All Forum Posts by: Mitchell Benson
Mitchell Benson has started 12 posts and replied 149 times.
Post: HOUSTON - Looking for newbie investor - 90 days goal
- Willis, TX
- Posts 158
- Votes 58
I’ve done under 10 deals but I started in 2015 love the passion. HMU if you need something and let’s get it!
Post: Texas Mobile Home Park from Scratch - Yes/No?
- Willis, TX
- Posts 158
- Votes 58
In my area people started to build RV Parks instead of mobile home parks because of the requirements for permits from the county
Post: Texas Mobile Home Park from Scratch - Yes/No?
- Willis, TX
- Posts 158
- Votes 58
The hardest thing I have seen about this is utilities and the permitting. If you have a good hold on those things and the numbers work you should be good 👍🤠
Post: Creative Financing Advice
- Willis, TX
- Posts 158
- Votes 58
Put it in an LLC for asset protection. If someone trips & falls you need to be personally protected
If it's in your personal name and someone sues you then they can come after all of your personal assets. Vs if it were in and LLC they can only go after what the LLC owns.
Yes, you can ask the seller to hold the 20% note as a 2nd lien. Hopefully your lender is OK with that...
To be honest if you don’t have the 20% to put down the. What happens if you can’t rent it for a while and have that extra payment every month.
Post: ISO Private Money Lender for Owner Occupied Fix & Flip
- Willis, TX
- Posts 158
- Votes 58
It maybe easier to refinance one or a couple of your properties to get to the 60k mark
Post: BRRR Deals in Houton-Katy Area?
- Willis, TX
- Posts 158
- Votes 58
I don’t think the market is too hot I just think the deals are hard to come by because of the competition between investors literally everybody is looking for that type of investment but what I would recommend for you is to buy a small multi family and live in one of the units that’s almost just as good as a brrrr... you can get a great loan I have all of your living expenses drastically decreased given you enough money to save to buy the next one. Even these types of deals are hard to come by so what I would recommend is networking and mailing non-owner occupied properties that you hand-pick
Post: BRRR Deals in Houton-Katy Area?
- Willis, TX
- Posts 158
- Votes 58
Good thing to have in place while you’re looking for these deals is the lender to buy the property the money to fix the property up and the lender to refinance once you fix it up and rented it out make sure you have your ducks in a row because things could go wrong and cost you
Post: 4-Plex Should I fix and flip or Refi and Rent?
- Willis, TX
- Posts 158
- Votes 58
If it cash flows, keep it. I always hear about investors saying " i wish I would have kept everything I bought "
Post: New To This Group, In Houston, Where are My H-Town amigos?
- Willis, TX
- Posts 158
- Votes 58
Owner of Montgomery County just checking in
🤠🤠🤠
Post: Wrap Around Mortgage, Texas
- Willis, TX
- Posts 158
- Votes 58
Originally posted by @Eric Thomson:
Hello BP. I am selling a flip turned primary residence and have a buyer requesting owner financing. I am carrying a conventional mortgage on the property so I would need to setup my first wrap around mortgage/contract for deed/land contract. I understand the pros and cons of this strategy and have read over the years about many of you doing these for decades and never having the lender invoke the due on sale clause. Is that still true over the last decade since the mortgage crisis, or as long as payments are being made (and deed not being recorded) will I be ok? What is your "plan b" if the loan is called? I'm thinking worst case scenario I could refinance with a less-than-desirable investment loan of some sort to get me through to the balloon.
Eric, I just completed a wrap around let me know if you need some info on what we did. If you don't have my number hit me up on facebook