All Forum Posts by: James Kandasamy

Thanks @Seth Teel @Will Pritchett 

Hi,

Do anybody know a good painter in San Antonio area ? Should be reliable, good quality with good prices too?

James

Hi Jason,

Welcome to BP.  I am from Austin as well. Send me via college request in case you need any advise.

James

Just talked to them, Basically what they are doing is to collect the interest upfront by offering higher origination fee of 3.5% vs. 3% of other hard money lender. On the refi site , they could not do more than 5 properties now. In general, i think the program is ok for new investors but not great. The best lenders are the one that you have establish relationship with and will give you better rates as you build your business.

Hi,

Do anybody know about local banks in Austin or San Antonio who does Portfolio Lending ? If yes, who are they and what are their terms.

james

@Katy C. You can use Hard money for few months until the rehab is completed. After that quickly refinance that loan with conventional Fannie Mae loan to get that cash flow due to lower interest rate.. That's where you use leverage the best. The strategy is called Double close.

@Lech Wlazlo You would not know who is a good wholesaler unless someone refer them to you. Even that "Good" is very relative. The best approach is for you to define what is your investment criteria (e.g 70%, Rental/Flip etc) and look for the ones that is offering that kind of deals. Even that you have to learn on how to evaluate ARV and estimate rehab cost. Most wholesalers who are "bad" are guys because they are "perceived" to inflate the ARV and deflate the rehab cost. Can't blame them, most of them have never done rehabs on their own and never have to think hard on ARVs and rehab cost because they don't have to take out any cash. In essence, you need to get educated on estimating ARV and Rehab cost. Then it would be easy for you to determine who is good and who is bad.

Thanks for all the ideas. Craigslist/Postlets does not work very well in my market even though I do use it. Postlets seems to be worst as many potential applicant just click as many rentals they want and click submit. You get default email from them. When we call them, they are so far out in them of quality. In my market the best leads come from Yard sign as many potential tenant drives around the neighborhood looking for rentals. These tenants are internet savvy as after being the house being rented they do everything else through internet. So in my market its not true that they are not tech savvy. Few of you have proposed that i use the Google Voice number so i am going to try that . Will keep this thread updated with the results.

@Christian Lautenschleger Hi, there is no such thing as regret, its all about learning about your strategy and moving on. Obstacles are defeated when you're persistence in your learning. From my viewpoint as long as you're not losing money ( please take into account the future capital expenditure) then you're getting a free education. if you can get out, make up your mind and get out , else continue on and look for other ways to get cash flow from this property.

@Neil Hicks Hi Neil, Welcome to BP. I am from Austin too. Give me a PM if you need any advise about moving here. I am not a realtor or selling anything, so no strings attached. Will help as much as i can.

James