All Forum Posts by: Ross Smith

Did you ever find a contractor in College Station. have a rental that needs work

@NathanG I received and email from the SBA that I had been approved for $38,200 at 3.75% interest for 30 years with no payments for 12 months. I did not fill out a separate application from the original grant money. In the fine print it says that anything over 25K the SBA owns an interest in all your business assets and that the money is to be used for "working capitol". They require you to keep all receipts in case they want to audit you. After claiming my amount it took about 6 hours for it to come back approved. From there I signed closing paperwork and that money was in my bank within 4 days of the closing paperwork.

Here's my question,I own a real estate company so working capitol includes my investment portfolio. Technically since my business is real estate shouldn't I be able to use this money to buy homes?

@Phil Savio @Bud Gaffney

Originally posted by @Toni Mensching:

I received this same email.. HOWEVER when I added up the monthly payment and the 30 year term the total was MUCH MORE THAN DOUBLE the loan. 

Am I missing something?

 It's just like a mortgage. It's an amortized schedule, if you keep the loan that loan you will accrue a ton of interest.  

Following

I did not unfortunately. The people I spoke to were not interested in what I was trying to accomplish. Most just wanted to do stand alone single families. Do you have a resource?

Has anyone considered using a company like Curbio to flip houses? Curious if anyone has researched this before.

https://www.curbio.com/

Have a property near Texas City that is an acre and a half. Has local sewer water and electricity service to the property. Looking to build three duplexes. Looking for a builder that can assist in the estimating cost to build and infrastructure challenges.

What banks are investor friendly? Best rates?

I'm curious as to why she has to write the offer? I'm a realtor in Texas and we write all our own offers and paperwork. It does sound like she doesn't want to put on a "low ball offer" probably an ego thing!

Glad to be here. Looking forward to learning from all of you toward a profitable future!