All Forum Posts by: Douglas Rice

@Kyle J. Thank you.

I have a tenant with a substantial security deposit who stopped paying rent. When they do leave can I withhold the back rent from their security deposit? It is larger than rent for the duration of their lease term remaining. I’m considering just leaving them alone if I’m gonna get the money either way.

This question is specific to Texas.

My business partner and I have an LLC that we use to acquire buy and hold RE and do some flips. We are equal partners.

He has a ton of cash in his IRA. If he converts this to a self directed IRA can he fund out deals with the IRA or is that a disallowed circumstance. I know there are restrictions.

Please advise on how this would or could work.

I’m in Texas and just closed on a flIp house in my personal name because my partner and I could it form our LLC in time for closing. How exactly do I go about moving the property into our LLC. We paid cash and used a hard money lender to close. Thank you in advance.

@Amul Sutaria I will be about $1100 between the 5 doors when I get a renter in the current rehabbed single family. $500 on the triplex, $400 on one SFR and $200 on the other.

@Nathan Gesner thanks so much. I have the rehab book, also have been taking my contractors with me as much as possible. I’ll check out the website. 

@Nathan Gesner the biggest difficulty has been estimating rehab costs. I have underestimated every project. It all worked out OK so far, but I need to get better at this aspect. 

@Troy Welch I used traditional financing on the first 2 as they were deals off the MLS. The last three I used hard money.

I am not sure any of this would be possible without bigger pockets. Last October I bought my first SFR and rehabbed it in 2 months. Added a 4th bedroom with extra space after hearing strategy on a podcast. Rented it and tenant is coming up on 1year. I March I acquired a triplex out of state. Inherited 3 long term tenants and property has needed a little maintenance this year. Getting ready to raise rents to market value and add another $300 in monthly income. This month I closed on a 3/2 SFR from a wholesaler and am putting 20k into rehab. Paid 99k and will list for 175K or rent for $1400. I also have a 4/2 under contract for $230k. Close in 2 weeks. Bought from a wholesaler and expect a small rehab and quick flip to make 30k. This will put me back in acquisition mode to start 2019. I DID THIS ALL WITH A FULL TIME JOB. IF I CAN DO IT ANYONE CAN. THE KEY IS TO JUST GET STARTED.

I’m not, that came across wrong. Was just stating what my current deal is.