All Forum Posts by: Connor Heim

Sure! lets say you have a HELOC of 100k. you take 75k out and use that to BRRRR a property, with an ARV of 135K. after you complete the project and refi at 135k minus appx 25% you get 101k back at closing. you take that 101k and pay back the 75k you owe on the HELOC. You now have your full 100k HELOC available to you again.

looking at a BRRRR opportunity where previous owners were smokers inside the house for 15 years. whats the best way to deodorize? house was recently painted (poorly) inside and still stinks of smoking. help?

Yes, he is willing to sell to the LLC. I will personally guarantee the loan. My income is sufficient :)

OMG, It's like The Handmaid's Tale here in College Station!

I have a verbally accepted offer from a seller; the seller is financing the deal. I went to the real estate agent's office (I'm buying direct from the listing agent) to sign the offer documents, and he asked where my husband was. I told him he was not coming, that the property will be in my single-member LLC. He told me my husband will *still* need to sign the paperwork, as Texas is a community property state. I told him my husband is not a member of the LLC, the buying entity. He said that "in case something happens to me" my husband would be on the hook, so he needs to sign all the documents. (Which, BTW, is probably illegal, as why would someone who is not any part of a corporation, i.e., my husband, be required to sign???)

He then started telling me alllllll the paperwork that I would need to provide from the LLC -- you know, articles of incorporation, etc. and asking do I know how to gather up all that stuff. OMG.

LOL, then I started discussing husbands/wives each having independent mortgages for up to 10 properties each.  And he said that's not possible.  Oh, BTW this agent also has his own rental properties.  And the seller is an investor.

Anyhow, I just let him blather on about this silliness, took home the offer info, will sign on my own and send it back.

Oh, and BTW, I'm 52 years old, LOL!

you will be dealing with a high level of evictions, drama, crime. You may have difficulty finding a property manager.

This is not an eviction, this is called ejectment. He is there without a lease so that is actually easier for you to enforce. Chat with your lawyer about getting an ejectment order.

i get it. ive been there too! i would like to offer an alternative. breathe. you have a finite amount of mental and emotional energy. do you want it all wound up in this mess? go to court, get whatever justice you can, then move on. he has taken enough from you already; don’t allow him to take one more ounce of your peace and tranquillity. breathe :-)

The title says it all. I have a new Texas LLC that I've started that will be the owner of my real estate portfolio.

I'm under contract to buy a condo in Sarasota, and will assign the contract to the LLC at closing. This is all brand new to me, so I'm not sure if I need to do anything special. Any input would be GREATLY appreciated!

Cheers, and happy (early) new year!

You said you purchased this property within the last year. If there was no disclosure about the (poorly maintained and over full) septic, there may be able to go to the previous homeowners for some remediation??

A *true* service animal should be incredibly well behaved. Then there's the new breed of *emotional support animals*. Some of these are indeed therapeutic for owners; many times a pet owner simply pays a fee online for a "certification" that allows them to get around common fees associated with pets (housing, airlines, etc). I'm not sure if ESAs are a protected class