All Forum Posts by: Lear R.

@Nicole Garner Thank you!

Thank you.

Hello my name is Lear, I am a Part Time Real Estate Investor, who has been doing small (four total) buy and holds with single family home rentals since 2006.

I'm looking to expand my real estate portfolio to one hundred units, by late 2019.

I'm looking to make connections with private lenders, investors who have a profitable multi family units or single family homes willing to do owner financing. I would also like to meet with seasoned real estate investors in the Central Texas area for support and information sharing.

This may become a good news story. As it turns out the service member was completely overwhelmed by a series of incidents, and had no place to turn. To date we have found several organizations that are vigorously helping. Long story short once these organizations get the property out of foreclosure, we will step in a purchase it we are working a win/win/win/ (no foreclosure for the service member/no foreclosure for the bank/we obtain a cash-flowing property). I will certainly share the story once it meets that criteria.

As with most deals the clock is ticking on this one. Bottom line up front I'm hoping to prevent a service member from going into foreclosure but the numbers don't look very good. The property is currently in active foreclosure, and the reinstatement balance before the bank can consider doing an assumption (both of us are service members) the reinstatement balance is 6K,  so here goes the numbers.

Balance on Property: 88K

Home Value: 98K

Possible Equity: 9K

Market Rent: 800-850

 Other Fees To bring Account Current: 3200

Potential Cash Flow: 104

I have the home under contract, is their any life in this deal that my eyes are not seeing?

This is an accounting question, how would you do the accounting for a property acquired in a subject to transaction? How would you account for the monthly mortgage payment. Would you create a short/long term debt? How would you quantify it in assets?

This is an accounting question, how would you do the accounting for a property acquired in a subject to transaction? How would you account for the monthly mortgage payments, also on the equity side how do you quantify it as an asset? And finally do you account for the mortgage balance as a long term debt?

If anyone has subject to properties your experience with the accounting component will be greatly appreciated.  

Does anyone have any sample subject to documents for the state of Texas? I want to develop a sound marketing strategy and to do that I need to imagine what it would be like for a person who wants to solve a real estate problem seeing those documents.

I am looking to form a Texas LLC with the use of a Texas Based Registered Agent since I move frequently due to my job. The goals of this LLC will be the following.

1. Protect my personal assets as well as move my current properties into the LLC if possible. (Of note 3 properties are VA Guaranteed properties, 1 in a FHA, all properties have a mortgage against them.)

2. Establish a second entity to obtain and manage mobile homes.

3. I would also like this entity is scalable to add other real estate business components if possible.

Can some one help with this? Although I am intelligent, I have no desire to do anything this complex myself.

I recently completed my 4 th house hack, acquiring a duplex with a tenant already in place. The duplex I acquired is right next door to a duplex that was foreclosed in mid February, and is currently being held by Chase Bank. I am relatively cash strapped, that would allow me to qualify for a standard loan. That means I have enough for reserves however not enough for a straight commercial down payment. Any suggestions on how I can obtain this bank owned property?