All Forum Posts by: Charlie Chung

Hi, a question about Texas City, if anyone is still following this thread on Texas City. Is there much risk of natural disasters besides flooding, which there is insurance for? What about hurricanes?

Thanks,

Charlie

Hi @Lawrence Breecher, any update on this opportunity? Am curious...!

Hi Jared, any indication that the tenant wants to renew or stay MTM at that same rent?

-Charlie

Hi Shawn,

I sent Cindy an inquiry and her reply was a curt "Do we have POF on file for you"?

While I don't mind the process of some level of screening, I think you should note that in your posting--BP is a community site after all...

-Charlie

Hi Hira,

Austin has a couple of tech clusters. For startups, it is closer to downtown, for more established tech companies, a little further out. Here is a cool infographic that shows a lot of them on a map: https://www.pinterest.com/pin/517491813413874175/?...

An area I think is good is a little north of downtown, near the Domain (an outdoor mall like Santana Row in San Jose) or thereabouts. Keep in mind that traffic is getting worse in Austin, with traffic flowing towards downtown in the morning and away from it in the afternoon/evening. So if your commute doesn't rely on I35 or Hwy 183, that is ideal. You may even want to be near a metro station if you want more commute options.

Good luck!

-Charlie

Gotcha, thanks @Tom S., and @Steve Vaughan--and good point about the Fannie limits!

Hi, here's a question:

If I have a choice in buying a house between conventional & seller-financing, are there any credit benefits to the latter? I.e. would future lenders calculate my debt-to-equity ratios in the same way? Do the seller-finance notes show up in credit reports, etc.?

-Charlie

Agree with @Kris Wong that it may not be necessary, but for my self-directed IRA I did create an LLC in Texas last year (in a rush). I saw that the Texas SOS (secretary of state) self-service site was a little complex, so I used an online service for $49 (it was Incfile, but their prices seem to have gone up, I would find someone else).

It was super easy--I did have one issue, I specified the wrong option on 'member-managed' vs. 'manager-managed' (you'll want the former). But I got it corrected and got the LLC certificate within a week or so.

I also found generic Articles of Incorporation & an Operating Agreement online. I had signed them in the past as an investor in a friend's business, so I was comfortable with these: pretty much boilerplate language about specifying the ownership split, fiscal year, indicating how partners can exit, what happens if the LLC winds down, etc.

I would say if you can allocate a month to take your time with it, it is very easy to do with a $50-75 filing service.

-Charlie

PM me if you want a copy of the Articles of Incorporation & Operating Agreement I used for reference, but at your own legal risk, :)

+1 on Fundrise. I've been investing for 3 months and the first quarterly distributions came in--around 7% annualized, which is about what they target (an 8% return).

I'm working with Max Leaman now, who was referred to me by my agent. He's very fast, responsive, with streamlined fees:

https://www.yelp.com/biz/max-leaman-austin-mortgag...