All Forum Posts by: Ronald Rohde

Hello everybody, I'm new to investing in rental homes. 

Looking to start purchasing single family homes (7+) between San Antonio and Waco for rentals. Still living in Las Vegas but will be relocating to TX in 2 years.   

I want to get going in 2019, so I've been doing a ton of reading on BP and talking everyone I know that owns rentals. Is it a reasonable plan to start calling property managers and realtors in the cities like Temple, Killeen, SA, San Marcos, etc. to ask their advice on high potential neighborhoods, types of homes that are desired by renters?

Thank you for any advice, and thanks for entertaining a rookie. :).  

My business partner and I would like to set up an LLC for investing in real estate. We will be investing primarily in buy and holds, but may decide to flip some, as well. Does anyone have experience with creating an LLC? I know we need an Operating Agreement, but not exactly sure what all we need to include in the Operating Agreement. Also, does anyone know an attorney, CPA, etc, that can set up an LLC, that is not too expensive?

@Vic Reddy low 500s. Seller originally wanted $700k. We negotiated for 6 months and I was willing to walk away from the property. I helped the seller with a few of his other real estate projects, and he eventually accepted my final offer. 

@Ronald Rohde total closing costs $8,600. to include 12 months prepaid INS. Lender charged about $2,500. Attorney was only $1800. And her office has a good local reputation for commercial real estate. I wrote the purchase agreement with a little help from a friend using the standard North Carolina commercial purchase agreement form, and my attorney reviewed the Lease attached with the current tenant in the property. It's a pretty good lease with NNN, so we decided to keep it in place and not write a new lease until this current one comes close to ending.

Apologies for the incessant questions but I have another with respect to the deal I'm involved in (fitness center here in California).

The property in question isn't set to be completed until April of next year but the seller wants to close ASAP. We won't get a Certificate of Occupancy until construction is complete which is several months after close of escrow.

PSA states that the seller will guarantee delivery of Certificate of Deposit once construction is complete even though the terms of the LOI stated we would receive the Certificate prior to close.

Question is, is it safe to assume the seller will deliver the Certificate or are there possible/potential complications that can arise that would prohibit them from doing so? Is a "guarantee" in a PSA safe?

Good points! It’s in DFW area so overall the economy is still good.  I need to find out the lease term.  Also can I request for the financial info for tenant?  If the property is empty short term,  I will not be able to afford the mortgage for sure. Thanks!

I'm trying to figure out how the value of a short term rental property is determined.