All Forum Posts by: Ram Gonzales

I led a redevelopment nonprofit for 5 years. First, don't limit your vision to your bank account as a nonprofit. Dream big, tell a good story, build relationships, and the money will follow. Most nonprofits start with nothing so you're already ahead of the game. Happy to talk through some options.

@Greg Kasmer Very helpful. Thank you. I'll do some additional digging in the comps with that lens in mind and report back. 

You wouldn't be in second. You'd be in first lien position. The "second" would be held by the investor (me in this case).

Hi Pat. Thanks for the reply. Yes, I'd love to chat more. I'll DM you. 

@Jesse Holsapple I don't understand your first question but I acquired it just two weeks ago. Use of funds would be to acquire another multi-unit property. 

Anyone know of any DSCR lenders that are wrap-friendly? I know that almost every lender has a due on sale clause but are there any who look the other way as long as payments are made? I'm interested in creating more notes this way - buy all cash, rehab, refi-cash-out, and wrap. Alternatively, anyone know of any genuine private lenders that are open to this?

I have a property in Austin that I acquired recently for cash. Value is $475K+. Looking for an asset-based lender for an interest-only loan of around $250K for up to 5 years. I'm leasing to a family member for minimal rent, certainly no where close to market, so I don't think it would work for DSCR. I plan to use the proceeds to purchase another property. Any ideas of lenders who could do this? 650 credit score.

@Gino Barbaro Built in 1947. Median income for the city is $86K for a family of four. I agree with you on expenses which is why my offer is where it is. Thank you.

@Robert Rixer This one is directly across the street from my house and I could use one of the units to have my mom close by (health issues). That's why I'm particularly interested in this one. But that's my question really. Is my offer reasonable? Could someone else make it work closer to their list price? I rather doubt it but I could be wrong.

@David Bohn Thanks for taking a look. Yeah, it would be a deep cut in their asking price which is why I wanted some opinions. Wanted to be sure I wasn't missing something. Even at $450K it's a skinny deal but I'm more interested in it for its location that its cashflow potential. I arrived at $450K based on working backwards to what loan amount at 80% LTV could be supported based on the rents and DSCR of 1.25. I also just generally compared to the 1% rule.

@Elliott Sinclair Thanks for reviewing. Yes, my mom would pay rent; or rather, I would be paying it but for purposes of the analysis I'm just assuming a regular tenant. I agree that cap rate would yield a lower price than even $450K.