All Forum Posts by: Will R.

Does anyone know someone that lends private money in Texas that would be interested in a 50% LTV deal. It is a couple that is moving money through a 1031 from California to Austin but they are business owners and have not shown any income on paper in a long time. So conventional loans are out. However, 50% ltv seems like a no brainer for a private money lender to me. I just do not know any to refer them to. Would prefer someone located in Austin but that is not a requirement. Please indicate whether you have actually borrowed from this lender before and if your experience was easy and professional. Thanks in advance for your help!

@Robert Perry

 I tried support and did not get a reply. Could you help me with my profile pic? I have uploaded a dozen times. It shows up for a day or two and then disappears. I thought maybe it was a spam filter or something so I tried a different image but same thing happened. I have attached the image I am trying to use. 

@Marek Berry

Seems like you are the pig and they are the chickens. I would try to make sure that they are not getting any money personally until you do. The contractor needs to pay subs but not himself. I would also make sure that you get a guaranteed IRR (even if it is only 5%) before anyone else gets anything. Point is that you are taking all the risk and that they have all the power to screw it up. It is hard for your dollar bills to be the thing that kills a deal. If it is a bad deal it is because either the agent picked a lemon or the contractor picked bad subs. So, they should be penalized before you are.

Ha. It is in their logo on the top left. Maybe they mean they are willing to be middlemen for surveyors...

@Lynn Currie

Thanks for a quick reply. Looks like ATS has surveyors, inspectors and engineers. Have you used them for all those things? 

@Lynn Currie and @Bryan Hancock  How often are you calling these guys in on new construction? Just rough and finish? Before foundation pour? 

Thanks for the recommendations. 

@Guy Gimenez

You have a typo in your link. Here is the correct one: http://www.meetup.com/Partnering-to-Prosperity/

Thanks for organizing! I hope to make it. 

@Keith Frank is right. We need some more specs on the house. I carry one negative cash flow property in North Loop because I feel like that neighborhood is about to pop. I plan to make a few improvements and trade up soon. A long term hold of a negative cash flow property is generally a very bad idea. PM me if you want some comps from your area. Whatever you do, do not price based on Zillow. 

Ha. Almost missed a wedding a few weeks ago in Dallas for the same reason. @Rich Weese you should download Waze to your phone. That app was the only reason I made it to that wedding. 

Is it a diced mansion or is it a legit multifamily construction? If it is multifamily, I would be interested in potentially buying it from you as a wholesale if that is your plan for it. 

As for the deal, you could call up this listing and try to get info http://www.loopnet.com/Listing/18789076/326-W-Cypress-St-San-Antonio-TX/. That would give you a guess on what they think market rate is.