Skillman Partners

More people should be able to qualify for a mortgage with these new guidelines.

http://www.cnbc.com/2017/07/05/two-major-lending-changes-mean-its-suddenly-easier-to-get-a-mortgage.html

Two major lending changes mean it's suddenly easier to get a mortgage Two major changes in the mortgage market go into effect this month, and both could help millions more borrowers qualify for a home loan.

Austin is a horrible place to try and get anything permitted because of the complexity and outdated nature of the process. There was no process, depending on the day/person everything would change. Codenext was going to simplify and streamline all that. However it too was overly complex.

Now according to the second portion of this article, they are going to simplify it! This is very welcome news.

Here is the most important part:

". . . the new draft will "not maintain the transect and non-transect zones" and will "get rid of the nomenclature of T zones and non-T zones." Replacing them will be a simplified list of R1 through R4, each allowing the indicated number of residential units by right per lot, plus RM1 through RM6 for increasingly dense multifamily residential. "

https://www.austinchronicle.com/news/2017-06-30/public-notice-no-fireworks-but-a-bombshell/

Public Notice: No Fireworks, but a Bombshell City Council, AISD Board adjourn for summer with work left to do

And on a lighter note, did you know that Cougars had beds?

California firm buys 465 Cougar beds

HOUSTON (REBusiness) – California-based private equity firm Arrimus Capital has acquired Campus Vue, a 465-bed, Class A, student housing property near the University of Houston.

Located at 4459 N. MacGregor Way, the 145-unit property consists of two five-story buildings.

Fountain Residential Properties sold the asset, which was 96 percent occupied at the time of sale.

News of the day:

New THC web app connects developers to historic downtowns

AUSTIN (Texas Historical Commission) – The Texas Historical Commission (THC) has launched DowntownTX.org, a web application designed to connect potential investors to development opportunities in Texas’ historic downtowns.

DowntownTX.org is an online building inventory for Texas downtowns featuring historic property listings.

The website has two map-based user interfaces—one for the public, the other administrative purposes.

The public interface promotes investment opportunities and historic building information, highlights incentives, provides a direct connection to the correct local contacts, and clarifies the local development process.

A user-friendly design makes it easy to scan the entire state and provides the ability to search parameters no other online real estate search tool offers. For example, properties can be filtered by National Register designation to direct interested historic real estate developers to properties eligible for the state and federal historic tax incentive programs.

The administrative interface displays a tailored dashboard, allowing each community to customize their homepage to manage building and business data internally.

About 20 cities are currently online. More will be added throughout the year.

The project was made possible by the Still Water Foundation, the THC’s Certified Local Government program, and the Friends of the THC.

"Not all renovations are equal. Before you start knocking down walls, the experts offer some words of advice. Basically, remodeling projects are either ones that pay off when you sell the house and ones that don't. For simplicity, let's just call them renovation winners and losers." More from Senior Editor David Jones in this week's Mixed-Use Blog post.

Today 1403 Birchwood court funded, so I the search is on my my next project! The real estate market is still strong according to the latest news from the Texas Association of Realtors

May 5th, 2017

TAR report: Texas housing market kicks off 2017 strong

AUSTIN (Texas Association of Realtors) – The year got off to a good start for the state’s housing market, according to the latest quarterly report from the Texas Association of Realtors.

In first quarter 2017, Texas home sales volume increased 4.6 percent year over year to 68,420 sales. The median price for Texas homes increased 9.4 percent in the same time frame to $213,325.

The price distribution of Texas homes showed a decline in sales volume among lower-priced homes typically considered affordable for entry-level homebuyers in Texas.

The amount of Texas homes sold for less than $200,000 decreased 5.7 percentage points from a year ago to 45.6 percent of all Texas homes sold in the first quarter of this year.

Active listings increased 6 percent year over year. Homes spent an average of 64 days on the market—same as a year ago.

Monthly housing inventory was up 0.1 month to 3.6 months. This is the first time since 2011 that monthly housing inventory in Texas has posted annual gains in the first quarter.

For more on this, listen to this week's Real Estate Red Zone podcast featuring Real Estate Center Chief Economist Dr. Jim Gaines.

So happy to get a full price offer (I gave a $900 concession) for 1403 Birchwood Court, even before we listed with the upgraded ADU! A fellow was looking for another property in the area and saw my contractor cutting the lawn. He is a young guy from Chicago that I really took a liking to.

Here are some pictures of the ADU transformed from a very rough 3rd world type of habitat to a livable area.

We took 1403 Birchwood ct. off the market to rehab the 900 sq ft ADU. We are nearly complete, installing the spit AC this week. Here are a few pics of the front, kitchen and bath upgrades. This makes it over 2200 sq ft for $399k in the close in area of 78745. A great investment for a buy and hold that will grow in value while paying for itself.

How will the fed rate increase effect residential sales?

https://blog.marcusmillichap.com/2017/03/16/fed-raises-rates-toward-normalization-rising-confidence-in-expansion-is-key/

Fed Raises Rates Toward Normalization; Rising Confidence in Expansion is Key Follow us: Research Brief March 2017 FEDERAL RESERVE Developing Trends ■ At least two more rate increases were signaled by the Fed for the remainder of 2017. Strong confidence combine…

First condo regime from a duplex going up for sale this weekend. https://www.redfin.com/TX/Austin/3105-Matador-Dr-78741/unit-A/home/113116463?utm_source=myredfin&utm_medium=email&utm_campaign=iphone_email&utm_nooverride=1

Getting ready to put our condo regime duplex up for sale at 3015 Matador Drive in Austin

Open house Saturday Jan 7th from 12:00 – 3:00 PM at 1403 Birchwood Ct, Austin, 78745.

Two income rental opportunity for a fully rehabbed house with a detached 900 sqft converted garage that can be also be rented!


Remodeled home in 78745 fully upgraded.
New Low-e glass windows
Roof with ridge vents
HVAC,
Water heater,
Recessed LED lighting
Large kitchen
Granite counters,
New custom cabinets
100% tile floors – no carpeting to replace
New doors throughout
Fresh trim and paint.
No HOA and
Sits on a 0.22 Acre oversized lot in a cul-de-sac.
Has a separate dog run and potential RV parking.
Only 5 minutes to downtown.
10 minute walk to Grocery store

This home also has 30’x30’ 900 sqft detached bonus room not counted in footage that has a ton of potential. Could be a rental with minor investment.

New carpet and Armstrong12mm laminate
Bedroom with closet and flushmount LED lighting
Bathroom needs to be completely redone
New roof and soffit
Separate sub panel to monitor electrical usage for tenant
Small investment will make the space livable
Unit rented in the past for $1100 per month 3 years ago prior to upgrades, should rent for $1250 now.

MLS 1164124
https://www.redfin.com/TX/Austin/1403-Birchwood-Ct-78745/home/31875258

1403 Birchwood Ct, Austin, TX 78745 - 3 beds/1 bath (ACTRIS) For Sale: 3 bed, 1 bath, 1358 sq. ft. house located at 1403 Birchwood Ct, Austin, TX 78745 on sale now for $369,900. MLS # 1164124. Remodeled home in 78745 boasts too many upgrades to list. New wind...