All Forum Posts by: Caleb Longino

Still Available?

Not a lawyer or CPA. I would look into a Series LLC. I am not sure if your state offers them, however, it is essentially what you are looking for just in a cleaner package. We are in Texas and they are becoming more and more popular here. There is a Primary LLC which remains hollow and holds no assets, then each property gets it's own series, i.e. BP LLC would be the parent and BP LLC - Series 1 would be another LLC that holds a single property. Each series acts as its own LLC for legal purposes. You can get really far in the weeds on these and they are slightly confusing, our lawyers laid it our for us really well and that was the best direction for us to jump in. We also have a management company that manages only our properties, that is also setup as a different series under the same parent. Again, not sure if your state offers this option, but if they do, I would recommend you speak to your lawyer about it and see if its a good fit.

I was in the middle of a BP Real Estate Podcast and it just stopped. Listening on Spotify, tried the next episode no dice, switched to iTunes, still no dice. Then I tried the Business podcast and it appears to be down as well. Anyone else having issues right now?

@Travis Rogers TREC has standard forms available on their website. Anything from sales contracts to lease/rental agreements. I’d check them out and see if you can make any of them fit your needs.

@Ray Cheers absolutely! I have come across several people either located in or investing in the Temple, TX market. Me included. Everyone on here is super helpful, so just post what you are looking for and see who can lend a hand!

@Travis Rogers, FF is short for Firefighter. Salgado is a great choice, we have several clients exploring that market as well. Georgetown is still technically considered a suburb of Austin, so they have been growing alongside Austin’s massive expansion. Still a “small town” but rapidly outgrowing the nomenclature. It being a retirement area the population often downsizes homes when moving, giving the higher need for storage in the region. Definitely not my area of expertise, but figured it was worth a mention.

@Travis Rogers I live and invest in the Temple/Belton market, I am a full time FF in a town just south of there called Georgetown. The self storage market there is extremely strong! Over 70% of the population is over 65 and the town is growing at an alarming rate. If you are looking for storage facility investments then I would strongly encourage the Georgetown, TX market. If you have any questions or need any further help just shoot me a message!

Investment Info:

Single-family residence other investment in Temple.

Purchase price: $8,060

Vacant city lot. Single family residence planned. Construction began July 2nd. Due to be complete by end of November. Bought with a second lot that was already subdivided. Nice new homes in an established area that is starting to see a lot of new investments.

How did you find this deal and how did you negotiate it?

Lot was for sale by owner. Completed deal outside of REA's directly with owner.

How did you finance this deal?

Private Money.

How did you add value to the deal?

Construction of new SFR.

What was the outcome?

Home will be for sale when complete

Lessons learned? Challenges?

Minor issues with utility plats and delays due to COVID-19. Overall a smooth process.

I find the posted link very appealing. We are looking at starting some 4-6 unit multi-family in the Temple market. I have a huge distain for duplexes because of the clientele they tend to bring and the slumlords that manage them in our area. I would love to hear more from anyone in our area that has some experience with multifamily projects like this. 

Investment Info:

Single-family residence buy & hold investment in Temple.

Purchase price: $13,000

This home was built in 1923 and is in need of some serious rehab work. We are in the process of completely renovating the property and will hold it as a rental.