All Forum Posts by: Matthew Tyson

ARV is higher than what purchase and rehab are. Delayed financing will only allow me to pull out maybe 80% of total cost put in instead of refi on appraised value with tenant in place.

I am looking for a lender that can cash out refi a BRRRR deal without waiting 6 months for seasoning. Rehab is almost complete and should have a tenant in place by 3/1-3/15. Not looking for delayed financing. The project is all cash. Are there options out there?

I've used Zillow rental manager a few times. Don't use their contracts, only their applications. Once you are ready to approve a tenant, use a standard TXR-2001 lease contract and all the addendums needed. Once they have signed, upload your lease to their file and approve tenant. 

Sent you a PM. I have done a couple here. 

Use this link, just type in your address: https://www.sa.gov/Directory/D...

 $185k

As the title reads, I am looking for a DSCR lender with no seasoning requirement (if possible). I purchased a rental property just over 30 days ago with cash, and already have a tenant in place. Looking to pull capital out to move onto other projects I have in the pipeline. Also interested in entertaining funding for those if possible. I am familiar with delayed financing, but would like to pull more than 80% of purchase price out if possible. 

• Property is located in San Antonio Texas. 

• Purchased for $120k. All in around $127.5k. 

• Insurance @ $860/year. 

• Property Tax @ $2,950/year. 

• No HOA.

• 12 month lease in place as of 10/1 @ $1,395/Month.

Thank You!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $120,000
Cash invested: $125,000

Picked up this house from a wholesaler at a great value. Very little work needed to get it ready for tenants. Crushed the market rents and went from closing to tenant in place in less than 30 days. Will wait for seasoning period to pass to complete the BRRRR with a current ARV of $185k+.

What made you interested in investing in this type of deal?

The home was in great condition and offered far below market value with very little Capex needed.

How did you find this deal and how did you negotiate it?

Wholesale transaction.

How did you finance this deal?

Cash 

How did you add value to the deal?

Not much value needed to be added other than some light electrical work, appliances, and rent specific needs.

What was the outcome?

Off market in 6 days with multiple applications submitted at asking price.

Lessons learned? Challenges?

Never trust that just because a property has passed city inspections on a remodel, that the work was performed well. Always get an inspection. Biggest challenge was that initially the home did not have main power connected from city. I committed to seller that I would purchase once I could confirm power was on and get my inspector inside. I was prepared to walk away but this kept the deal on the ropes for over 2 months before we contracted to buy. Once that was done, we closed quick and got to work. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife is our Realtor, she listed property. Wholesaler and Title company to close deal. Self managing. I have a great inspector that I could count on to dig deep into the house.

@AaronBihl is correct. Here is the map location: One Stop

Once you are there, click on Advanced Search, then Select A Layer, then select Short Term Rentals. 

I would also cross reference this with what is visible here with what is listed on STR sites like AirBnB. For example, outside of Lackland AFB between 410, 151, and 90, there are at least 19 STR's that are listed for rent on AirBnB that do not show active CoSA permits. This is a possible avenue of approach.

Here is the STR CoSa density Fact Sheet

Depends on location, price to acquire, price to finish, holding costs, and market rents. Can you provide any more details?