All Forum Posts by: James L.

I haven't tried it but someone was recommending PayPal. Said your tenants could pay debit, credit, or with paypal and it could be set up to go right in your account. I don't know if anyone else has tried it. I'll be interested to see what others have to say.

Hey everyone, so I'm looking for information about zoning issues in Austin Texas. There is property that is a multifamily (triplex) built in 1948 that Im interested in but they're saying the ciTy has it zoned sf-3. And they wanted it turned into a duplex, but that doesn't seem right. Shouldn't it be a legal nonconforming property if it was built before the zoning took effect? Is this worth pursuing? Is the seller confused?  Any thoughts? Thanks

Hey everyone, so does anyone in Austin tx have a really solid lease they like to use? Maybe point me in the right direction and maybe a good recommendation for an application? I want to get all of my paper work together and put a packet together. I'm In the process of getting my second rental and want to do it right this time. The last one worked out but it was just some forms I picked up at the office depot. Thanks

welcome! 

Thanks everyone sorry I didn't see the responses. @ brian gibbons what is cdf? I like the lease option idea. It want effect my DTI as much because it more like a rental with an option. That's if I understand it right, they give a none refundable deposit to enter into agreement and lock I the price.

If you're buying the property cash, you can get a mortgage on it. Like a cash out refinance, they use the RE as collateral. Typically you can cash out up to 80% ltv or do a construction loan may be an option, they will lend 80% of ARV. With your credit issues if it's not to bad they may do it just with higher interest rates.

You could partner with someone who has good credit, and maybe some cash to kick in or some variation of that, 50% of something is better than a 100% of nothing.

Your final option is hard money lenders, but rates will be very high and they will be very thorough on the deal and with out a track record may be a tougher option. But maybe a good option because if they will be honest with you whether the  numbers work or not. Kind of tough love mentorship.

Why don't you get 3 bids and if they're truly that high submit them to the seller and try and get full credit for the repairs. It's not like they will take your birthday away. Worst case they counter higher. Or tell you to kick rocks. And at that point if the numbers don't work walk away. Just my .02 cents

So here's an update. To make it weirder, my agent was able to dig up some dirt. The current owner bought it cash off market in 2/13 then out it back on the market in 5/13 for 230k then off market then back on market for 280k. Then off market than on market 219k. Than it went off market and he got a 150k mortgage on it.all in 14 months. Then back on the market for the past 4 months.The previous only owned it for a year before that. It has super long term tenants been there for 10 years. I know I should run but kind of intrigued. Any thoughts?

it's the site, some times it does that. Although that is something I would do.

Welcome