All Forum Posts by: Clark Childers

So, my partner and I bought an abandoned, undervalued, underestimated property in Marfa TX and with no experience, contractor or designer, created a successful boutique hotel, applying an entirely new Airbnb only model. I was telling my doctor about it and he said he had 300K to invest and was interested in helping us do the whole thing over again. My partner and I got super excited and within a week located the property, visited it, put together a report and a business plan. We think he is interested, but he takes days to get back to us. Meanwhile, the property is sitting there and we just want to put an offer in before it's gone. Any creative ways to entice him? Any warnings of what not to say so he won't run for the hills. We have a track record. And it's in the SoCal market, which is pretty strong right now, should we need to unload as a last-ditch exit strategy. He would own the lien on the building and it's only a two-year commitment with a really good return. What do I do to get this guy to move?

I am currently rehabbing a 11 unit apartment building in West Texas. I'm the contractor and I'm hiring all my subcontractors. I also provide all of the materials. I've been saving receipts, but things are moving so fast, it's hard to keep track of my expenses. I'd like to find some software that will allow me to enter my expenses and then sort out how much I've spent per unit, per contractor, per category, etc,. etc. It's very important I don't let this get out of hand, but unless I can keep track how my money is being spent, I'm afraid that could very easily happen. Does anyone know of a good program or even a good excel template that would do this for me? Thank you Bigger Pockets!

I offered him two options... More money owner financed. Less money, straight up commercial loan, where he gets his cash and is done. I might have to modify the offer where if he wants to owner finance and get more money, he has to take a second lien position. Money is the only incentive I have to offer.

As for local banks, I intend to approach them all. Unfortunately this town is in a very remote location, so there are very few options. The closest Wells Fargo is 4 hours away. Whether or not I could find a larger commercial lender who would invest in a remote location, I'm not sure.

Do you know of any investors that fund projects in Texas?

I've entered in a contract for an unoccupied 12 unit building that needs quite a bit of renovation. I've got the money to put down for the agreed priced of 255K, but I need another 200K for renovations. The rents average $950 per unit and there is a high demand for housing in the town. The building is owner financed at 5% interest only for two years, with a plan to refinance under a more traditional loan once the building has been renovated. The problem is, it is a relatively rural town with very few commercial lenders. Is it likely to find national lenders who would consider commercial loans/construction loans in a small town? Would a seller ever make his loan the second lien? Any ideas on convincing local banks to finance the last 200K for construction costs?