All Forum Posts by: Frank S.

Should I create an LLC? Then place my properties under that business and open a business checking account for the business as well?
Any advice on how to organize my rental properties which are currently under my name and am I currently using my personal checking account to manage them.

A friend would like to buy the townhome she has lived in for 10 years because the owners want to sell it immediately. Due to a divorce, she filed chapter 7 bankruptcy with a discharge date on March 14, 2017. Her credit score is roughly 630, she has worked in the same place for the last 5 years, and last year was approved for a 12K car loan which is halfway paid off.

Do you think she would be able to be approved for a mortgage to buy a townhouse at 125K?

If not, what unconventional options do you think she should look into?

She has already spoken with a hard money lender who wants to charge 9% for a 24-month note... That's why she came to me so that I could loan her the money for a lesser interest rate.

forgot to link the article: https://www.ezlandlordforms.com/articles/educational/3/45/renting-to-immigrants-the-laws-affecting-landlords-and-undocumented-immigrants/

I read this article and at the end, the writer said it is better to rent to an illegal immigrant than not to. I have my thoughts but I was wondering what are your thoughts? I'm in the conservative state of Texas but live in a liberal part of Houston, which is one, if not the most diverse city in America.

Congrats Clint!

There’s not enough information to say if it’s a deal or not. I’m not an expert of East downtown but that price seems high to me from what I do know about the area. However, the longer you hold and live in the property, the more equity your likely to build.

@Vijaianand Thirunageswaram I did do a search. I tried using the members search but that's for paid members only. Then I used the search bar on the main page but most all the forums I found on this topic had members telling other members they would PM them a recommendation. I've tried Google and found a few names there but I was hoping I could get a referral on Bigger Pockets. I'm a small time investor with a focus on single-family rentals. I've been doing my own taxes but I think it's time to find someone who can do a better job.

Looking for a Houston based tax CPA accountant who has experience with real estate investors. Any recommendations?

@Russ Draper I ended up just writing out the numbers as it pertains to his lot and not the entire financing I will get. Hopefully, that will be good enough or we can make a change later. That ball is in his court now and I am waiting for the contract back. That TREC contract is what I was always told to use here in Texas. It's a standard contract you can find and download online. Thanks for your input!

Excuse my ignorance, If I submit a contract to purchase a residential lot, what do I write in the financing section (the amount) if I am getting a construction loan to pay for the lot and the construction?

Specifically section 3 of a TREC Contract and section A. 1. of a TREC Third Party Financing Addendum.