All Forum Posts by: Andrew M.

Any thoughts Sterling Williams ?

I second Seth Teel and his recommendation. If you are closer to or in New Braunfels, Paul Jackson at STX Valuations also does a nice job. PM me for his phone number.

It seems as if everything you did was correct and working properly until a factor, completely out of your control, popped up and molly-whopped your plans. Since it is already furnished, can you do a monthly, room-to-room rental and cash flow positive enough to make it worth your while? Young professionals, nurses, businessmen, etc. There are many of these in Texas and they are cash flow monsters. If you can't make this work, selling seems to be your only option.

Ryan Dutt I agree with Roy N. You may not have money, but you have time. Right now it's a matter of how badly you want it. There are many, many folks out there in your situation. Try and see it from a potential mentor/employer's perspective. What will they want to see? What can you provide them? Can you speak there language? Match their ingenuity? Outpace their work ethic? Be more creative than their most critical thinking? You must be well above average in all of these areas, as investing in real estate is not something you dip your toes in the water with. Make it a goal to meet someone in the business every single day. After meeting them, evaluate what you can offer them, and don't forget the most important part that most forget....get back in touch and do what you said you would do!!

@Carl Fischer Thanks!

@Michael Plaks A very good way of breaking up the three differentiations. It seems like you have dealt with this before! I guess the entire point of the exercise of setting up the legal protections is to be very safe in all dealings, this one being no different. 

@Stephanie Harris There are plenty of national and local lenders that will do a owner occupied cash out refi. Texas has some interesting rules regarding them relative to other states, and the lazier lenders won't want to cut through the red tape. Sounds like you just got unlucky with your first few tries! I have a few places that I've done just what you are looking to do, if you need referrals, please feel free to reach out.

Thanks

@Dave Van Horn. I know she is erring on the conservative side, and she's 100% correct. Just seems like a hassle come tax season and when purchasing a new home to set it all up. I'm just curious if anyone has any hard evidence or examples. Then again, it's less of a hassle than dealing with some renters ;)

This is regarding a series LLC in the great state of Texas, but I'd be interested in opinions from other states since I haven't come across any case law supporting an answer to this in Texas. I have a series LLC, each branch of the series owns one property, and also have a separate management company LLC for contracts, marketing, advertising, misc. expenses. I've read at great length of lawyers and CPAs recommending one account through the management LLC, since the series does nothing but 'hold' the properties. Now my lawyer is recommending me to have a different account for each property (aka one for each branch of the series) and operate each one financially individually also. Does anyone have opinions or case law supporting either side? What say you?

Try getting in touch with Sterling Williams for MF properties. I've done two transactions with him and they've both gone very well!

It also seems like the administer of the accounts knows about as much as I do! Thank you for your input.