All Forum Posts by: Cody L.

Interesting that there are no comments from people that know these guys.  Since I live Houston multifamily RE day in / day out, I just assume others know about and comment on our little niche. 

We have quite a few properties where we allow people to STR them. I don't want to post our URL as I don't want to come off as advertising, but I can message you. Almost all our stuff is in montrose, museum, med center, etc. Mostly 1-2 bed apartments but some homes.

Nitya overpaid for most assets, but was saved by the market.  

When you pay $130k/door for something that should be $100k/door, you overpaid.  But when the market rockets up to $150k/door, you can escape death and look like a genius. 

When I hear "near med center", I don't jump to "3rd ward". I have some nice properties near med center (my highest NOI property, on Brompton, is near med center. As are several of mine in the 'good' parts of 77004 (i.e. west of 288). Properties on Binz, Jackson, Wentworth, etc.)

THat said, I also have properties in 3rd ward (Truxillo), 5th ward (Wipprecht).  Even Montrose is one of the 'wards' depending on how strict you use the names (4th ward I think?)

Personally I'd suggest AGAINST areas like Spring Branch, Meyerland, etc.  I'd stick to midtown, montrose, museum district, etc.  

I've always looked at 'sub to' = 'subject to' = 'subject to the existing first lien debt'.  So you're buying a property 'normally'.  It's just understood by the buyer, seller, title (and title will reflect) that the first lien isn't being paid off.   So not sure where we're disagreeing. 

 I was doing "subto" before it was a catchy topic for gurus.   You don't need a membership.  It's how I did many of my first deals.   It's not complex:   Say you find a house for $200k.   The owner owes $150k.  If you buy it, he'll walk with $50k (after paying off his loan).  Instead you offer him $50k and take over his note.  

There are a lot of different ways to do it.  You could do a loan with him for $150k.  So you pay him, he pays the note.  Or you pay the note directly.  Or in some cases you may pay him less than the $50k, do a loan with him for more than $150k, and pay him on the larger amount while he pays his lower amount to the bank.

But now matter how you structure there are a few risks.  The biggest (that people talk about) is 'due on sale'.  Which means if the main lender finds out the property has been sold, they can call the loan due.

Another thing people worry about is what if you don't pay the loan?   The seller is protected there by being able to take the property back if you don't pay (they'd obviously have to keep the loan current, but it would be their house and they'd keep whatever was put down)

I'm not making a case to do it or not.  What I am making a case for is if you want to do it, you don't have to pay some goofy guru scammer.  If I could do it with zero resources available to me, anyone else can. 

Quote from @Jay Hinrichs:

Quote from @Account Closed:

Quote from @Chris Seveney:

Quote from @Account Closed:

Quote from @Cody L.:

Quote from @Taylor Nelson:

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 LOL this reads like a hostage video.   Blink twice if you need someone to help you.

(always comes from new accounts / first post)

"LOL this reads like a hostage video. Blink twice if you need someone to help you."

@Cody L.: Good one.  Lol

 I saw in the facebook group this post... #transformative #invaluable. 

Next up: How to chew gum and walk at the same time.... IF anyone has the link for that training and the discount code, let me know please.   

Next up: How to chew gum and walk at the same time.  Heheh

its just chat GT or whatever they call it. My wife used it to write an add for one of my Tesla's I am selling ( new truck is here ) and it writes a decent add I have to say.

 I just got my truck!  I love it.   But we also have a "Y" and an "S".  I think I'm going to give my "S" to my operations manager and just keep the Y and the truck. 

 LOL this reads like a hostage video.   Blink twice if you need someone to help you.

(always comes from new accounts / first post)

 I used to view it as a free loan too...  But then I thought "Are taxes going to go up or down over time?".   I'd have to think that taxes are going to keep going up.  Or at least capital gains tax (which is lower than income at the moment).  If that happens, I'd of wished I'd just paid the tax at the time of sale vs. 1031 it somewhere else.    Or even when it comes to depreciation...  There are times when a property isn't throwing off a lot of income so you don't need to depreciate it so aggressively to avoid annual tax.  Yet you can't adjust that one (well, sort of by playing with what % is land vs. property value)

Also, if I'm being honest, us in RE have such unfair tax treatment (by unfair I mean unfair advantages).   I know how much my properties really make vs. what I end up having to pay.   And I'm using 100% clean 100% honest numbers.  No funny business.