All Forum Posts by: Travis Sperr

@Steven Tawresey that question you pose is a great one for the attorney you are paying to draft these docs rather than taking legal advice from strangers online. With that said, Personally guaranteeing a loan doesn't pierce your corporate veil, it just means that if the entity fails to pay the loan you personally are on the hook for it - not simply limited to the assets of the entity only. The property titled in your entity gives you the separation for example in a slip and fall, your entity could be sued but not you personally assuming you are set up correctly. 

Echoing @Bill S. the market is on the upswing no denying that, but I am seeing investors make more in this market than ever before. No matter the strategy - flip, new construction or rentals. Some may think it is crazy to still be buying in this market but the same people thought it was a bad idea when we were buying in 2008 - 10 at less than half the prices we see today. There is never a bad time to invest in real estate, it just has to be a good deal.

If you are looking on the MLS it is easy to get discouraged.

I am pretty sure I have someone that can help in this situation. Send me a private note and I will respond with their contact information. 

@Payman A. proof of payments not required but the ledger for the last 6 or 12 months wouldn't be too much. Who knows if it is accurate but you would know if there is a running balance with a tenant. If the manager is willing to keep managing the property it must not be too much of a pain in the neck! 

Good luck with this one!

@Account Closed My wife is employed w2 makes a good salary. It doesn't take much when disciplined. Even our primary is only in her name, she reminds me regularly!  20 was the goal at one point, and we are able to because of the structure, but recently moved to using the cash flow to payoff our rentals. Pricing got to a point where the returns are not what we are looking for. 

Even better reason to request- you are an investor, they work with investors. Pretty common questions when investing money into what is expected to be a cash flowing asset. If you are considering a business relationship with this party, here is a great opportunity to find out if they have their poop in a group. 

10 rentals

1st was owner occ triplex - fixed up and moved out- kept as rental

all others -living way below my means- buy with hard money to acquire and rehab - rent - rate & term refi- conventional money.

One thing my wife and I did was - finance one in my name, then one in hers, then mine, etc. This allows us both to go to ten financed properties, using the same reserves required.

Although not in Texas - a couple thoughts-

Often times the schools will share their test pass rate or guarantee you will pass. YOu will learn that most of the schools are based around teaching you to pass the state/national test, while learning a pretty small amount about every day real estate.

Another is to focus on how you learn best - online at your own pace or are you better in a classroom setting. I get distracted way too easy at home so I took the class in a classroom setting.

Good Luck!

If another investor was selling to you without management I would be more lenient as most investors don't keep great records. A property management firm should be able to pull the books for you in about 10 min - so I would request. As well as the deposit amounts you will be credited with at the closing.

You don't want to buy a property that will require evicting 3 of the units next month because they haven't been paying and management hasn't been diligent in collecting.

Make sure you understand the section 8 - full or partial voucher - Sometimes section 8 only pays a portion - I know of landlords that have allowed the tenant not to pay their portion if small $25-50 a month because they were happy with just the section 8 amount.

@Pat Parrillo Congratulations, the first is the most difficult, it gets easier with each one. Good luck on continued success.