All Forum Posts by: Daniel Decker

Hey Mike,

Welcome to BP.  I'm here in Abilene too. Let me know if I can do anything for you. 

Daniel

Hey David,

My business partner knows all of the bandit sign guys.  I'll ask him if they are on here.  He went and had lunch with four or five of them the other day.  They have even wholesaled a couple of deals to us and they were great deals   We usually stick to our direct mail marketing though.

Hey Jessica.  I have been investing in rental properties in Abilene now for about five years.  Since January I have really be ramping up my investments.  Now I have 8 rental units and am working on three flips.  We have rentals from $565 a month up to $1,150.  We even have a property in Baird. 

As for the flood insurance, that sounds high, but I'm not surprised.  I try and stay out of the flood zone, but we do have one or two that is.  I would get a quote from http://www.takodainsurance.com/.  They have really great rates.

Hey Kendal,

I just saw your reply...

We close with Leslie Lee at Big Country. She's great. She always takes time to answer our stupid questions. I don't think we have had the buyer pay earnest money, but my business partner is the one that handles that. But yes, the earnest money check would be made out to the title company. As for the double closing, our recent one may not have technically been a double closing. My business partner paid cash for it and then once we had financing secured, we closed with our LLC purchasing it from him personally.

Where are yall at in the process?  are yall getting close to your first deal?  Let me know what you are looking for and I will let you know if we come across something you might be interested in.

Big Country Title has done great work for me.  They have done deals for me that involved both assignable contracts and double closings.  I wouldn't consider them shady at all.  They definitely know what they are doing. 

@Blair Poelman I've had a failed inspection directly due to actions taken by the tenant.  Most recently, everything was good on my end, but the tenant had a TV power cord running across the living room floor.  The inspector failed the inspection because of it, but it was totally on the tenant.  The tenant moved the TV to the other side of the room, and passed the next inspection.  Maybe something similar has happened in this case with @Hansen Sin.

Hey Mike.  I'm over in Abilene.  How is it coming on breaking down the expenses?

Thanks for posting Scott.

For anyone that has recently reviewed this topic...

We just formed our LLC and got a notice from the State of Texas that our annual franchise tax is due. So I found this post and did a little research on the state's website and here is what I found that I think is important.

From the website regarding no tax due reports:

16. What are the criteria for filing no-tax-due reports?A taxable entity, including a combined group, qualifies to file a No Tax Due Information Report (Form 05-163) if it meets one of the criteria below:

• has zero Texas receipts,
• qualifies as a passive entity under TTC 171.0003,
• is a real estate investment trust (REIT) that meets the qualifications specified in TTC 171.0002(c)(4), or
• has total revenue, annualized per 12-month period on which the tax is based, below the no-tax-due threshold amount, which is $1,080,000 for the 2014 and 2015 report years. See FAQ #32 for current and prior year no-tax-due threshold amounts.
  http://www.window.state.tx.us/taxinfo/franchise/fa...

So the $1,000,000 revenue threshold amount has risen to $1,080,000.  Our revenue is less than that, so we need to file the Texas Franchise Tax No Tax Due Information Report and the Texas Franchise Tax Public Information Report. Here are the links to those forms:

http://www.window.state.tx.us/taxinfo/taxforms/05-...

http://www.window.state.tx.us/taxinfo/taxforms/05-...

And lastly, I'm obviously no expert.  I'm not a lawyer or an accountant.  This is just what I have found from my research and is what I am going to do.  If anyone has any corrections or suggestions for me, you know what to do ;).

Well hello Daniel.  Welcome to Bigger Pockets.  Your really going to love this place.  All of the people here are very inviting and hospitable.