All Forum Posts by: Boe Bishop

@John Siver at this time we are looking at residential property just to get started. We will be moving there in the next 5 years. My wife's grandfather owned a lot of homes in the area, and passed away leaving them to her father, her, and her sister. I will be doing some brrrr homes when I get there. Just better to know I have a fellow bigger pockets member in the area. I currently live about 20 minutes from @Brandon Turner.

@Mike Cumbie I will clear things up, a bit. I have 75k cash that I want to try a rehab with. I can purchase the disrepair homes for around 20k in the area. I figure on using the rest for the rehab budget. If it's in my name I can do all the work myself. If it is in the llc I might have to use licenced contractors which will eat into my budget. After the rehab I'd like to sell it to the llc and rent it out. I can either put it on the mls or a straight transaction. All work will be permitted, I have been doing maintenance to residential, commercial and industrial properties most of my adult life.

@Brent Coombs Sorry I used the wrong word there it's called "arm's length principle" also known as "transfer pricing". I apologize for the incorrect wording I'm not suggesting fraud just a way to transfer it properly.

Okay, I just wasn't sure. I'm looking at buying and rehabbing separate from the llc. Then put it on the mls for market value, if it doesn't sell after a month the llc could buy it at market value. I don't want them sitting there for long with money tied up in them when I could be renting it out.

Has anyone flipped a house to yourself? I'm thinking that being able to transfer homes through arms length transactions could be benifitial.

I am selling a home in my area in order to start buying out of state. I have a real estate agent in the area I'm looking to buy in. Anyone that has experience in the Dallas/Ft Worth Tyler Texas areas would be much appreciated. I'm going to be looking for property management in the area. once I move there I will be doing the brrrr plan but being out of the area it's hard for me to allow someone else to do the work that I can do. Until then I'm looking for buy and holds.

I own a few properties and everyone I get what I would call a "fake" appraisal. If I see that comps in the area on a duplex are running around 180k and that is the asking price. I make an offer of let's say 130k youd think that when and appraisal was done they would come up with somewhere around the 180k and have equity/0 down and no pmi. They only want to appraise it for just over purchase price so they can get a down payment or pmi out of you. How do you guys combat that?

I own a few properties and everyone I get what I would call a "fake" appraisal. If I see that comps in the area on a duplex are running around 180k and that is the asking price. I make an offer of let's say 130k youd think that when and appraisal was done they would come up with somewhere around the 180k and have equity/0 down and no pmi. They only want to appraise it for just over purchase price so they can get a down payment or pmi out of you. How do you guys combat that?

What options for small loan financing are available? We are starting to divest in our area and prepare to move in the next 5 years and we need to begin investing in that area now. We are getting ready to put a house on the market up here and will have 60-70k out of that house to reinvest. I have looked at large loans for 4-12 unit places, but we know we get more money and longer term tenants from single family homes. However, in the area some great homes can come in under 50k. Getting loans for these can be a bit difficult. I will be doing brrrr like I have up here when we finally are able to move there. That isn't an option at this current time; because I'm not there to do the rehab portion. Any ideas will be much appreciated, even if the advice if you buy 6 plexes I'm just wishing their was a better way to get the first option of single family homes.

I just started as well, I have been an investor for some time but looking to learn more and find others like me. I seen your post and fort worth area is where we are looking to move our investments to.