All Forum Posts by: Will R.

I am with James. Don't profit on friends unless you are tired of having friends. Also, it sounds like you are not actually in Atlanta. I think the best thing you could do is hook her up with an agent in Atlanta that gives discounted rates. Maybe there is one here on BP?

Can you post the address or message it to me? Happy to tell you what your options look like. 

Wife and I traveled for a year. I have a lot of thoughts but I really liked Ireland and Japan. They are two magical islands where the cultures have been pressure cooked. An awesome picture of east vs west. If you are looking for less expensive options, I like Czech Republic and Thailand. 

From your list... I would skip India and Mexico. 

Appreciation is the only real long term game here and it is relatively risky. But as @Jon Klaus mentioned, you will eventually see rent growth. 

I have not done any new construction yet but on my rehabs I have been able to get reasonable bids. Just make sure you get a few bids to be sure you are getting close to the real number. The issue as a lesser customer is going to be trying to get timeline priority. Your schedule may get bumped if they have a more important job. You may also have better luck in the winter because we tend to get a lot of trades from the north here looking for work. 

I think given the complexity and rush of this deal, I am going to back away or find a different route. Seems too risky to go in on this without more time for research. Thanks a ton for your feedback. These kinds of responses are what make BP so helpful. 

@Dion DePaoli and @Bill Gulley - Really appreciate the thought you have put in here. You guys are fantastic. I would obviously never do a 10% down loan :). This would be under 50% LTV. The tenant is currently mine and always pays on time.

What would you say is the best way to find a competent underwriter in Austin? My mortgage broker? 

I was just speaking with http://texasnoteco.com/ and he was saying that it was best to do:

10-10-10
10% down
10% interest
10 year amortization
600+ credit

It is also unclear what they would qualify for because they are small business owners and do not show a lot of income on tax returns. And it is in the trust's name. Not sure how that affects things. 

The property easily carries itself with the existing NNN lease. So, payment should never be an issue.

Hi Richard,

They are taking a second for 200k and putting cash on the rest. They are purchasing through a 1031 in their trust. They do not have time for conventional financing because of the 1031.