All Forum Posts by: Heath Shepard

@Trampas Tanklage thank you sir! What is the primary focus of the meeting?

@Debra Mazzone depends on your state as well. In Texas if your LLC makes less than, I believe $1.1m you pay no franchise tax. I paid my attorney $1200k to set up an LLC and due to every property being in its separate LLC nothing comes even close to that figure.

@Bruce Lynn thank you. I guess what I'm trying to say is the sellers agent can or can not decide to discount his/her commission but I as the buyer am going to make my offer minus the sales agents 3%. Then its between the seller and their agent to figure out how they want to do that. All dependant on how badly I want the property.

@Richard A Young That is great!  I will be out of state on Friday but I will catch the next one! Thank you for the information.

Hey all,

Does anyone know of any RE meetups in the San Antonio area?

Thanks,

What would y'all do with 11 acres that you might want to build a dream house on eventually?  My wife and I bought 11 acres of land between Boerne TX and San Antonio a year ago with the idea that we would build out dream house on it eventually.  That idea was put into question when a slum developer clear cut and developed a high density neighborhood all the way along one of our property lines.  So what I want to do is buy myself some time to reevaluate and try and make some income off of this piece of property.  There is a very old, outdated, but functional 2/2 1782sqft house on the property that i am currently using as a woodshop.  I have thought to maybe try and rent out this house as an office for someone or maybe to a equipment company that is looking for a place to store some equipment.  What are some other ideas that y'all can think of?

Thanks in advance,

@Di Lyu you're welcome! Terrill hills is a great neighborhood. There are some very nice houses in TL. I think that if you like a 10 unit in there it would be worth looking into further. It is a great location and the San Antonio County Club is right there which is a very upscale establishment. Growth in this area is going to be about the same as the rest of San Antonio. There are many investors fixing up older homes here because it is a very solid area of SA.  If it is something that you would like me to take a look at let me know.

@Jose Campos yes thank you.

@Debra Mazzone you can always move the property into an LLC later on if you choose via a quitclaim deed. I am in the process of doing this right now for the first property I bought. LLC's are really good protection for liability exposure. I actually set up a trust which has all the LLC's under it. Each one of my properties has its own LLC which limits the liability of each property to just that property. If I sell the property I kill the LLC and in so doing all future liability forever. The reason my LLC's are under a trust is because just opening an LLC does not shield you completely. People can see who opened the LLC and could still in some instances find a way to go after you. I also wanted complete anonymity so if its owned by a trust there is no way to pierce that veil. This was described to me as the Cadillac of protection but just some information for ya. It can be overkill for where I am at right now but I have plans to aquireany more properties.

Best of luck to you,

@Di Lyu stay on the north side of downtown. NW is up and coming and it is where I am looking personally. The ground is also more stable compared to the north east side where you will see considerably more foundation issues. But this also could present some great opportunities because fixing foundations is very scary for many people. Most areas that are along the loop 1604 corridor are pretty safe, nice, but a little more expensive. Inside loop 410 your going to see many more fixer uppers. You also have to be careful buying in this area because there are many people fixing up old houses in this area and doing sub par work. They will look great in pictures but when you get in close it's poor workmanship. I know this from experience.