All Forum Posts by: Mike M.

Tom Keith Tom, how'd you find the deal (don't have to give away all your secrets). Numbers look good. I'm interested to see how the bathroom rehabs turn out. I've had total bathroom rehabs quoted closer to $10K apiece. I'm hoping that was excessively high and you can show us good work can be done for much cheaper. Go forth and prosper! Interested to watch the process!

Can you buy it with the help of your agent and just agree on a fee? I bought two properties from my letter campaign. Filled out the Texas Real Estate Commission forms and delivered to title company. Easy.

I have a 6 year old and two year old. Luxury wouldn't last long, I can assure you. 2007 F-150.

I don't have one . Perhaps it's just easiest if we all agree a properly-managed LLC could be one layer of protection in a multi-layered approach. I do take issue with the notion that an umbrella policy limits your liability, as some have claimed. I don't believe personal liability would stop at the umbrella limit if a judgment was declared against you for a higher amount. For me, the LLC is partly a psychological tool to help me treat land lording like a business, and partly asset protection. If it's another hurdle an attorney would have to clear in a suit, why not at least consider it in a multi-layered approach?

Best of luck. How much did they pay you for taking the house? :)

Tom, Most interested in details :). Longview, Tyler, Gilmer, Marshall? Congrats on this deal! Keep me in the loop on how your contractor works out. Good help is hard to find!

Not familiar with the area, but kudos to Raquel L. for sharing such an experience. I haven't invested out of area but you're telling quite the cautionary tale. Best wishes getting it resolved to your satisfaction.

There's a bunch, but one who was instrumental for me was @Jerry Puckett

Jerry got me going on my first yellow letter campaign, and if he hadn't, I'd probably still be reading and analyzing instead of making some things happen. I feel like I've done everything wrong on the letter campaign (timing, handling phone calls, etc.) and still been able to land two properties and have two more I think are promising. Jerry helped me wade through my fears about handling calls and managing the letter campaign; plus the letters he provided have led to a callback rate that blew me away. Thans Jerry!

Chris K. What's driving you toward the floating plank vinyl as opposed to the peel and stick kind you originally put down?

There's an infinite number of ways to structure it. If you post some details on the deal - rent, capital needed and expected timeframe, owner's timeframe on holding and your financial strength, etc. - I bet some folks will chime in. Mike