All Forum Posts by: Austin Fowler

Quote from @Jean Moynahan:

Quote from @Austin Fowler:

Quote from @Derick Bonsu:

Congrats. VA loan?

No, I closed on this one in Jan 2021. 75% LTV 30-year fixed mortgage at 2.875%, my lowest rate out of the 33 SFRs I hold. The rest of the capital was raised by offering savings accounts that pay 8% per annum to investors. Moving forward I'll be waiting till the Fed stops raising rates then buying 6%+ cap rate properties from REI Nation 100% with investor capital. The holding them until rates are more reasonable and they can be refinanced.

Do you have a writeup on the detailsof this?  

 Of course, DM me at the email address in my signature and I'll send it to you.

Quote from @Derick Bonsu:

Congrats. VA loan?

No, I closed on this one in Jan 2021. 75% LTV 30-year fixed mortgage at 2.875%, my lowest rate out of the 33 SFRs I hold. The rest of the capital was raised by offering savings accounts that pay 8% per annum to investors. Moving forward I'll be waiting till the Fed stops raising rates then buying 6%+ cap rate properties from REI Nation 100% with investor capital. The holding them until rates are more reasonable and they can be refinanced.

Quote from @Will Fraser:

Stellar to hear, Austin! 

That 8% savings account concept is an interesting angle!

I can't wait to see a "low rate pop" again!  

What makes a market a "win" for you?  There are a lot of nuances between OKC and Little Rock, Branson and Chicago, and I'm curious what your "deal" drivers are?

For me, it's all about conserving my time so I can scale. I therefore focus on turnkey properties. My favorite turnkey provider is REI Nation. A win for me in the past was a property that is 100% financed, cap rate 2 points above its 30-year fixed rate, rest of the capital from investors enjoying 8% savings accounts, and therefore cashflows after paying for itself including management.

Moving forward, a win will be a 6% cap rate from REI Nation, 100% financed with savings accounts. I'll start buying these when the Fed stops raising the rates then hold them until they can be refinanced at reasonable 30-year fixed rates.

Quote from @Adam Bartling:

@Austin Fowler tell them how you got the property 100% financed. 

Firstly, to be clear, I bought this one in September 2020, so 75% of the funds came from a 30 year fixed mortgage at 3.125%. The remaining 25% came from private investors. I raise capital by offering savings accounts that pay 8% per annum. Feel free to DM me if you'd like to discuss doing this yourself.

Quote from @Henry Lazerow:

Whats it rent for? 

 It rents for $1645 per month.

Quote from @Will Fraser:

Well done, Austin!  What're your goals when investing?  Are you investing in other markets, too, or only in the OKC MSA?

 Goals: scale and cashflow.

Markets: currently have 33 SFRs across AL, AR, IL, MO, MS, OK, TN, TX, definitely looking to expand further!

Regarding finance, this was done in 2 parts. Firstly, a 30 year fixed mortgage at 2.875% (closed on this one in January 2021). Secondly, I raised the down payment by offering savings accounts that pay 8% to accredited investors.

Found it: through REI Nation

Already rented: no, but REI Nation found and now manages the tenant

What did I learn: do this again whenever rates are low, teach others to do this too, moving forward wait until the Fed stops raising rates then use capital raising to buy properties without a mortgage and wait till rates are more reasonable and refinance.

2 parts, firstly a conventional mortgage for 75% of purchase value 30 year fixed at 3.625%. Secondly, I raised the down payment by offering savings accounts that pay 8% per annum to accredited investors.

Dear all,

I bought 33 SFRs in 18 months across 8 states, raising capital for the down payment. I provide savings accounts that pay 8% per annum to accredited investors, and in addition to the interest paid provide education on all of the assets that I purchase and mentorship to raise your own capital and build your own scalable portfolio. If learning how to raise capital and scale your portfolio is of interest to you, please message me. I am looking for partners to grow together with, and all mentorship would be free of charge.

Regards,

Austin.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,950

1112 N 7th St, Wolfforth, TX 79382