All Forum Posts by: Ronald Rohde

@Chris Carson just as reference we own 200+ units in jax and have another 800+ under contract to close in 2-3 months time. 

We just did our first opportunity zone deal in Columbus, and I'd be happy to help if there's anyway I can from looking at the zoning or just talking OZ stuff to see if I can help clarify some stuff for you. 

I'm definitely curios where it is because the OZ in downtown are mostly in some pretty "rougher" areas except some small pockets so it sounds like you could've picked up a gem.

If it were me I'd look at what the zoning permits, and then I'd talk to someone at the zoning office to see what the rezoning process would look like and then potentially what could be built there. If there's an opportunity to knock down and build up, it could be very interesting to spend the money to rezone, have plans done and sell off the a developer in a couple of years. The development would also only help your buildings value as well.

Hey @James Wise, I've seen in the education link on BP how some people say wholesaling is illegal, what strategy would you suggest for someone starting out without a large cashflow but really good credit. I would like to add, I am looking into purchasing a duplex, to househack, once my current lease is up. I'm prior military so I do have a VA loan available to me also. It's always good to hear from people who are contrarians to popular strategies. Thanks.

@Prashant Sheth If your Delaware LLC is owning income producing property in the state of Texas then it should register as a foreign LLC in the state of Texas. If all it will do is own something like raw land, then it would potentially be optional (but still recommended).

@Greg H. While it might not technically be required, no lender who does their proper due diligence will fund their loan on a Texas income producing property without the Delaware LLC that owns it registering in Texas. I've encountered this issue many times and the outcome is always the same.

@Chris Seveney I am not sure yet what my business model will be, if only because I am learning what my options are when it comes to notes. If we want to start with the end in mind, it would be awesome to cash flow $10,000 a month as quickly as possible because then I can very comfortably leave my job and basically be able to do whatever I want. But I don't necessarily think I will stop there.

As for strategy, so far I have learned the 30,000 ft views on what you can do with Performing 1sts, Non-performing 1sts, and Non-Performing 2nds with Performing 1sts. Performing 1sts I would probably pay Par or higher for because they are very safe, cash flowing assets. (Relatively speaking). Non-performing 1sts are less expensive but, riskier since the homeowner might not come current again and you may have to foreclose. If they DO become current again and you can get the loan through 're-performing' back to 'performing', you can sell it for a profit.  Non-Performing 2nds are dirt cheap (or so I've been told) and if they are attached to a home that has a Performing 1st, then they are more likely to be able to re-perform and then perform, at which point you can sell for a large profit. But they are the riskiest of the 3. 

Please correct me if I am wrong, that is just what I've gleaned after a literal week of learning.

My question in all of this is "how would you wholesale a Note?". Is that different from a referral? I understand how you can flip Notes by getting them to re-perform and then perform again, but the Wholesaling part is new information.

I won a bid to buy a property from the local school district and have funds in place, but I placed the bid in my name and want to assign the contract to my LLC. The attorney for the school district gave the ok but I need an assignment document that will work in Texas. I don't have the money to pay a lawyer to draw something up right now.

I’m especially concerned about protecting this asset as the local newspaper published my name address and purchase amount so now anyone who is looking to slip and fall knows where to go. 

Does anyone have suggestions on assignment contracts that are free/ cheep and will work in Texas?