All Forum Posts by: James W.

I don’t use laminate at all. I stick to vinyl composition tile or vinyl wood, depending on quality of the rental. The biggest expense for all of this is labor anyway, so the vinyl wood isn’t materially more expensive than the laminate, all things considered.  I will footnote this by saying that I haven’t had the vinyl wood in my rentals long enough to really know how well it stands the tests of time.

Anybody have any good contractor recommendations in Lubbock or Midland Texas area? We're doing a small apartment rehab out there. Thanks in advance!

I'm not looking to waste anybody's time, so I'll be specific. I'm looking for portfolios of performing notes in the $500k-$3.0mm range that meet the following criteria: 

- Located in Texas

- First-lien

- Residential owner-occupied

- Avg loan size less than $80k

- Coupons of 10%+

- Taxes and Insurance Escrow

- Fully amortizing

- Amort between 5-30 years

- Willing to sell at a discount to face (depends on property values, but typically 5-25%)

- Mobile home note portfolios are okay, but will typically require higher yields and shorter amortizations

Please respond or PM me if interested.

Adam Adams I think your example forgot to include debt service for your cash flow calc, but yes, your point still holds.

I'm not a lawyer, so consult one, but I don't think there is any way the bank is going to reimburse. Is it not clearly defined at auctions whether it's hoa or first mortgage?

My notes are with Pecos Loan Servicing out of San Antonio

I've had similar thoughts before. They (and others) have been in the space for a few years now. It definitely impacts the mom and pop buyers in some markets where the private equity firms are making big bets, but the SFR market is so massive ($25+ trillion) that it's hard to argue they move the needle nationally. These firms have been forced to create hard and fast rules in regards to where and what they can buy in order to scale. I'm interested to hear responses from people in different markets

Have you accounted for your tax shield from depreciation in your hack scenario? I recently just ran the same analysis and the tax shield is material.