All Forum Posts by: Dan Knight

Hey BiggerPockets,

I am currently looking for a CPA in Texas that has a focus on real estate investing.  I currently own a land flipping business (living in Austin) and am looking for someone that not only knows the ropes, but is also open to helping their clients understand how to structure their business, transactions, etc. in a favorable way (basically helping me learn as we work together).  I invest out of state (predominately NC, SC, and FL), but the company is HQ'd in TX.

Any recommendations or introductions are greatly appreciated!

Thanks!

Dan

@Andrew Postell

Hey Andrew, I've been going back over this convo and some other notes and it seems based on what I want to do a portfolio loan would be my best bet.  I know you are up in Fort Worth, but wanted to ask if through your dealings if you might know of any good local credit unions/portfolio lenders in Austin that fit the mold of what we were talking about above.

I've compiled a list of my own, but wanted to see if you might have any recommendations.

Thanks!

@Jeff V. @Chris Gallo Thank you both for the input. I'll definitely re-evaluate the hard money loan and see if the numbers still make sense.

@Andrew Postell thanks for the input as well - very helpful. So, when you say the property has the be "move in ready" does that mean I cannot rehab the place (upgrading floors, cabinets, countertops, etc.) with a conventional loan?

There are already tenants living in the place, but as each one of their leases came up, I would plan to move them out, rehab the place, up the rent, and then fill it again to increase cash flow.

Another note, and I think this might be what @Chris Gallo was talking about as well - if I create an LLC with a partner and create a business bank account, he can put money in that account just as easily as I could, and that money can be used for the down payment on the property regardless of where the funds came from?

Hi all,

I am a new investor looking to find a first deal on which to cut my teeth.  I have recently come across a fourplex located near a large hospital that employs a significant number of people in a good area that seems like it might be a good first deal.

Since I am not living in the building, FHA/203K loans are out. Hard money is also out as I would need to hang on to this for longer than a couple months.

I do not currently have enough capital to put 20% down with a conventional mortgage, so I found a partner that does have the money. We agreed that he would put down the down payment and provide the financial reserves, while I provided the leg work and split 50/50.  

However, I have found out that with a conventional mortgage loan you cannot have someone else put down the down payment (gifting the money) unless they are related to you or a spouse/fiance.  

Is my only option left to syndicate from multiple people and buy the property in cash?

Thanks in advance for any input.

Dan

@Andres Calderon thank you very much for your inspiring words Andres.  This is my mindset exactly and I appreciate the positivity!  Thanks again.

@Peter Tverdov @Deren Huang @Mike Burkett

All, thanks for the input, I really appreciate it!

Deren - I agree, I think I will absolutely stick out this job or find a new one for the time being while I start down this road.

Peter - I 100% agree.  Retire to me doesn't mean kick back and stop working.  It just means my passive income can cover my bills so I can start focusing on things that I actually care about and building my business.

Mike - I especially like what you said about flipping a couple, hold one, flip a couple, hold one.  I think this makes the most sense for me at the moment as I have a good construction crew here in Austin at my disposal as well as a few hard money lenders that are willing to help.

Thanks again for all the input everyone!

@Caleb Heimsoth thanks for the response.  Are you rehabing these multi-family properties that you own or are you buying them already fixed up and rented out?

@Peter Tverdov

Peter, thanks for the input.  You are correct - I am closing in 26 as we speak.  

I am not planning on retiring in my 20's, but I do hope to be able to have a couple rental properties by 27/28 that will cover my monthly expenses so that I can have more time to focus on things that inspire me.

I guess it would make sense to maybe try and switch day-jobs while saving and and paying down loans while growing real estate at night.  

However, don't commercial loans rely more on income and less on personal finances?

Hi all,

I am one of those people who is trying to break into real estate investing as a way to leave a day job that I very much dislike.  However, I am finding through my talks with some lenders that, since I am still relatively new out of school and have multiple student loans (although I have great credit), my saving grace in terms of getting a loan to fund my first deal is the salary my day job pays me.

I know that real estate isn't a get rich quick scheme and that I will probably have to stick out my day job for a couple more years, but at what point do you see banks, lenders, etc. start to give you loans to fund deals without a steady stream from a corporate job? 

Thanks,

Dan

Chris, thanks for the response! Appreciate the input. @Chris Sellers