All Forum Posts by: Mike Reynolds

I'm not sure if this is the right place to put this question but here goes. 

I am about to open a series LLC in Texas. If I have LLC's in other states, can I merge them into the Texas series LLC? If not that won't really be a problem but it sure would cut down on the CPA bill if I could use one instead of several. Plus I could keep everything in one bank account.

It's in a different state than my local bank.  

Thanks for that link. Will Fannie/Freddie cash out to an LLC?

 This one is about 80 percent owned by investors. The rest are owned by parents of college students who sell them every 4 years. That's still an investor to me but maybe not you a bank.

Wonder why that matters? You are a lender I see. Do you know?

I have to agree with Jay. I consider myself a relative newbie even though I have a lot of property. I don't want someone else running my numbers anyway. My numbers may not be your numbers. 

I have a few great realtors. They email/text me stuff every week. I'll text them back if I want more info on one. I don't want them wasting their time on me. I want them making money so I don't have to find another one. 

Had one property they wouldn't let a buyers agent in the deal. He says he would do it for free but no way would I let him go without if he found the deal for me. 

You build relationships. You don't count pennies. 

I dont do much single family yet. I do know that the ones that do are making out very well. I had an offer on a 54 unit portfolio that I withdrew from because they wouldn't let me inspect them when I was supposed to. I jumped through hoops and gave them 2 letters of credit from 2 different banks and everything they asked. It was a weird deal. Even the selling realtor was mad and backed out from them I heard. 

Anyway. I invest in MHPs in the area. I do know the possible future governor (if he really is going to run) is building up apts on the river and the downtown is getting a facelift too. Lots of things to love there right now. You can get in cheap and rent is very good. They are very LL friendly and the minimum wage I hear is 11 dollars an hour and has been for several years I guess. Not the Arkansas I ever heard about. I think they try and keep it a secret. 

 I invest in LR and have had very good luck. Benton is also good. 

 Maybe split the difference and look at Bryan/ College Station?

If I were in your shoes I would open an LLC with each of you as half owner. Then I would buy in that LLC. Then I would work on getting that LLC more credit to buy more. I did this with a family member and have never looked back. It wasn't that hard to get the first loan like many have said it would. She has her investments and I have mine. Then we also have ours together.

 There is a huge upside to renting lots. 

I have some flippers that buy my trailers on rented lots and then sell them. They don't really make much that I see. That or they don't tell me how much they are making truthfully. 

Thanks Chris. I'm not too worried about the 6 month rule with my local bank. I once bought one and did the refi the next day. After title search and surveys it took about a month total. But I can begin to see that with this condo that probably won't be possible.