All Forum Posts by: Gautam Venkatesan

@Broc Gullett look up the snowball strategy where you can do 30 year mortgages and use cash flow to pay down the mortgage quicker when cap ex or other costs don't eat into cash flow that month.

@Rob Hakes if the property is not leasing the issue is usually location and price. How many showings have there been and what is the feedback from your PM?

I would look into new construction duplex along the Austin/San Antonio corridor that area is booming and $275K will be more than sufficient for 20% downpayment on a couple of units.  You have to be prepared for the high property taxes and insurance though. Make sure you know all the expenses in TX before you close a deal.

Sears Outlet in Carrollton

@David Sorrells do you own the property free and clear or is there an underlying mortgage in which case you will prob do a wraparound mortgage and need to clearly inform the buyers about the due on sale clause. 

Couple of recommendations:

1. Work with an RMLO to qualify the buyers in accordance with all the laws.

2. Make sure you escrow insurance, property taxes, HOA fees, etc. into the monthly payment.

3. Close at a title company and make sure you get the appropriate insurance.

4. Use a loan servicing company to collect payments, make payments, send notifications, etc.

@Jan Walczak you will need to look into creative ways to purchase rent-ready properties where you don't use your own funds to acquire like subject-to, seller financing, using private funds, sandwich lease options, etc. I do not know anything about the laws in Toronto regarding these techniques so please research them thoroughly before proceeding. Good luck!

Agree with @Tony Kim on 121 - my understanding is you prorate the tax-free gains based on the number of years it was owner occupied 

Assuming you're buying at retail prices you will have to hold for several years to just break even unless the property is in a high appreciation area.

@Brandon Borah these banks allow 100% HELOC on investment property??

Lookup August REI out of Garland, TX