Most of the investors I talk to are making decisions based on what this market looked like in 2021. San Antonio has shifted, and I’ve watched good operators walk away from real deals because their information was three years old.<\/p>\n
Here are the five myths I hear most, and the specific reason each one is wrong.<\/p>\n
This one circulates constantly in the Facebook groups. “San Antonio is still on fire. You can’t get a deal there.”<\/p>\n
As of mid-2025, San Antonio was sitting at about 5.1 months of inventory. Active listings were up 20%. Closed sales were DOWN 3%. That’s a buyer’s market, and sellers in our market know they need to compete. Concessions are back. Days on market are stretching out.<\/p>\n
Why does this myth survive? Because 2021 and 2022 trained everyone to believe San Antonio was untouchable. The market shifted. The narrative didn’t.<\/p>\n
When did you last actually check the inventory numbers? If you’re negotiating with 2021 energy right now, you’re leaving deals on the table.<\/p>\n
Every week I talk to investors sitting on the sidelines, waiting for rates to fall into territory where deals “make sense.” I understand the instinct. I don’t agree with the strategy.<\/p>\n
When rates dipped from roughly 6.9% to 6.82%, mortgage applications spiked noticeably. Eight basis points. That tiny move triggered a rush.<\/p>\n
Who else is waiting for that same rate drop? When rates move meaningfully, everyone sitting on the sidelines sprints toward the same deals at the same moment. You won’t be buying at a discount. You’ll be in a bidding war with 14 people who had the same idea.<\/p>\n
This is exactly why we teach subject-to and seller financing. When I buy a property subject-to the existing financing, I take over the seller’s loan at whatever rate they locked in, not today’s market rate. San Antonio has thousands of properties sitting on 3% and 4% notes from 2020 and 2021. That gap between their rate and today’s rate is real money. My students are closing those deals right now.<\/p>\n
I’ve heard this one for years. “Don’t get your license. It creates liability. It limits what you can do as an investor.”<\/p>\n
Our position at StepStone is that this is mostly myth. My license doesn’t close doors, it opens them. When my cash offer doesn’t work, I can list the property instead of walking away empty-handed. I convert the lead into a listing and still earn on the transaction.<\/p>\n
The investors most afraid of getting licensed are usually the ones who’ve never had to walk away from a deal they couldn’t figure out how to close. The license gives you another exit. That’s it.<\/p>\n
New investors hear “no money down, fast flip, keep the spread” and they think wholesaling is the beginner lane.<\/p>\n
It isn’t. I’ve seen people blow up their entire operation because they underestimated what this skill set actually requires. You need to find a property nobody else has locked up. You need to underwrite it so your end buyer makes real money on their exit. You need a buyers list you can actually activate. And you need to understand contract mechanics well enough to assign it cleanly.<\/p>\n
Get any of that wrong and you lose earnest money, burn your best buyer relationship, or both. Wholesaling demands that you know the numbers. There’s no shortcut around that, and I’d rather tell you upfront than watch you learn it the expensive way.<\/p>\n
Subject-to. Seller financing. Wraparound mortgages. I hear investors call these strategies complicated, risky, or reserved for people with a legal team on speed dial.<\/p>\n
My first subject-to deal, I didn’t have a legal team. I had a solid contract, a clear conversation with the seller about what happens to their existing loan, and an understanding of the due-on-sale clause. That’s the actual checklist.<\/p>\n
In a market where sellers are sitting on 3% notes and buyers are staring at 7% rates, creative financing isn’t exotic. It’s arithmetic. I’m walking my students through deals right now that make zero sense any other way.<\/p>\n
If you’re a Texas investor or licensed agent who wants to learn these strategies on actual transactions, Black Sheep Convention is what I built for that. Show up ready to work, not ready to watch. Our next convention is September 24-25, 2027, in DFW. Venue, speakers, and ticket prices aren’t published yet. Get on our list to be first when they are.<\/p>\n
If you’re a licensed Texas agent looking for CE credit that actually earns its hours, StepStone offers classes built around the strategies in this article. Real deals from the Texas market.<\/p>\n
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Black Sheep Convention 2027 is October 15, 2027 in Dallas-Fort Worth.<\/p>\n