All Forum Posts by: Ricardo G.

90 to 95k sounds good to me if there are no issues.  

but stop by the property and have a little informal chat with the tenants,  I once went in to look at a duplex with great numbers, but once I gained the tenant's confidence, she went on and on about leaking roofs, patched up work, cracks, etc.  I didn't walk out of the deal though, I RAN!!!

I have a house that I put up for sale by owner,  I was approached by an agent telling me he has a client looking to buy my house with 25k cash and I would have to owner finance the remainder for the next 6 years untill the buyer can refinance.

I still owe $83k on this property through wells fargo

How do I structure something like this, and also how much should I charge as far as interest rates.  I've never sold owner financed before , thanks for you guys' help.

I live in San Antonio Texas,  

the house is for sale $139,000

minus buyer's down of $25,000

balance to be financed  $114,000

Welcome to BP @Dusty Warner , good luck with your first acquisition. BP is the best thing that ever happened to me, so you'll definitely find good honest people around here.

@Mary B. , yeah I was researching last night and llc deffinitely looks like the way to go.

@Jerry W. I will definitely hire a professional who is knowledgeable, but I have also heard horror stories from BAD ADVISE, from some "professionals" out there and I wanted to go prepared with some of the advices from you guys here.

@Aaron Mazzrillo yeah I know that's the way to go. I have done my first few deals by myself, but at this stage, I feel the need to go in all cash due to me not wanting too much debt over my shoulders (I'm a bit more conservative than some of you guys) plus I have my money tied up in another deal. The partnership will have the option to be dissolved after the first 4 deals together, and by going all cash I can close within a few days and make a much stronger offer to a potential seller. therefore increasing our profits. and at the same time I lower my own risk by splitting 25/25/25/25.

we will be equal partners all initially investing the same amount of money. I was thinking of going the GP route since we will all be managing the daily operations of the business in one way or another. but I would like to hear from someone who is more experienced. The business is just for flips, we all are married with salaries in the 60-70k a year range each if that matters.

What is the best way to set this up if we want to minimize our taxes due at the end of the year?

We do NOT plan to pull the profits out. They will be reinvested into the business.

thanks in advance for you guy's help.

@Alex Rivas it depends on the area.

inside 410 loop in or arround the beacon hill area, I could possibly look at no less than a 2/1 sfr with at least 900sqft. (I'm open to other areas too.)

@Rob Widmark I'm trying to stay within $60k including rehab at this time. Once we build up more capital we will be moving up as well.

an example of what I'm currently rehabbing=

42k +20k rehab = 62k arv= 92k

Hi everyone, I'm currently in the final process of securing funds from a couple of friends. I would like to talk to wholesalers in the san antonio area to possibly exchange contact info and show me some of their inventory. thanks

Hi everyone, I'm currently in the final process of securing funds from a couple of friends. I would like to talk to wholesalers in the san antonio area to possibly exchange contact info and show me some of their inventory. thanks

I live in San Antonio (Bexar county), usual property taxes are right at 3% (around 0.296 or 2.96%) to be more precise. I don't think your deal is a good deal although I'm not familiar with New Braunfels area, but it shouldn't be too different since we're pretty much IN the same city. There are much better properties to be had. good luck, and if I was you, I would look for advice from impartial investors/realtors. BP is deffinitely the way to go.

don't forget to use the free "investment calculators" here on BP, they are a great tool for analyzing properties.