All Forum Posts by: Brandy Phillip

Welcome to bigger pockets.  We are also here in El Paso. Congratulations on meeting your first goal.  

Good afternoon,

  We have a slightly different outlook.  We live in Horizon.  You get more for your money in this area if you're willing to make the commute.  We bought our home foreclosed for $170,000 and it is now worth $250,000 in less than 10 years (3700 sq ft, 5 bedroom, 3 baths, 3 car garage).  They are building up the area quickly.  As far as investing, it would depend on what you're looking for.  Multifamily (Near Ft Bliss)  single family (central or the eastside).  We have two properties in the northeast; one has been rented by the same tenants for five years and the other has a new tenant about every year (it was empty for about 5 months). 

El Paso is one of the highest in the country for people receiving Section 8 and has a long waiting list for people looking for homes.  There are deals in every part of town just how much you're willing to spend.  Starting looking on Zillow or redfin for the El Paso area to find the best deals, ask the agent for surrounding unrented homes (Adel Reyes, an awesome broker), and once you get here link up with the local group. 

Welcome to desert and rock.

Phillip Crew

My Husband and I went to speak to an attorney today to ask about establishing a Land Trust. We have heard so much about setting up a Land Trust to not only provide protection for our assets but also be able to move our existing homes under the LLC without triggering the "due sale clause".

The attorney recommended doing nothing but increasing our insurance. He said that even having a LLC was a waste of money. So we are open to recommendation on what is the best approach to protecting our personal assets, moving our properties to be owned by our LLC, and protecting our properties.

We currently have two properties (deeded to us), closing on two properties (the LLC was established this year so we don't have a long credit history), we are going to purchase an additional property before the end of the year as well. We have a business account opened under the LLC's name.

Please advise with specifics so we can make an informed decision.

Phillip Crew 

It's not a silly question.  I would refer to what your contract says.  We have on property manager (Can't wait to get rid of them) that charges a half month rent for the first month that the tenant and 10 percent there after; however, we only paid that fee they first year of doing business with them.  Another property manager charges every time they put someone in your home.  They shouldn't double dip but again that depends on what your contract says.  I did hear a podcast where a owner only using the company for placement and clearing.  She manages her property after the lease is signed (through friends if I remember correctly).  

Phillip Crew.

Tommy,

What I always tell my partner/husband is that it is easy to come up with the reasons or justifications on why not to set future goals or take that next step forward.  It's easy to let others postpone you from doing something you're interested in.  The hard part is believing in the reasons that you should.  CHANGE your perspective, so you will CHANGE your attitude, to allow you to get into ACTION. 

Change some of the things you said such as:

I have had tenants renting my property for a few years and so far have only had a minor set back that ran under $7,000 so I am going to adjust the amount of money we set aside for repairs when I purchase my next property.   We purchased in a great area which is going to allow us to do a 1031 for our next property.  I know that I'm going to make some mistake but it's great learning from others through the podcasts, blogs, and forums.  Although change is scary I am excited that I'm going to create income to allow me to leave my current job to do something I enjoy. 

Step 1 isn't finding a mentor it should be speaking words of affirmation to yourself.   We are closing on two properties this month and I am already looking for a multifamily home.  My husband thinks were moving to fast; however, I think that we're not moving fast enough to achieve our goals.  He wants ten properties I think we can do 100.  I would rather set high goals and expectations and fight to achieve them, then live in the should have-could have moments. 

Looking  forward to reading about your next property purchase.

Phillip Crew

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