All Forum Posts by: Roger O.

It Always comes back and real estate is for the long term.   Make sure it cash flows with long term renters.    Rules can change in any city with higher taxes or even making them illegal.  

It’s great that you are starting out so young, @Chris Seveney is right to be careful. If the contract is right you will get your money back from escrow before the due diligence, but the wholesaler won't have the money to pay you if they can't afford a small $500 EMD.

I am in another group and they had 43 EMDs come through and none of them closed, now they are getting the cost upfront.

Look into connecting people and 

It’s great that you are starting out so young, @Chris Seveney is right to be careful. If the contract is right you will get your money back from escrow before the due diligence, but the wholesaler won't have the money to pay you if they can't afford a small $500 EMD.

I am in another group and they had 43 EMDs come through and none of them closed, now they are getting the cost upfront.

Look into connecting people and 

I do agree with @Doug Smith in a lot of what he is saying.  There are a lot of newbie people out there that haven’t been in the game long and become gurus on YouTube after learning from someone’s course.  Also, so many of these people have never been through the cycles.   I went through  90’s, 08 and watched my parents go through it around 1980. We have won and lost over the years and need to have exit plans in place.  From 2011-2022 it was almost impossible to loose in real estate, I bought a 27 unit apartment building that shouldn’t have made money and it doubled in price from 2014/2022 when we sold it, we got lucky everyone was still over paying.  Now we are going through a challenging cycle for many apartment owners, landlords and flippers.  

I have been part of Pace Morby’s Gator and my wife is as a Top Tier TC.  They do teach not to lend without working with someone experienced and there are a lot of experienced people that will help underwrite correctly.  EMDs aren’t our focus, it’s double closes or private money lending where there is plenty of equity in the deal.  If somebody’s deal has a problem there is a lot of help there to come up with solutions   

Like anything else you have to put the time in and do your due diligence working with experienced people weeding through the BS. 

We have made 34 successful lends this year and my wife has done over 100 TC files.   We did have to foreclose on 1 property, the borrower over leveraged too many other properties, but we got all our money back because of the equity we had.  



 
   

Relay does have free wiring.
We haven’t had any accounting done yet with our 1 Trident account for taxes.  
it’s good to know from you as an accountant that you like Relay better. 

Is it difficult to pull into QuickBooks with Trident. 

Has anyone had any issues with either Relay or Titan bank. We need a new bank account for business S-Corp. Currently we do about 10 wires a month, Chase charges $30/wire unless we keep a lot of money in there, which we have been paying. We have a checkbook LLC account with Titan bank that we setup from our SDIRA company and haven't had any issues for the last year from any transactions. Relay bank has been coming up and Solara while I was researching.

Has anyone ever had any issues with Titan? I would rather just stay with 1 bank.

Thanks in advance for any input.

What is the scope of work. It depends on what else you need are doing, you might not need any other permits, unless you are taking out structural walls and need engineering, or adding on. Plumbers and electricians that are registered are able to pull permits quick online and get inspections if they are registered for most items. 

wait time shows over 6 weeks if everything is submitted correctly.  Look at this link https://www.fox4news.com/news/...

 You need to register with the city and get a contractors number to become a contractor. Anyone can be a contractor, just fill out the form and pay the money. https://dallascityhall.com/dep...

Hope this helps  

check out http://www.lubbockreia.com/index.html

Jeremiah runs it, i met him in Dallas a few weeks ago and he really knows the area.

I agree to ignore It.  I called the appraisal district the first time I received the letter and they told me that it was voluntary.  That was 5 years ago and I get them every year.  Watch your taxes and if they go up more than you think the value is, then contest them.

I used Richard and Mary Ann Garropy at  DFW Realty a few years ago.  They did a dood job screening tenants and checking on the property.  I went through a few not so good property managers before finding them.

http://www.dfwrealty.net/