All Forum Posts by: Mike Reynolds
Mike Reynolds has started 31 posts and replied 2028 times.
Post: Airstreams claws what do I do about that
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Anthony Phillips:
Okay so I have a motivated seller that has a property I believe it is in a RV park but they have a airstream claws on it you have to have had an airstream for about 6 months or so and I can't seem to understand how to get around this topic in order to get the property under contract
It appears that seller is not that motivated then. Put a clause it the contract to give you a year to buy one, then find a used one for less than a thousand bucks.
Post: 90% LTV Investment Property Loans for Buy & Hold in Texas
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Jordan Meyer:
Hi, are there any credit union lenders in Texas who lend at 90% LTV for investment properties? In Utah (where I've done quite a bit of investing) Mountain America Credit Union does them, however, they don't lend in Texas.
Are there any such lenders in TX?
Thanks
What part of Texas?
Post: Wholesaling in Texas
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Julie Peter:
Hi guys,
I’m a new investor entering the Texas market. Looking for experienced investors to connect with
Are you a wholesaler or looking for one?
Post: Mostly Vacant Mobile Home Park - Buy or pass?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Sari Fulbright:
I have the opportunity to buy a mobile home park where I live. It has a lot of potential, but I just don't know if it is a worthwhile investment as is. It has 10 mobile home spaces and 6 rv spaces. It only currently has 3 tenants - but not for lack of people wanting spaces, because of an absentee owner. Average lot rent for the area is $250-$300 / month. The owner is asking $250,000 for the park. The owner says the infrastructure is in good shape but I have not dove into my due diligence yet. Any thoughts or advice? Thanks!
The correct answer is "It depends."
It depends on so many things. On the surface that seems high price for so few lots and it being "run into the ground". It hasn't been taken care of. On the other hand you can turn it around. Maybe pretty easy too.
We bought a park late last year. It was also run into the ground. We have taken it and doubled the value of it in 6 months. But it has been a lot of work. But we are looking for more parks just like that. We are all about value add and we are getting pretty good at it. If I can help you run some numbers or logistics just let me know.
Just understand that you have a lot of work ahead if you go this route.
Post: Investor friendly banks/CUs in East Texas?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Jay Shuler:
Good afternoon everyone, like the title says, I was curious if anyone had recommendations for investor friendly banks or credit unions around Longview Texas. I would really appreciate it, thanks in advance!
Jay, have you tried ETPCU? Check them out.
Post: New Investor Needing Guidance
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Kim Chhay:
Hello Everyone,
I am from California, and I plan on buying Single-Family Homes in Texas this year. I already formed a Texas LLC, EIN, Registered Agent, opened a business account, the whole 9 yards. I recently learned that I need to form an LLC in CA to do business in Texas. The LLC fee from CA is about $800, and the LLC in Texas is about $300. That's at least $1100 each year! After reading through these forums and videos, I see that some people do not need an LLC to purchase rental properties. My thought of having the LLC is for liability protection. My short-term goal is to buy 1-2 Single Family Homes within this year and next year. My long-term goal is to buy at least 10-15 properties or more so I can retire in 10 years. Is it worth keeping the LLCs and pay the yearly fees for both states or should I give up on the LLCs and purchase under my own name? If I go that route, I guess I could purchase Umbrella Insurance for all my properties. However, I do want to take advantage of the tax write-off for the business. What is the safest and fastest way for me to reach my goal?
I hope this all makes sense. Thanks in advance for any guidance.
Kim
I have heard all the ruckus about buying a property in an LLC. I decided to give it a try myself. I formed an LLC a week before Thanksgiving last year and closed on a property the first week in December.
Now, since then, I have applied for credit through the LLC but had absolutely no credit at time of closing for the LLC. It wasn't a big deal for me. My personal credit is not in the 800's either. It is more mid 700's.
I don't know why though. Maybe a lender will explain better. Just wanted to say that I took a shot and hit the 🎯 is all.
Post: California ramps up the crazy, wants to own 45% of your home
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Caroline Gerardo:
@Nathan Gesner we already subsidize homeownership. The GSE's are paid by our taxes. Low rates on mortgages are subsidized by our taxes as are every down payment assistance program. @Bill B. They have to pay the full property taxes. Yes it seems like a pile of money only to help a few people.
Post: Next evolution of Mobile Home Parks
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
I have nothing against tiny home communities. In fact one day I think I might build one myself. The tiny homes too. I plan on starting small with an STR rental approach though.
I don't think they are the next evolution in MHPs though. MHPs are designed for lower middle class and retired people looking too save money. After a while (sometimes) mom and pop let it go due to various reasons. Then they can become low income parks. Some are even downright dangerous. A tiny home community is just a different animal in my opinion. You are looking for young up and coming professionals. Usually working remotely. There may be a few retired but the issue for them is ADA accessibility. Tiny homes don't have much of that. As we get older, we need ease of movement.
But all in all I think you could have a great place. Somewhere between less transient of an RV and more than a MHP.
Post: Flip gone bad - need some advice
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Been building in this state since '83. There is one constant. Expect the unexpected. Especially the unexpected sewer problem.
I think you paid a little much for the trenching. Did the plumber not have his own mini X to dig with? I just rented a D5 for 1500 dollars for a weekend. It's big enough to knock down medium size trees. If they used a Ditch Witch you got robbed. 39' is not far.
All in all you didn't come out too bad though. I'm with @Greg H, this should have been seen by the inspector when (or if) he went under the house. At least he should have smelled it and noted that much.
Post: Adding square footage to existing block-and-base foundation
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Milind Shastri:
I am trying to figure out a cost-effective way to add a new foundation to an old (1960s) block and base foundation. This is quite an old style of foundation and in case you are not familiar it's like this, except the one I'm looking at has tree trunk (blocks) instead of cement blocks as shown below:
The layout I'm working on looks something like this and I'm
I've spoken with a number of structural engineers and gotten different answers from each one. Here are the options:
- Some say that you need to use the same style piers on both the old and new sides.
- One engineer says the same style piers on both sides need to go down 12' and some say that 12' is just too much. (12' deep piers on both sides to me seems like the safest way but it's also unnecessary over-engineering and extremely expensive).
- One engineer says that all you need to do is level the old foundation and pour a slab on the new side. The two foundations can be leveled and joined with rebars. (this is the most cost-effective solution). Being in Texas, gound movements happen all the time and good gutter system and a foundation warranty should be enough.
Has anyone had any experience with adding square footage by combining 2 different foundation styles?
Curious what are the minimum requirements for a city typically just so I understand the options better.
Thanks!
I am assuming the code is going to require this?
What you probably have without me looking at it is cypress logs in the ground if they used wood. They wont rot. They would just take the logs, put them in the ground and then use a water level to cut them all level. If not then you have problems.
There is a 3rd option. Pour a chain wall around the perimeter and build it back with wood joists. If you do not have cypress, I would pour one around the whole house. This will require a house mover to jack up your house though. Then you will have to do some plumbing underneath. If you dont want to do that just do a chain wall around the new part. You will have a crawlspace throughout.