All Forum Posts by: Juan Maldonado

Hello,

My wife and I would like to do purchase our first home through a 203k Loan in Austin, Texas. So far all of the mortgage lenders I have talked to know all about an regular FHA loans, but when I ask for their experience with 203k Loans, none of them have done one or at worst don't even know what I am talking about.

Does anyone know someone in Austin, TX that has either gone through the process or can refer me to someone who we can work with on one.

Thank you BP.

@Derrick Strope, your understanding of the process having the seller carry a 2nd mortgage is correct. There are some lenders that may give you trouble as they may want you to have some of your own money in the deal "skin in the game". But talk to them, let them know about your deal structure and find one that is fine with your deal structure. But then again just let them know that its not like they are lending more than they normally would, and what is the difference to them if the 20% is being carried by seller or a family gift to you?

The big things I would highlight to the seller are:

• Unlike carrying the whole note, he will receive 80% at time of closing.
• If he's worried about taxes, he gets to differ the capital gains on the 20%
• Your offering 5% interest only or whatever (%) you negotiate , as long as its better than 1% its beating the heck out of 99% of savings accounts
• Should you not make payments he would be able to foreclose on you (try not to mention this one, as he would stumble into problems as he holds a lien behind the bank), however in theory he could start foreclosure procedures.

The method described above works, its how our company president grew his portfolio to almost 600+ units.

Regarding your PM, not sure what happened was never received. Keep us posted.

Another avenue that you can approach is seeing if he (seller) would be interested in carrying back a second mortgage. Let's say each house is 200k * 5 = 1 million. So what if you asked him to carry the second mortgage of 20% at 5% interest only loan, balloon of 5 years? This for him has positive implications. He gets 80% of his money at closing= $800k He would make 5% on his $200k instead of parking in in the bank accruing nothing. He won't get taxed on the $200k for capital gains until he receives the remainder in 5 years. For you it would be a positive because you would have to come up with much less to close the deal. Most of the down payment is via the second mortgage. In 5 years you should could sell a house or refinance and pay him the 200k. Typing on phone so there may be typos.

@Guy Gimenez boy you would have loved the property we closed on today. If I get something like that mostikely we would take it down ourselves. Anyway certainly will keep you in mind when I turn over a rock that doesn't fit what we are looking for. 

@Guy Gimenez awesome, also looking at your profile says your interested in multifamily that is what we specialize in, making the shift to 80 units or more. Let's chat sometime maybe there are ways we can work together. 

Guy Gimenez I am not a flipper but somehow got on mailing list for www.impactinvestingtexas.com. From what I have seen they do low priced flips and only focus in San Antonio, judging by the pictures they should fit your old, ugly, smelly criteria.

Joshua Dorkin , I certainly think a Job Market Place would be good. I found BP trying to connect with a mentor/job and actually have recently used the market place and posted an opportunity we're hiring for just like what Grant Cardone proposed. Before doing that emailed back and forth with your guys (Brandon & Scott) about possibly using your podcast advertising to get the word out, they suggested the marketplace, got a decent response but the reach just isn't there. We are still looking for that, if you want to try an experiment and use our job vacancy as a test subject let's chat. Huge fan of BP and it's been a life changer.

Hi All,

Our company is currently looking for someone to come on board and help us purchase multifamily apartments. If you are a newbie, no worries we will help you learn and grow.

As the title states, the idea with this position is that this person will transition into a partner role with us and have equity stake in the deals. This is the only position within the company that offers this. Because of this we want you to be a valuable asset to the team, so we will make sure you get all the education you need.

We currently own/manage about 1,000 units and looking to continue to grow.

These are the only requirements for the Job.

1. Be willing to relocate to Austin, TX. Cannot currently live in Austin, TX ( I can explain why)

2. College Graduate (preferably recently)

3. Some sales experience or demonstrate you feel comfortable in professional/social settings.

If you are interested please contact me, via private message or contact me: [email protected]

Or take a look at a previous related post. We got some very good candidates last time, but we are still looking for the perfect fit.

More about the position!!

Cadidates can be from all 50 states and city such as: Seattle, Portland, Los Angeles, San Diego, Sacramento, San Francisco, Boise, Bozeman, Denver, Salt Lake City, Phoenix, Tucson, Kansas, Minneapolis, Dakota, Omaha, Lincoln, Dallas, Houston, Oklahoma, New York, Atlanta, Miami, Orlando, Charlotte, Raleigh, Columbus, Pittsburgh, Washington, Philadelphia, Boston, Baltimore, Louisville, Cincinnati, Cleveland, Buffalo.

@Eddie Tiaga, sorry didn't see your post until today. Meeting starts today through Thursday in Palm Springs, CA. 

Probably a long shot, but I will be attending the National Multifamily Housing Council meeting next week and wondering if anyone from this community is planning on it. If you are send me a message or email and let's meet up.