All Forum Posts by: Blane Morgan

My parents joining us at our current living location and had the cash to purchase a home in a competitive market.  We agreed before that I would subsequently use leverage and purchase the home or transfer the Deed.  I have no idea how the process works to move the deed over in my name with Leverage.  Help please!   I have been on Bigger Pockets for a long time and the podcast have been a tremendous education! 

I am the novice for sure!  Thanks for the correction.  I am agreeing on the note investing.  Seems to be the most passive.  Thanks again!  

Investment Info:

Single-family residence buy & hold investment in Nashville.

Purchase price: $180,000
Cash invested: $50,000

New Venture for me to work with my Sister to create a space that carried a vision for her company/brand. Her vision was to create an atmosphere that was special and to organically grow it into something very special and personal. This has been by far the most inspiring project to date! Budget was blown but the end product is amazing!

What made you interested in investing in this type of deal?

My Sister had a vision for one of the 13 Adobe Homes in East Nashville

How did you find this deal and how did you negotiate it?

Family

How did you finance this deal?

30 year fixed

How did you add value to the deal?

Vision

What was the outcome?

80K plus value Add

Lessons learned? Challenges?

Let Artist work their vision,

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes Brian Vance

I have been recently been doing quite a bit of research exploring possiblities for my IRA. The Checkbook IRA owned by an LLC seems to give you the most freedom and certainly the more exposure to the IRS if you perform a "Prohibited Action". Does anyone know the process of creating an LLC owning your IRA? Also want to open the discussion for experiences people that have made investments doing these things...specifically Note Investing, Hard Money, and Flipping. Not a lot of info out there

Sorry so late in getting back, I am now getting $1975 for both sides.  I am now exploring property managers for a Duplex I recently bought in Arlington.  

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Kennedale.

Purchase price: $180,000
Cash invested: $66,000

Bought a Duplex using the BRRRR Strategy and recently refinanced the property. I rehabbed one side of the property while the other side was being rented out.

What made you interested in investing in this type of deal?

Up until this point, I had only invested in SFR's and I wanted to venture into Multi-family.

How did you find this deal and how did you negotiate it?

I have a local Realtor that I use to get rental comps on properties.

How did you finance this deal?

Local Bank

How did you add value to the deal?

Rehabbed one side of the duplex to get full rental value on the property. I recently renovated the Bathroom in the other property.

What was the outcome?

The rehab went over budget as usually happens, but not by much. I did not do enough due dilligence on the Tennent and they have since been evicated.

Lessons learned? Challenges?

So many lessons. Due your due diligence on tenants. It is so much better to wait for the right ones, than to get a tennent into a property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Judy Plannas in Fort Worth is an outstanding Realtor with a background in Construction.