All Forum Posts by: PJ Singh

Hey @Shaun Calloway, I found two meetup in north area on meetup. One is north Houston real estate investor meetup.

2) flipping houston houses meetup

Try those and see if it works with your schedule. I have gone few times. Good luck

Great question by @Thomas Roberts and feedback from @Joe Splitrock, @John Mocker and @Scott Smith. I am also in early stages of similar situation ( 2 SFH with 30 yr fixed conventional loan). I am piggybacking Thomas question regarding managing rental with traditional LLC and loan under personal name / land trust?

1) Background: The owner /manager of Traditional LLC , Series LLC, rental property and mortgage note is the same.

In state of Texas, Can LLC manage rental properties (which are owned by personal name / land trust or other LLC) with a real state brokerage license? With my limited knowledge, what I heard is that you can manage your own rental properties without  real state brokerage license. correct me if I am wrong. 

2) In the above scenario, where traditional LLC is managing rental properties under personal name/ trust or series LLC, Do I need a documentation or contract between two parties, eventhough you youself is running the entire show?

thanks

@Sam Nadar As other mentioned , In state of texas, getting line of credit on rental property is hard. I am also looking for lender who can give LOC on second lien position. Some credit union in Houston can do it, but they want to have first lien position. That mean I have refinanced with them for LOC. I m assuming you already checked with current lender. Try small local bank and see if they can do it. I am also looking. Will post if I find one. Please do the same. Goodluck.

@Courtney Downtain. You can either setup a open house on weekend or group couple of showings in 1 time frame. Pros: It drive-up the competition and save you time.  Let us know how it goes. I also soon gonna market my next rental in Spring TX area. Good Luck!

Thanks @Vijaianand Thirunageswaram for your wisdom. It goes a long way. 

Thanks @Mark Sewell for your insight and article. It loads of information. 

@Benjamin Portnoy

I am a newer investor and take my suggestion with grain of salt.  I recently did what you are doing. I downloaded some of the sample contracts, SOW from BP file place as well as google. I formatted based on my need and finally run -by with RE attorney.  IMHO, it is more cost effective and still cover legal aspects. 

Not yet @Kalyanii K.. Its closer to end of this month. Its definitely a challenge. As 10X rules state that" its always take 10 time more effort than what you think" Will let you know, what I decided? thanks for checking.

@Sunile Manjee : I just got HELOC on primary residence. As Jesse P mentioned, The max HELOC you can get is 80% of current appraised value - current mortgage balance. So in your case what i understand is that you have 20% equity. Depending upon your current market value you may get $0 ( if home market value unchanged from original loan date) to $ few thousands depend upon appreciation on you r home. Hope it helps!

Thanks @Linda S. and @Jon Holdman for your feedback. Last week, GC did structural inspection in living room (where roof hole present). He did three random spot check of studs by removing garbage and Sheetrock. All three spots were dry. GC feel confident with no structural damage. 

As far as rehab budget, we have already included new roof, with some rafter replacement, new Sheetrock ,mold remediation, new flooring etc. We have budgeted for everything. More over this house is non-flooded home. I was wondering what is more detrimental to structural: standing water for couple of days or rain pouring in over months?  

Is there anything I am missing in inspection to feel comfortable moving forward. Please let me know, I still have end of this month to close. thanks