All Forum Posts by: Collin Corrington

The city is growing like crazy.  1.1million more expected to come!

https://www.sacurrent.com/the-daily/archives/2019/01/01/san-antonio-could-gain-11-million-new-residents-but-making-the-right-preparations-depends-on-how-city-officials-interpret-the-numbers

Not sure on the vacancy rate there.  But crime is a bit high.  I do know that that is the direction that the gentrification is moving.  So I'm pretty sure you're value will climb dramatically.  Just make sure you do your homework on the renters to prevent any b.s. And don't over rehab it just yet until you see the changes in that particular neighborhood/street. 

Check out Hilco Homes on Facebook.  They are good guys and they just posted, not too long ago, a basic pallet they use for all their flips.  It's really close to what we do too, and it's super simple. 

As Matt said, wraps (subject-to) can be tricky.  There are a lot of moving parts and the due on sale clause.  But it does seem like a good option and the seller is willing to tie up his credit for a while.  

Leveraging against your current rental is interesting too.  Very creative.  If I was the current owner of the property you're looking to buy the value of that would be paramount.  

Depending on how long it will take to get the down payment, I know there are some hard money lenders that will do transaction lending, which might help get the deal done.

The old adage, you make your money on the buy.  

Make sure you find something that is undervalued or has been on the market a while (usually negotiable). It can't be too rough due to the VA guideline though. I'd read up on those to make sure you're not chasing your tail when you start looking.

Also, double check your VA allotment. You can only borrow so much against a VA and depending on how much you bought that first home for you may not have much left.

You can also, refinance the first one if you have a strong tenant in it and since you have 7 years of equity it may help lower the cost.  I know some good Loan Originators if you need recommendations.  

Or, if you just want to sell the property let me know.  I'm here in San Antonio.

The buying a duplex and renting the other half is a tried and true method that many have used.  Sometimes you have to be a bit uncomfortable to build wealth. 

Yeah, if you make it down this way look me up. 

Beware of prepayment penalties and balloon payments. 

And as always, make sure you're escrow-ing, or setting money aside for taxes and insurance.  Not all owner financer's escrow. 

You have a certain allotment of what you can borrow under the VA. https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

From what I can remember you can borrow for two houses as long as you're under the cap where you live. Just make sure you have enough saved for when your renter's flake (and they will).  Otherwise, get it!  And have fun!

Band director.  Then in sales. Then management. 

All of which added to the arsenal that helped me understand and appreciate real estate investing.  

An LLC can be important as you get more exposure (liability wise that is). But to get started...no. Just go do some deals, get addicted and have fun! Read up on wholesaling first =)