All Forum Posts by: Cameron Ysidron

Hey, Hugh. I see this is a pretty old thread, but this is an idea I've recently become interested in myself. Did you ever make any progress on this energy efficient duplex construction?

Lol that is so awesome about the Tesla. Get you some bigger pockets man!

@Brandon Johnson or @Robert Leonard would either of you guys have any personal recommendations for portfolio lenders in the BR area?

Thank you guys for your responses. Looks like I may need to meet some portfolio lenders.

Forgot to mention that - he owns the property in a trust and is avoiding owner financing for that reason.

Hey BP,

Recently I came across a great deal on a condo in Baton Rouge. A friend of mine that I graduated high school with is selling a condo that his family has held since 2006. It rents between 950-1100/mo and has only had one month of vacancies in the time he has owned it. He's looking to sell it for 72k, and I've walked through and it can be rented immediately. I'm one hundred percent ready to move on this deal, but I currently lack the funding required for a down payment. The seller is very willing to work with me in whatever way he can. 

First, we thought that maybe he could just provide concessions equal to the down payment and we would wrap it into the mortgage cost, but that's a no go for the underwriter. Next, we thought maybe he could just gift the cash to me and we could write a contract saying I agree to close. That's a no go either as apparently you cannot use gifted funds for a down payment on an investment property. The last idea I had was to purchase this property through a newly formed LLC, but I think that I would have to be the personal guarantor and the same rules would end up applying.

I'm running out of ideas here, y'all have any others?

Best,

Cameron

Congrats on the deal, Jason. Since going to LSU I've always been interested in buying some of the older complexes in the area. Best of luck with the property.

I think that the best way to see how this would affect your ARV is to look at comps in your area. It makes sense that adding a second bath to a 4 bed home will make it much more desirable to a group of renters, but I think only comparable sales and rentals can give you a quantitative estimate. Good luck with the repairs!

This is really interesting and a pretty creative idea. I don't have much to add, but living in Louisiana I can definitely say there would be homes here that seem to match what you're looking for. Best of luck!

Thanks for the suggestion Robert, I'll look in to those