All Forum Posts by: Andrew Ramler

I am excited to share a success story!!! After 11 months of being under contract, we recently closed on a 63-unit apartment near Down Town Dallas! It had a HAP contract, an assumable city of Dallas loan, non-profit participation required, a LURA (land use restriction), city council approval requirements, TDHCA approval, past owner interference. Don’t know what half that means? Neither did I a year ago. For ease of reading, I broke them out below.

• HAP – Housing Assistance Payment. This is a type of HUD payment where the voucher is connected to the property instead of the tenant. In our case is renews annually and pays the majority of the rents.
• LURA- Land Use Restriction Agreement. In our case, we are restricted to leasing the property to individuals that have the past in mental illness or/and homelessness. We also are required to have a social provider available to the tenants.
• The city had given a loan to a previous owner that is “forgivable”. In other words, you don’t have to pay it. But there’s a catch, if you ever break the LURA, the whole loan comes due. To assume the note, we had to go before city council. We also had to talk the city into taking 2nd lean position to our bank
• TDHCA also had to approve our purchase.
• The owner that sold it to our seller sold it with owner financing and when we were under contract he tried to foreclose (unsuccessfully) on our seller and then when it came time to close would not give payout amount for the balance of owner finance loan.

As you can imagine the legal fees and brain damage we occurred getting this one a crossed the finish line were enormous. BUT still so glad we did it, it's absolutely the best property I have ever purchased and taught me more than college! 

@Mike Makkar would you mind sharing the banks? I'm looking for a lender since I cannot do any more conventional mortgages. Thanks!

@Greg S. depends on where you are coming from. I was pretty excited when my net worth reached 1m :):):) baby steps turn into miles

If there are good small multifamilies in the area you want to live I would house hack(owner occupy with FHA mortgage). If there are not any good oppertunities in the area you would like to live I would stay where you are and find a good rental differnt neighborhood.

Some people house hack for the sake of house hacking and they would be better off renting them selfs and buying rental that cashflows super good!

I am a local Oak Cliff investor and interested in talking with you about this project. Please give me a call or text, I will message you my number.Thanks and looking forward to talking. 

Andrew Ramler

Ismeal, I am a local Oak Cliff Real Estate investor. I would like to talk with you about the deal you have. If you are interested in Whole selling it, I could be a good buyer. I set you my number in a messagre. Thanks!

Andrew Ramler

Hello everyone, I recently bought a duplex on hubzu for what I think was a great deal! It is in North Oak Cliff(a revitalizing area in Dallas, TX) for 75k, it need around 20k in work and I can rent each side for $850. Should appraise at 150k and I will BRRRR right out of it!

The reason i am writing this post is first off to share a success story but also tell people my Hubzu experience was not bad at all! I read so many post on BP saying it wasn't worth it because of how much work it is to close but my closing was painless. I will continue using it as a resource to find deals! 

One disclaimer, I was a cash buyer. I could see some pitfalls if you were trying to use conventional financing.

Cheers,

Andrew

Hi Carrie, I am a small time investor in oak cliff also! I own 10 units and am actively looking for small multis. As far as I know there aren't any groups in the Oak Cliff area, but I know some other BP users in the area and we should start one! Either way let's grab a coffee or beer sometime, 214-769-4134

Creative, I like it. 

Also, how incredible is BP? This thread is a perfect example of the value! @Brandon Turner