All Forum Posts by: Mike Reynolds
Mike Reynolds has started 31 posts and replied 2028 times.
Post: Buying out a Partner - Short Term Rentals
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Mark Sheppard:
I am trying to figure out a few different options when it comes to buying out my partner when the time is right.
We are currently 50/50 in the deal financially, minus his land cost that we built the property on together, and took out a construction loan to build 6 houses, a pavilion on river front property in the Texas Hill Country. The property will go live in a couple of months.
My partner would like to roll the cost of his land, that we agreed to the cost of prior to building, into the new loan when we refi out of the construction loan.
My first question is, what is the best way to add the cost of the land into the loan so he can get his portion back when we refi out of the construction loan?
Also, looking to hear some ideas on the best ways to leverage the property to buy out my partner. The only way believe I can buy him out is to get an appraisal of the property and take out the equity needed to buy him out of his share.
Land Value $150,000
Construction Loan $550,000
Please let me know your thoughts.
Mark
Where are your STR's at? PM me as I like that area in the spring and summer.
Or, you could let me buy him out lol.
Post: Why isn't everyone buying and renting mobile homes? what am I missing?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
I have been buying and selling mobile homes. Most for cash. 2 on notes. If it makes you money, and 2 people can make a good deal then why not?
Post: Looking for Lenders/credit unions for investment land loans in TX
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Raj Gada:
Put contract on a land. Options on what to do with this land is unlimited. To start with I am planning to RV Park. Any recommendations on options to get easy approval on land loan? looking for less investment with better returns ( in fact any better return on investment options than RC park as well)
I have used Texas First for land only loans. They didn't seem to have an issue with it but their appraisals were left lacking somewhat. Can't blame them for trying to make a buck though. That's what we all want in the end anyway.
Post: Damaged roof supports with tenants not leaving.
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
On second glance I think I see what you mean. The porch roof is the one sliding off. Literally sliding off. This is probably due to it not being built right from the beginning.
The main ridge is probably stable but the porch ridge is not. It is becoming detached and sliding off. I still think this could be fixed with someone living there. It will involve tearing that part off and rebuilding it. Think of it as an extensive roofing job that needs decking.
Your biggest issue is finding a week that doesn't rain to get it done in.
Post: Damaged roof supports with tenants not leaving.
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Like Bruce said, this can be most likely fixed from inside the attic. Your purlins are broken for some reason. I would think a limb would have had to hit your roof for that kind of damage.
A few other things stand out from the pictures. The birds mouth on the rafters at the eave are not connected to the plate. Are the rafters pushed down that far? If so I would do like others said and just rebuild it from the plate up.
Another thing. Did they nail them shingles with 16d nails? If not, what are those nails sticking that far down below the decking? Those are common nails and but roofing nails. Was there something else nailed it there?
Post: Damaged roof supports with tenants not leaving.
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Nathan Clark:
I live in Texas and one of my rental properties is having the roof slide due to broken supports. I've filed a insurance claim and have sent my tenants texts, emails and certified letter that the house is potentially unsafe and they need to vacate the property until I can get repairs done. I've sent them money for a hotel and keep offering to pay for a hotel until the problem is fixed or they find another residence. They do not want to leave as its an inconvenience to them and they don't think the roof is just going to collapse. They also have a 14 day old baby and don't want to move him.
I don't know what to do and I keep stressing for her and her family to leave the property. What can I do in this situation? Am I still liable? I messaged an online attorney and they seemed to think I had done everything in my power to alert them and that in Texas you have to let them know about the dangerous condition and take steps to remedy it.
What supports are broken? Collar ties, purlins, rafters? 2 of 3 of these could possibly be fixed with someone living there. I have a number of a framer there in Conroe. I have used him multiple times on large jobs and he is awesome. This job may be too small for him but he may know of someone equally good that can do the job.
I wish you had pics.
Post: What 2021 accomplishments are you proud of?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Bought a MHP in December 2020 for 235k. Will refi it next month for 800k at a 1.1m evaluation. It was a lot of work but well worth it. Pretty proud of that but I have to give kudos to several on here like @Jay Hinrichs for helping me on a bare lot refi. Plus every other MHP pro that I have got info from over the years
BP rocks.
Post: Recommendations on contractors in Texas hill country area
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Burke Fisher:
Looking for reputable contractors in the Texas hill country area. Most of my projects are remodels. Please reach out I’d love to connect
I have a few numbers but I haven't worked over that way in about 6 years. We you looking for subs?
Post: Old Texas Landlord law?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Not a Lawyer but a friend of mine way back in the '80's came home to a new lock on his apt. Then he tried to get his belongings but they told him he could not get them until he paid up. He didnt pay up as he never did. My father told me one day when he saw him with his truck loaded down moving that he was "paying this months rent". He never seemed to live in one place very long.
Today he is actually a productive citizen and pays his bills but they did take his stuff back then at least once. Legal or not.
Post: LLC advice needed - one per property?? That seems crazy!
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quick question. Say you have an LLC that is not a series and own multiple properties in it. Then the state you own that in passes a law that allows series LLC.
Can you turn this into a series LLC? If so, can you also divide the properties into the different series? Even if many doors are financed on the same note?
Ok, that was 3 questions.