All Forum Posts by: Ryan Kelly

@Gregory Schwartz as painful as it has been, the Austin market needed a breather and a reset on pricing following the pandemic. It's starting to level off and see momentum in some higher-priced zip codes.

I also like the secondary level markets in Texas including College Station, Temple/Belton, Corpus Christi, etc. We have several rentals in the Temple market and family members with a decent portfolio in Bryan/College Station.

@Rob Drum lease options to buy are not allowed in Texas, but Subject To or Wraps are allowed. I also agree you can connect with Alan Ceshker in Austin as he's one of the attorneys that will help structure these deals. 

@Dustin Bowman I know it's a tough decision and sorry to hear about all the foundation issues. I'd be happy to meet you over there and give you my opinion if the foundation work and remodeling is worth the expense. I would also recommend getting a few more bids from reputable foundation companies to ensure you are getting the best quote. Shoot me a DM if you want to connect. 

@Allen Zhu if you are refinancing out of a DSCR loan, you don't typically refinance into short-term hard money loans. If you are in an LLC and looking for better rates and longer amortization terms, I recommend networking with local and community banks.

As stated, I would hire an official loan servicing company. They will handle the collection and distribution of payments, amortization, escrow accounts, and any tax documentation. 

@Ryan Arnold feel free to shoot me a DM. I know several great RE attorneys in Austin who can assist you. 

@Ben Gradert happy to help. We have hundreds of Biggerpockets clients we've worked with over the years. I also own several rentals in the Austin area myself. Feel free to shoot me a DMand we can connect. 

Welcome to Austin Kevin! You'll love it here. I've been in Austin since 1992 and it's an awesome city to live and work. House hacking is by far the best strategy for people to get into our market. I wouldn't rule out a duplex as we have far more duplex properties than quadplexes. Feel free to shoot me a DM if you want to talk about the market in more detail. 

I actually think it is a benefit to both parties to have professional representation to assist the seller and buyer with these types of transactions. You mentioned you haven't purchased an investment property before or been involved with seller financing transactions. I've worked with many investors in seller financed transactions and an experienced buyer agent would be extremely valuable to you. It sounds like you could have a promising deal, so lean on your experienced agent for guidance and go take action!

You would use a mortgage servicing company just like a typical mortgage. There are many service companies that will manage seller finance notes including the payments, escrow accounts, and documentation.