All Forum Posts by: Peter M.

@Rebecca Acer How about just a normal commercial construction loan? Talk to local bankers and see if it is something they would fund. Have a rough one page layout of the financials. You'll need 20% so 130k for 650 project cost.

@Joni Chin Thats the good thing about 6 month leases. Just tell her you are not renewing. Give her notice required in your lease and find a more reasonable tenant. It sounds annoying but honestly it could be much worse.

@Aaron Ingram @Russell Cavin is a broker in Austin

@Mayank Gulati Zillow is pretty good for advertising and worth the $10/mo because you get better applicants than Craigslist or Facebook at least from what I've found. Price rent comps from zillow (not rent zestimate) by actually looking at what other units are being advertised for, rentometer can be a good ballpark but don't go blindly by it-it's very generic. You can show it ahead of time. If the current tenant doesn't want you to you will have to go by whats stated in the lease. If there is no showing provision in the lease you will want to add one for next time. Just remember people have no imagination. If the place will need work or the current tenants are slobs, it might actually be better to wait until after they are out and repairs are completed.

@Izaac Rudd Does seem sketchy but could be legit. Offer to meet him in a public place like a restaurant to discuss how he does business. Tell him you will only pay the fee out of the closing costs of the first deal. If he balks, walk away.

@Joe S. Sounds like the standard buyer beware situation. The bank will say you should have done due diligence to verify everything before purchase. You'll just have to decide it the deal still works with the smaller lot. Are you still in the option period? Can you get your EM out?

@Kevin Panella There are 3 factors to look for in a contractor: quality of work, speed of completion, and cheap price. Most contractors give you one, 2 is the best you should hope for, all 3 is a unicorn.

@Joe Rest You have to purchase for more than you sold for. All the proceeds have to go in (in the form of down payment or repairs) otherwise money not put in the deal will be subject to tax. @Dave Foster can give you much more specifics.

@Curt Bixel put the trim on first then run the siding up to it. It gets rid of the triangular pieces and no nailing/screwing through the siding.

@Carissa Holmes If you try investing 250k in Austin right now you'd be better off going to a casino and putting it all on black. Lol. But take a look at syndications if you qualify. You could spread your 250k over 5 different ones to diversify to other markets. And its truly passive.