All Forum Posts by: Douglas Rice

I am currently at 2 points, 10% and $885 processing. Can you beat that and do you require appraisal and builders risk insurance to close?

I am trying to focus north of 380 from Denton to Anna. I have a SF in prosper and a 3/2 SF under contract in Pilot point. Using hard money for that one. Close next Tuesday. Also have outbof state properties. 

@Curt Davis I did use financing. This would be my only concern is that they call the loan. Although I hear others say this never happens.

I purchased a property out of state in my own name. I have since rented it out and created a single member LLC. How do I go about moving the property into my LLC. Thank you in advance for any direction.

Anthony, no permits I just did it. 

I bought a 3/2 single family in 2016 and converted it to a 4/2 prior to renting it in 2017. I was sure to add a closet so it can be counted as a 4th bedroom. I also closed off an open area and added french doors to make an office. 

a 3/2 in this neighborhood with the same sq ft is about $275k and a 4/2 is about 300-315K. The county shows it as a 3/2 on record. How do I go about ensuring this will appraise as a 4/2 and get the value I am looking for? Do I need to file anything with the county to make it official or will an appraiser just see the 4th bedroom and use similar comps?

Just want to share a little of my story.... I Hope It can motIvate someone else. Found bigger pockets podcast a little over a year ago. I was going to downsize since kids are leaving for college so I bought a smaller house without a contingency and ended up with 2 houses. Thanks to bigger pockets I converted it from 3/2 to a 4/2 with an office and rented it. Now I’m a landlord. Now I am listening to bigger pockets DAILY and reading every book I can get my hands on. Fast forward 6 months. I bought an out of state triplex that has great cash flow. Negotiation went Well and all three tenants are long term. It is two blocks from my daughters college and I will be converting to furnished student housing and more than tripling the cash flow in early 2020. Learned this trick from a podcast guest. It will cash flow my daughters last two years of college. 20 days later I just put two houses under contract with a local wholesaler. Two 3/2 on the same 1 acre property in the path of progress. Cost $99,500 and both will rent for $900-1100 conservatively. I close in a week and start two rehabs at once. So 6 units in 1 year all with a full time job. I postvthis to show that big things can happen in a short period of time. Just educate yourself and set goals. My goal was 5 units this year, now I’m thinking bigger for next year.

Dallas Texas Buy and Hold investors. What local banks or referrals do you have for refinancing usIng the BRRR strategy.

Would love to hear about rates, 75% LTV, 80% LTV and what type of seasoning you are getting and where.

Any local bankers on here who want a free lunch to discuss please hit me up.

Thank you in advance.

@Danny Webber the FC is in 2 weeks. Is that enough time to process the necessary steps to complete this transaction?

@Mike M. Thanks for the advice Mike. I have a referred attorney I am talking to Monday. He does these type of deals. I’ll update the post if I get it under contract.