All Forum Posts by: Mike Landry

I've used them twice for a delayed financing cash out. typical bank paperwork. Straight forward. Closing costs are reasonable. I plan on using then again soon. 

how much land? Residential? I have a friend looking for 20+ acres in Montgomery county, just north of the woodlands. I know a small builder always looking for lots. 

Firefox browser works. Chrome browser doesnt.

Not sure if its related but i tried to attach a screenshot and that doesnt seem to work as well. Image, choose file....and it does nothing. 

thanks Mindy. It works properly on my phone, galaxy 5, android 5.0. But on my tablet it doesnt do the same. No pop up, just a pull down window that's unresponsive. Asus zenpad android 5.0. Maybe not tablet compatible? Ill keep messing with it. 

Thanks @Gino Barbaro

We are just trying to find something fair for both of us that can still take advantage of cheap conventional financing. I"ll probably take an additonal 10% share for the work I'm doing on top of my $$ contribution. An LLC with commercial financing is an option we are looking into though.

I can't seam to select a forum when trying to start a new discussion on the android app.  It won't let me post without selecting this so I have to go to my desktop to post.  Do I have something setup wrong or is this a website/app isuue?  Thanks.  Just thought I would point this out in case others are having the same problem.

i have a friend that wants to get into realestate. He likes what i have done and wants to pursue a similar strategy. I buy, rehab, refinance, and rent, also known as brrr. The problem is he doesnt really have the time or resources to do the research but he does have the capital. 

What are your thoughts on partnering without an llc or llp. I would only have a 10-20% share. We also would like to obtain conventional financing in his name. So i assume the property would have to be titled in his name only. Are there any restrictions on conventional financing when title in one person name but part of a partnership?

We would do a trial run with 1 or 2 properties and then see if its working for both of us before going further.  A partnership agreement will be written up as detailed as possible. Llp will be considered for the future but not sure we will start with it. 

Any concerns problems you can think of are appreciated.

My opinion:

If its one of your first properties, take the 30 year with better cash flow.  Not only will this increase cash to grow, it will make it easier to qualify for your next mortgage, and your next one, and your next one.  Once you have a few properties with good cash flow and a good record on your tax returns, then throw in a couple of 15 yr loans or nicer properties that don't cash flow quite as much.

Nice interest rates for an investment property by the way.  You'll feel like a genius if you still have a loan under 4% 20 years from now. I'd be happy with either.

Thanks for the info guys. I'm learning lots!  I talked to the realtor yesterday. Real nice guy. He goes after short sale/ preforeclosures because not many realtors do. The owners have actually decided to pull the listing and pursue the bankruptcy options. Kind of relieved I'm not committed to this. I'll probably avoid short sales from now on. With more deals popping up in the Houston market I would hate to miss a good one because I was reserving my $$$ for the short sale. I just made an offer in an reo today.