All Forum Posts by: Wade Mcmahan

Hello everyone, So my wife and I are planning on buying a new home for ourselves and keeping our old home to rent out but we want to push really hard for the next 10years to build a portfolio. We are looking to start strong so here is my question for everyone. We want to take some of our down payment to remodel the master bath and master bedroom so we can get the house appraised. I know it will appraise at a higher price because we have fully updated besides the two rooms I just mentioned plus a new roof in 2016. After that we would like to take the equity and use it for a down payment on an additional rental all under our LLC of course. At that point if it all works out we would own 2 rentals plus our own house which after a year will become a rental as well. What are your thoughts? We can take criticism so dish it out for us people.

Hello great people of BP

So we have a rehab coming up and I wanted to see if anyone had any good templates for contracts to hand to contractors to keep them on schedule? Something to make my life easier And less paper work I have to fill out myself.

Thank you.

Hello BP

So I am reaching out to see if anyone on here uses computer software for home designs and if so is there soft ware that deals with interior design such as bathrooms and tile as well as smaller detail?

When is the next big seminar that bigger pockets puts on and where?

thank you @Kyle Stines

@Alex Franks

I definitely see where you were coming from. That is why I was wanting to at least let you know that I wasn't stepping into this completely blind.

Well our conversation went better than I expected. I am gonna go look at the house on Tuesday. The only down side is they still owe $190,000 on their Mortgage and I am pretty sure that isn't gonna work for us, but before I rule out anything I am gonna have my Realtor run comps for me. If we can't make a deal out of it I will pass it to the Realtor so the sellers can at least get a chance to sell it. Thank you again @Jeff Rappaportand I will let you know how this goes. @Alex FranksI didn't approach this uneducated and I have been reading constantly and me and my partner call each other randomly to practice so caught off guard. I just wanted to ask BP to see if there was anything I was missing.

Sorry to confuse you @Randy E.the property is located in Las Cruces, NM.

@Sean Goverwe split up our mailings per neighborhood and we mailed out 200 using List source.

Thank you everyone

So we just did our first absentee owners direct mail marketing and we got a text from someone today from North Carolina. We are located in New Mexico. We scheduled a time to discuss everything this evening and honestly this is our very first interaction and possible deal of it all goes right so I was hoping to maybe get some help on what to ask. I have a rough idea but input would be nice. 

Thank you BP

I know of only one park that allows rentals but I wouldn't want to keep it as a rental but I really do like the owner finance idea.