All Forum Posts by: Chuck Gafford

Situation: So a great 4-plex just came back on the market that we would love to buy it, as it already cash-flows (with tenants) and is in an appreciating area.

Problem: We do not have the 25% down ~$110K that most lenders require.

Options: we do have 2 other rental properties out of state with significant equity, and we have excellent credit

Question:  What is the best financing option to acquire this property with the lowest down payment and closing costs?

@Uzziyah Mehlek Cohen, I'm not sure what you might define as an investor-friendly title company, but check out the folks at Maas Real Estate law. They provide all forms of "investor-friendly" services as he essentially runs the San Antonio REIA, and will service every step of a deal as an a la carte service...to include the traditional title services of facilitating a closed sale and filling the necessary legal docs and paying fees.

http://www.maaslawfirm.com/

I trust that helps.

Hey Jacob,

Best advice I ever received, is "build your team." Do you have the team to start buying deals?  At a minimum, you will want: 1. A mentor/partner/experienced investor, 2. A local expert/realtor, 3. handyman/foreman/contractor. 4. A trusted loan officer/lender/supplier of $.  

I highly recommend you search for deals daily, but you will hit a lot of unnecessary road blocks along the way if you haven't identified your team.  And continuously talk to people about what you're doing and be open to adding them to your network. 

Once you have your team, keep recruiting, keep looking for opportunities i.e. deals.  Ask other if they know of people who need to sell that you can help. Always approach the situation as a problem solver and a solution provider, everyone wins.  I trust this helped.

Let me know if I can serve in any way to get you to the $1M.

Chuck

Abel, if you've identified the deal, you've already done the hardest part! I highly recommend getting with a reputable REI-Friendly Realtor in San Antonio(there are plenty here on BP) to get a solid ARV and then partner with a an established investor to guide you through the process.

Reach out if I can help and Good bless!

Chuck

@Thurman Kennedy I highly recommend SAREIA is a great organization, just the right amount of structure for new investors, and value for the seasoned investors as well.  

www.sareia.com/ Victor Maas does a great job running it and took all the new members from last month meeting 'driving for dollars'!  

See you when you get here.

Chuck

@Cammeron Williams you are employing the exact strategy and potentially the exact same timing (I was on my first deployment when I started researching home investing) that set me up.  We were able to buy and hold at each duty station, and now I and my family are blessed with a healthy portfolio of cash flowing property.

I joined my wife as an agent when I retired this year from JBSA, and would love to share any knowledge, experiences, or to give you boots on the ground while you're deployed.

Thanks for doing what you do so that I can now do what I do!

Stay safe,

Chuck

Jason,

From what I have seen, neighborhoodscout.com is an accurate site for looking up demographic data for an initial comparison of smaller chucks of a city.

Also, Julie Aue Elementary, and Health Careers HS are in radically different parts of town.  What made you attracted to these schools for investing?  If you can trust me with the larger goal you are trying to achieve with investing, I can better vector to where you might find opportunities here in SATX, sound fair?

So Jason, it sounds like you used to live here in SATX.  With that being said, you know that Tobin Hill, the Pearl District, and Olmos Park are all in 78212.  All are radically different.  A zipcode does not a good demographic measure make.  You want boots on the ground, ideally your own if you are investing in an area.  Second best would be a professional investor or investor-friendly realtor.  A distant third would be friends or family with no RE experience.  

Good luck, let me know if I can help!

Chuck

Where are the properties, as you mentioned, appreciation has been very steady here in SATX, but depending on the area/neighborhood, that train is far from out of steam.  

Also, it sounds like a HELOC might be a good option for you, have you looked into this option with existing properties?