All Forum Posts by: Will Gaston

Offer them cash (maybe $200?) to move-out by your specified date.  I'd think that would be worth it for both sides.   

@Brandon Spence I wouldn't buy it with the expectation that you can rent it for $650 this school year. It's probably too late to buy it, fix it up, and rent it before school starts on 8/18. $650 is reasonable for a 2BR/1 Bath apartment though.

@Andrew R. Lucas Cool- I also have several in Olympia (Heyward, Texas, KY, Virginia, etc). Glad to have you on BP.

@Andrew R. Lucas what part of Columbia are your rentals located?

Thanks @Craig Bowen.  I actually currently have several notes with FCB, although I don't know Jamie. I'll send you a PM and we can talk soon. 

Seeking a Commercial Lender in South Carolina (preferably a local bank in the Midlands / Columbia / Lexington market) to finance a first mortgage on the following deal on a triplex in the downtown Columbia Area.  

The seller is willing to hold back a 15% second mortgage, interest-only at 4% with a five year balloon. Looking for a first mortgage with a five year balloon so that I can re-finance the first and second mortgages and pay the second off at the balloon. First mortgage LTV in 5 years on will be ~58% and combined LTV on first and second will be ~73%.

Est. Purchase: $160,000

Taxes: $2,809

Est. Insurance: $1,200

80% 1st MTG: $128,000

15% 2nd MTG: $24,500

5% Buyer Down Payment: $7,500

Payments:

Est. Rent: $2,000

1st MTG: -$962

2nd MTG: -$82

Ins/Tax: -$334

Net: $622

Debt Service Coverage: 1.45

Thanks for any suggestions.

@Jasmine Thomas I really like to buy in the 29201 or 29205 if you have anything in either zip code.

@Jo Amick thanks! just sent you a PM.

South Carolina Investors:

I currently own 44 rental units in Columbia, South Carolina near the University, Williams-Brice Stadium and Five Points. I'm looking to purchase more properties in those areas for my portfolio NOT listed on MLS. Will be pay happy to pay a commission if you're an agent or a finder's/wholesale fee if you're not.


Prefer Properties:


*In or near Five Points, Shandon, Olympia, Rosewood (Will also look at The Avenues/West Vista)

*At least 1000 Square Feet

*In 29205 or 29201 zip codes (Will also look at 29204, 29033, 29169)

*Reasonably motivated sellers

Send me a PM about your property (square feet, beds, bath, condition, etc.)

***NOT a Wholesaler. Only looking to buy for myself.***

Can buy with terms or cash and close very quickly, typically within 7-10 days. Thanks for looking.

@Melissa N. Can you tell me about the loan you are seeking? All of my rentals are in Columbia so I have a lot of portfolio loans based in Richland County. I can hopefully point you in the right direction.