Craig Ranch Options
Are you buying land? Yes, I’m going to tell you about that, because we all have buyers that are in a certain price point that we are struggling to find homes for. Right. And we’re going out and all over the place. And I want to bring up Craig Ranch in McKinney, because in the past, you know, it was very hard to compete in there if you had a buyer that was getting finance, because for that price point, you had a lot of investors that were coming in and paying cash and, you know, and it was just almost impossible to compete with that. So I have learned that Craig Ranch has now capped their rentals for the subdivision so investors can’t purchase in there. So this could be a good opportunity for you to bring your buyer back in there and have a chance at a property that that would be in a reasonable price point.
You know, the percentage. I don’t. You don’t.
Ok, so Chat in I want to understand, but I. I don’t know that for a fact. We need to fact check.
Ok, so if anyone knows, just please let us know, Chat, in a number that you’ve heard. And so what that number is, is it’s a percentage of rental units of the overall units in the in there. And they’re putting that in your documents there in the then the restrictions. And the reason they did that is because they want to have a certain the predominance of the residential properties that are single family residences they want to be owned by as primary residences, not people that are renting those properties believed that if you have too many rentals, you know, it diminishes the values in the overall subdivision now.
Yes. This is also another kind of a hot topic and something that has been approached or had been presented to, you know, Adam in the governmental affairs. Because, you know, if you’re a homeowner and here’s what I’ve understood to if you’re if you’re an investor and you have a home and a branch and you’ve leased it for all these years and now you have a client or a tenant that’s moving out and you’re going to go to relisted for lease, you can’t. So it’s not something that’s grandfathered in. So it’s super risky. If you have an investor buying in an area that has an HOA, you always want to verify and make sure that you know where they are in the process and relay this information to your client. If they know that they move forward with the purchase, then you’re fine, right? You’ve done your job and given them the properties, disclosures and information. And then if they face this issue, then, you know, so if they can’t lease it.
Right, because I could understand a scenario and where all of a sudden it’s at 10 percent. Right. And this lease falls out and somebody else gets that spot, so to speak, before them. And now all of a sudden they go to release and they’re like, no, no, no, we’re over that. No, no, no. That’s definitely an issue. Yeah. So like you’re saying, it’s not grandfathered in. There’s potential issues there. So watch those numbers. Would you say it’s relevant that if somebody happens to know other communities that are close to that, it would be helpful if they chatted that in so we could discuss it?
Yes, I know Amy has an investor that buys all over and she’s pretty familiar with, you know, with those numbers, but they change all the time. So, yeah, I would be very interested to hear. And that the homeowners associations have different criteria. Maybe they do grandfathered in. It’s not one for all. It’s determined by the particular homeowners association for that community.
So it’s need to know, yeah, anyone that put types in any of those numbers would definitely be super helpful. So we would kind of see them over a period of time and it kind of keeps a log of them. So maybe when you put it in there, it’ll have the data on it. So it timestamps when you enter it. So this information will kind of like change over time. Yeah, but the more you kind of help us out there and keep the catalog of that be nice is the document that we just update as we know. Yeah. Maybe that is something that the tech department could work on for you. It’d be great. All right, you ready, ready, Freddy? All right.