All Forum Posts by: Kerry Baird

3 bed, 2 bath rental.  Bought for $82000 around 2002, with $8900 down on a 8.5% mortgage. Refinanced later at 6.875%, with $1822 in closing costs.  Sold for $114900 in 2003 with a check of $15031.29.

a Texas series LLC

We use a series LLC, one property per series, and a corporate entity to manage the LLC.

We bought three rental houses while serving overseas. We disclosed to the lender that we were not going to occupy the properties and that they were for investment purposes. There are mortgages for this purpose.  We used legal on base to do notary work, and many documents can be electronically signed. If you buy newer houses, as we did, there are not many surprises, repairs and the like. 

I'd counter and sell it, and use the profits to buy another two or three rentals.

I asked my local Realtor for a recommendation for a portfolio lender who had a good reputation with regards to closing.  I've closed one deal and am working on closing another...we're new in this market and so we're fresh on relationships and have done very little networking.  My Realtor is an investor herself and works with investors, so she's been an incredible asset.  If you've got a relationship with a similar investor-friendly Realtor, they will be able to direct you to lenders, title agents, insurance folks...the whole enchilada for team-building.  

What this looks like from the street:  the lender has got an office in a strip mall setting with small signage out front, there is a front desk receptionist and a book keeper, and that's all the staff I have seen so far.  He's been in the lending business 20 years in the local area, and he has told me that he hopes to continue a lending relationship with us over future deals.  

I hired more hands when I had more deals.  :D  About ten years ago we had ramped up direct mail marketing.  At first, we only had one house at a time, and then as we sent out waves of marketing materials, we got more and more phone calls, which led to more deals.  We had to hire out more help.  I was buying subject to the existing mortgage, and used credit cards to rehab back then.  

I am excited to see how it shapes up! I love that you have a strategy in terms of sorting out the finance side of things, a plan for its disposition (long-term hold) as well as doing the renovation.  Seeing how well you have planned, I expect to see your continued success in this endeavor.  

Now, that's an interesting way to "secure" an HVAC unit!

I am thinking you know what to do from there...but maybe not.  Check to make sure there are no other encumbrances.  Go to a title company and record that deed.  Once the deed is recorded, the property is yours while the mortgage is still hers.  Sort out your insurance, so if something happens while you own the property you are covered.  Sell your property and pay off her loan.  Ask your title company to hold open the title.