All Forum Posts by: James Carter

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This is a property that I'm reviewing and want to check my numbers.

I'm currently looking into plots that are located close to Big Bend National Park in Texas. They are located either in the mountains or with mountain views and are extremely rural. We are looking to put in some glamping lots that we think would be amazing for the nights of star gazing. The problem that I'm thinking that we will run into is that water and electric will be difficult or impossible to have routed out there. What solutions could we bring to the table that would enable us to continue bringing a true glamp service to our customers.

I have an 18 unit apartment building under contract in Edcouch, Texas. It is located 20 minutes from Edinburg, and about 30 minutes from McAllen. It is currently 83% occupied and it is cash flowing. The current lenders are asking 75% LTC and that value is $225k. The property was on the market for $950k and we brought it down to $900k. We have $115k in the bank and about $100k+ in stocks that could be liquidated. We are looking for a capital investor that can bring in about $60k - $100k to the table so that we can make the deal and do necessary renovation on some of the older units. The average rent is around $620 and we could push to around $700 on most units once they are renovated. 

 Thank you for the information. I no longer own the 2 SFHs. I would love to find a partner that would come in on it with me, but I don't know any investors that well enough that I would expect them to put their faith in me making the deal, understandably. My wheels have been turning all day on how this deal will work without exhausting all my reserves.

I used traditional lending for all of my previous homes, the issue now is that I do not have a W-2 income and we are house hacking at the current moment.

I found a deal yesterday and decided to make a move. The property is an 18 unit apartment in Edcouch, TX and listed at $950K. It is currently rented out over 83%. Average rent is 650 per unit. This deal makes a lot of sense to me and I want to close. I reached out to lenders, but I am new to this arena. I have $120k liquid reserves and I have about $100k+ in stocks that could be accessed plus an IRA with some cash in it. I'm a newer investor and do not have experience behind me to close with great deals from lenders. My wife and I have purchased 2 single family homes in the past 5 years which we sold to purchase a four-plex in Edinburg, TX. Our experience is limited, but how do we close this deal?

@Paul Moore thank you!

@Jim Pellerin Thank you for the response. I'm new to everything outside of buying primary residences. I will be looking into the information you shared to gain better insight. Is there any information on becoming a syndicator that you could provide that would help me in that direction?

My wife and I closed on our first true investment property. It was a four-plex that we financed with a VA loan as a primary residence. We are looking for other avenues to invest in and have considered commercial properties. We are trying to nose dive into real estate and make this a success. What are good ways to scale the business without having to wait a year just to move into another primary residence funded by another VA, FHA, or conventional loan? I've been looking into a DSCR loan option for buying larger apartment type properties, but also for commercial properties that are leasing to businesses. The properties that I'm currently looking at are selling between 2.5M - 3.9M. I'm leaving the military and I will not have a source of income for a while. My wife does work and receives a W-2, but does make more than 35k a year. Our current investment is $3,750 - $4,350 gross monthly income. How can we take off on this venture and make this a viable business?