 30K single family deal in the west side, to a 2.5 Million dollar apartment complex in Rockport. It is my job to find you the best property for your investment strategy and goals.

If you'd like me to reach out to you so we can work together on finding your first or next deal, please fill out your info on this form: https://forms.gle/y7NJRaBHp5re...

My cell phone number is also in my signature. Call or text any time.

If you'd like to see some of the day-to-day operations and deal scouting that goes on check out my instagram @stonesellsfixeruppers

Due to the quick closings and competitive nature of buying off market properties, the only way to purchase any property I have is cash or cash equivalent. That can be a line of credit, hard money loan, HELOC, or even an IRA account. Most local hard money lenders will require you to have 30K+ on hand in liquid capital to qualify you for a loan.

If you don't have internet for cameras, the 3 steps you've done should be enough. Are you ready to put another tenant in? If you get the house cleaned up and get new renters in that would ultimately solve your problem for good. 

Tenants should leave the property as clean as possible on departure. You should definitely have a professional cleaning scheduled after they leave as well.

@Ryan A.

Just to chime in, there are more properties that need work here in San Antonio than almost any other city my company operates in. That being said, it is much more hands on than what @Joseph Cacciapaglia offers, and in my opinion what he does is great for out of state investors. Managing rehabs out of state can be extremely profitable but expect to spend a lot of time on the phone, doing video calls, and really you should have someone you trust local to be able to check up on/manage things too. If your options are real estate or stock market, I would always pick real estate.

@Teresa M. If you haven't run out of money, and you're going to be OK for the next few months regardless of if the re-finance gets approved, I would say you were already appropriately prepared. A lot of other Airb&b hosts who were heavily leveraged are having a fire sale right now, you're actually not in a bad spot, especially if you can still break even or make any kind of profit while on the PM loan. This is part of the risk involved, it isn't necessary to be expecting a global pandemic at any given moment.

As of right now a lot of BRRRR investors are stuck on their plans to cash-out refinance. Your best bet is talking to your PML and trying to work something out, we are probably at least a couple months out from lending coming close to normal with the banks. As for long term VS airb&b, talk to the bank you're trying to re finance with and see if it makes a difference to them. Is your locality opening earlier than others? It may be worth it to leave as an airb&b if the income is the same with just a couple bookings.

This seems like a question better suited for your CPA. Almost every investor I work with in San Antonio, TX uses a real-estate savvy CPA who's been able to help them defer taxes.

Cannot tell which region you are in but, there certainly are a few things to look at.

Since you're already bringing a GC with you he will be able to do most of the inspection work for you. Plumbing is important to look at since cast iron needs to be replaced. If electrical, HVAC, and roof have been replaced already according to the seller double check while you're there and make sure he follows through on providing that paperwork if he has it. 

I don't know what region you are in but for my market (San Antonio, TX), foundation issues are extremely common. If your area is known to have foundation problems I would get with a local foundation repair company to measure it while you're there. If I'm going to a house with foundation problems for one of the investors I work with I always bring an expert to measure and give an estimate.

Otherwise, there is no reason not to go after a property like this for BRRRR, just inspect all the majors and go from there.