All Forum Posts by: Carolyn L.

We're seeking recommendations for flooring contractors to bid on tile removal and wood floor installation; bathroom / shower tile replacement; and a finish carpenter to install crown moulding, wainscot and replace sliding patio doors with French doors.

This bid is for our personal residence, as well as future rehab properties. Looking for long term partners to work with on flips and rentals.

Thanks BP friends!

We're seeking recommendations for flooring contractors to bid on tile removal and wood floor installation; bathroom / shower tile replacement; and a finish carpenter to install crown moulding and replace sliding patio doors with French doors.

This bid is for our personal residence, as well as future rehab properties.  Looking for long term partners to work with on flips and rentals. 

Please PM me with any recommendations. 

Thanks BP friends!

@Glenn McCrorey 

Congratulations, Glenn!  So inspiring to read about your success!  I'm sharing with my husband today, so he can see what is possible.  We're both 50ish - and really need to get on with our investing so he can retire from the work that absolutely drains the life from him.  Thanks for sharing your awesome news!! Way to go!

@Joel A. 

 I'm with you 100% on that!  I wonder the same thing - it's gotta come from somewhere, and we don't have it!

Link to this article from the Austin Business Journal: 

http://www.bizjournals.com/austin/blog/morning_call/2014/12/boomtown-austin-fastest-growing-big-city-in-texas.html?s=print

Boomtown: Austin fastest-growing big city in Texas, new Census data shows

Dec 4, 2014, 8:03am CST 

Austin is the third-fastest growing big city in America since 2000, according to data released Thursday by the U.S. Census Bureau.

The new data, from the 2013 five-year American Community Survey, shows Austin with an estimated population of 836,800. That's a 27.4 percent increase over the city's population of 656,562 recorded during the 2000 decennial census.

When ranked against 30 other cities with populations of 500,000 or more at the turn of the 21st century, only two other large cities – Fort Worth and Charlotte, North Carolina – grew their populations faster than Austin. Fort Worth tops the list, growing its population by 42.3 percent, from 534,694 to 761,092. Charlotte ranks No. 2 on the list, growing by 40 percent from 540,828 to 757,278.

Meanwhile, Central Texas' smaller cities also saw rapid growth. In fact, Pflugerville has grown its population at a staggering 206.8 percent since 2000, expanding from 16,335 to 50,127. That's the 10th-fastest population growth rate seen in that time for cities with populations of between 10,000 and 500,000, according to the data.

Here's how other Central Texas cities stacked up in population growth:

Here's how Texas' other major cities fared in population growth:

@James Kandasamy 

Thanks everyone for weighing in on this! Great discussion - and appreciate the experiences you've shared with your lenders. Just from my observations, a mid-westerner living in Texas, the Texas lending market seems vastly different than the Wisconsin/Illinois market, although my only experiences are educational, and only in Texas for the past three years. It seems far more common here to see HML's partnering with either portfolio or conventional lenders to expedite this particular model of investing. Although the Midwest may be catching up to this as it becomes more of the normal routine method of financing properties.

Thanks again!

@Joel A. 

Hi Joel,

They didn't go into detail on specific loan rates/terms; really more discussion about finance tactics for multiple properties.  It's probably best for you to contact them directly for your specific needs.  Let me know if you need contact info.

Thanks!

@Jennifer Hollstein 

Hi Jennifer-

I think we're looking for similar software, as I have a systems-based background.  It would be nice to have a fully integrated software for rehabs.  Have you looked at the Home Depot Pro Estimator?  I've briefly checked it out, but have not used it for a real project.  It seems pretty thorough.  Here's a link for you: 

http://thd.eagleview.com/Home.aspx

There is also an iPad app called JoistSupply that looks similar but not quite as complex.  Again, I have not used it, but it has great ratings on iTunes.

Please share if you find something that works for you. 

All the best,

Carolyn

Hey @Dan N.  - thanks for the info!  Good to know you've had mostly good experience with them. Hopefully you don't have any caveats unique to them!

Thanks again.

I recently attended a seminar in Austin hosted by a KW broker, AMP Lending (portfolio lender), and Longhorn Lending (hard money lender), titled: Rapid Acquisition - how to finance 10 homes in under 10 months.  The basic plan is to finance the purchase and repairs with hard money; refinance out to conventional; rinse / repeat.  The lender would include net rental cash flow as part of the income qualification for each subsequent loan to build the portfolio.

My questions are:  is this standard practice?  Do all or most lenders use this method?  Has anyone worked with AMP Lending, or know of them?  Would love to hear from clients for references.

Finally, would anyone have a pro-forma template for a financing scenario to acquire multiple single family rentals and/or flips that would factor in all qualification criteria, i.e., DTI, reserves, DSCR, NOI, etc.?

All advice and suggestions appreciated!  Thanks, BP!