All Forum Posts by: Chris Wolfe

My wife owns one rental property in her name only - Its currently rented for $1750, is valued at $425k. We're looking to do a cash out refi (60% LTV - ~$250k). Her credit is around 660-670 range. She does not work (Mom, so works a lot lol). I own a lot of rental property but am not on the title of this one and do not intend to be. Any NQM Lenders that can offer good rate/terms for this deal on a 30 year fixed? The money will be used to purchase another rental free and clear.

Hey Austin Investors!  I'm looking for a good Eviction attorney.  We have 2 different evictions I need to get going right away and want someone who specifically does this type of legal work and can get it done efficiently.  Please message any referrals.  Thank you!

Are there any non qualified mortgage lenders still out there with decent interest rates?  I had 5 refis going with Cash Call mortgage that got shut down last minute with the Covid crisis.

Looking to refi 5 properties, all cash flowing rentals with equity.

Question ! I have an eviction already in process (tenant has already dragged out for months through Bk filings, etc, etc) and now after 8 months we are getting close to the process being complete.  Does this coronavirus eviction moritorium stop those evictions?

Also, we have another tenant that was give 60 day notice to move.  On day 56 they said they arent moving because of coronavirus, would I be able to proceed eviction here in this case as well as its already an in process thing?

Worth noting, both of these instances are with really bad tenants (not paying, causing damage, overall terrible individuals) so my compassion meter for coronavirus is on a .5 out of 100.  

I've been using Real Property Management LoneStar (Joseph Deblasio) and they have been absolutely amazing.  Totally beyond my expectations and I'm up to 7 properties under management with them. 

@Alex G.Great info thanks a lot.  Yeah I know the competition is very fierce, no surprise there.  Just more wondering what the pitfalls are that are specific to the Austin area.  Thank you for the insight, very helpful!

Hey BP Austin!

Does anyone have experience buying at the court house steps in Austin?  What are the pro's/con's of seeking property this way?  Any thoughts welcome!

Hi BP Team!

So I have a 14 unit apartment complex, that had 10 garages that were mostly unused because its in an urban area.  We took 5 of the garages and made them into 2 1 Bedroom apartments.  They look completely legit like they'vebeen there forever, but now, I need to figure out how to get addresses for mail delivery and/or cable television set up.  Both units are on the electrical meter that was for a previous office space which no longer exists, so they have power.  Obviously, I'm not trying to get under the microscope of the city because this was done, although correctly and meets all code requirements, without permits.  Any insight or advice would be appreciated!

I am purchasing a property for $900,000 from a relative.  The issue is the court has appraised the property for $1.175m as is.  (Worth $1.4M after rehab).

The relative/seller only wants $900k and I could buy for the 1.175M and he would give me the overage of $275k back but that would trigger for him another $275k in income that he would have to pay taxes on.

Are there any creative ways I can solve this?  Could the seller somehow pay my contractor out of escrow $275k?  Any ideas?  Also my understanding is that technically I can purchase for 90% of the court appraised value so $1.057M but that still leaves a $157k gap I need to creatively solve.

Any advice would be greatly appreciated!

Yes thats me.  After beating the %$@% out of a bunch of flying sharks I thought "what else could I do?" and so I went into real estate.