All Forum Posts by: Trampas Tanklage

@Christopher A Brown 120-160k per door is very attainable around here. I've seen far less, but of course it would depend on your appetite for rehab. Lots of great Multi-family options in San Antonio! 

@Charlotte Chew I'll be there!

Ok, thanks for the info @John Sledge!

I'm selling a property in the City of San Antonio that's zoned R-4 (single-family residential). The property has 2 structures, a 2 bed/1 bath original house and a 1/1 back casita (fully permitted). Would a buy and hold investor (not living in the property) legally be able to rent out the units to 2 unrelated tenants (which would increase the rent substantially), or would they need to re-zone the property to a multi-family designation? If re-zoning is necessary, how hard would that be for a property like this? 

 @Manaia Alalamua

@Jaz McWilson $35K cash is a great place to start! If you're serious about investing right now, I know a lot of great hard money lenders in Texas who would work with you. They mostly care about available cash in the bank; having less than perfect credit may raise your rates or origination points but they will work with you. 

I'm in the San Antonio market, and I know for a fact that you can flip a house at under $100K purchase price (typically under $175K ARV) with less than $35K on hand. I've had several buyers go that route. If you'd like to learn more, please shoot me a DM!

Best of luck with whatever strategy you choose, lots of great advice in this thread.

@Gary Nicholson I'd recommend @Cassie Villela

Congrats on getting started @Frank Palmer! My two cents would be to find a good hard money lender in the LA market. People complain about the higher interest, but hard money lenders are able to close quicker and with less contingencies than private or conventional loans. Like you said, a flip project should not take 8 months. If you can get it done in 3 or less (6 is the standard term with the ones I've worked with, no prepayment penalties), you're looking at a very manageable interest expense. I'm not a lender, just an agent at a wholesale brokerage, but my buyers love the hard money companies I've connected them with. 

I'm in the San Antonio market now, but I was born and raised in the east LA area and I'm curious as to what kind of deals are available around town. Feel free to connect, and best of luck!

@Reginald A. Shelby II If you're working with any kind of reputable wholesaler they will provide you with comps and detailed property information. On your end, definitely utilize your local MLS for comps if you can get access to it. Zillow, Redfin, Realtor.com, etc. are OK starting points but don't use them exclusively to evaluate deals.

@Michael Perry if you were to go with Option 1, $100K is more than enough to flip a house. Private financing/JV would be an option, but in my opinion hard money is a great way to go. People complain about the high interest, but start off with a quicker project that you can get in and out of in 3 months or less. In my market (San Antonio) you could actually flip 2 houses simultaneously (depending on your ARV range, I'm thinking less than $350K) with $100K if you're utilizing hard money.

Some other great options in this thread as well, I'm a big fan of the multifamily house hack strategy to build equity for (basically) free. Best of luck whichever way you choose!