All Forum Posts by: Will Gaston

@Andrew R. Lucas and I both have Jim Hindersman do our closings. Really easy to work with IMO.

All:

Looking for the following for an STR new construction property I'm about to finish up. I don't have actuals yet but I'd imagine the DSC will be sufficient. The current I loan is a construction to perm but is a 20 year and would like to re-fi to a 30 year and free up credit w/ my local bank.

-30 year AM

-65% LTV loan

-Loan straight into an LLC

-Non-recourse (if possible)

Hey @Matthew McDonald, good to meet you. I've been student rentals in 29205 / 29201 for 17 years. Most of my portfolio is in Shandon, Wales Garden, Olympia etc. I don't do a ton of flips but can be a good resource for lending as I've got loans w/ 8 or 9 different banks in Cola. 

Do you have any more specifics? I have loans w/ 8-9 banks in Columbia and may be able to help. 

@Kody Newhart I've been doing student rentals for almost 17 years and my biggest rec to those that are new is to find a local student LL in your market and learn from him/her. Tons of local nuance to this business. Offer to show their properties for them for free. Great way to easily add value but also gain insight about how it works.

@Mike Dymski any thoughts here?

@Henry Clark thx Henry & will do 👍 

Hey @Matt Devincenzo I appreciate all of the great counsel. The seller & I have a fantastic rapport so I feel like the worst case is I can learn a lot & not have a ton of risk if I just walk away. Seems to be a pretty big grey area in these situations & am interested in learning more. Thx again!

@Matt Devincenzo thanks for the feedback. The gas station is/was in the parking lot and was closed down in 1955. The mixed/use building used to be a car dealership as well as some other retail. I'm unaware if the actual building has any issues but will find that out, too.

I've spoken to the P1/P2 consultant and hoping to find out more once they do their thing. However, it does sound like if there is any groundwater contamination then that isn't something I'd want to mess with. I believe the property has City water so hopefully that won't be an issue. Any insight on this?

@Caroline Gerardo serious question: If this is case then how does anyone buy anything that has a potential environmental liability with it?