All Forum Posts by: Corey King

@Jean Norton Thank you for the info.  I will have to visit and meet everyone.  I look forward to meeting you there!

Awesome guys! Looking forward to it.  

If everyone would, confirm if a Tuesday vs. Thursday would work better for you?  Lunch time or dinner.  I will go with the majority...

@Nathan Gesner Thank you Nathan.  I appreciate your input and ideas.

What would you suggest to avoid paying capital gains?  We have about 9 months until our other home is completed.  I would rather not rent it out, as I feel I am taking a bigger risk, because the down payment wont be there as it would with rent-to-own.

I have a question that may have many different answers/variables, which is why I am turning to you Pros :)

My fiance and I recently purchased a home, but we are looking to move out of it (we are currently building and it will be done in roughly 9 months). 

I was thinking thinking of doing a rent-to-own/owner finance.

I am reading different posts now, but had some general questions:

When deciding on the sales price, how do most of you do derive that number?  Austin has been appreciating at 8-9%.  I would like to hold on to it for 2 years.  Do you calculate the appreciation based on the current appreciation numbers?  Our home was appraised for 320K; so, I was thinking 8% over two years...but, then writing the purchase price for slightly under???  

When doing a rent-to-own, do you "rent" it for rent comps in the area?  Or do you rent it for more or less?

I see most people ask for 2-3% down.  I am assuming that is 2-3% of the agreed upon purchase price.  Is that correct?

The idea is not to lose much each month, as I know this is not a cash-flowing property, but trying to get as close to break even as possible.  

Suggestions/ideas?

@Don Konipol Thank you for the response.

I have reached out to a securities attorney here in Austin, waiting to hear back.

When you say an "active participant", does that mean if someone is solely an investor, that would NOT qualify as an "active participant"?

@Luke MacLean  So...what does this mean for us small guys?

I had a question from a potential investor (granted, this fella invests in multi, multi-million dollar projects).  He asked if I would look into the blue sky regulations in Texas.

Currently, I have one investor that purchases the home (gets 1st lien, named on insurance, and promissory note) and myself or another investor will front the costs for the repairs.

Trying to read about the Blue Sky regulations seems as if I need a law degree, or experience in securities investing (which I possess neither). 

Does anyone know about the law or have a referral to a securities attorney I may ask?

Thank you!

Hello to all investors!

I am new to the Austin area, and relatively new at investing.  I have been flipping houses in South Carolina, remotely, living in California.

My fiance and I relocated to Austin, and I am wanting to do the same thing here as well.

I have searched my local area of investors meetups, but they tend to be ran by the some people, and there always seems to be a pitch of some sort (which is ok, I understand paying for knowledge).  I couldn't find a local Meetup where investors are wanting to sit down and brainstorm, help, encourage, partnership, and fund deals, without feeling like they are being pitched (again, nothing wrong with that).

I am by no means an expert, as I still consider myself in the infant stages of investing.  However, I would like to start putting a Mastermind group together of experienced and inexperienced investors. 

My background is medical.  I owned and ran an Integrative Medical clinic for the last 12 years.  I always had mentors when I was in practice and am looking for some experienced mentors to help give back to us newbies, and us newbies willing to help out the experienced mentors.

I am hoping we have some members here looking for the same thing.  If so, let's get together and have some fun, learn more about the Austin area and investing, and ultimately...become successful in this market. 

Topic to be discussed:

1) Lessons learned from a newbie: how to avoid losing money on your deals

2) Other ways of funding deals, without your money.  Is it really possible?

3) Establishing your team of professionals.  Who do we need on board?  

I look forward to meeting some people then.

Thank you for sharing, Arthur!  Please, keep us updated.

@Russell Brazil  How would you go about finding the brokerage that is doing the most transactions?

I am currently flipping my 6th house of the year.  I have bought and sold a majority of those houses from one broker, but...yet, it seems as if they don't even care about me being a client.  I negotiated my commissions to 4.5% instead of 6% (at least I feel I am paying out less).  I have asked two of their agents about pockets listings, and they act as if they don't exist.  

Is it just me, or is it this broker?  

I have 3 agents (different companies) that work for me (sending me new listings, basically). None of the properties so far were from pocket listings. One, I bought on auction, and the others were from the MLS.

Are agents really not getting/hearing pocket listings?

Thank you for your time, Mr. Brazil!