All Forum Posts by: Daniel Tanasa
Daniel Tanasa has started 11 posts and replied 273 times.
Post: New Member from Houston TX
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Hello Arthur,
Welcome to Bigger Pockets. Happy to connect!
I run a Landlord focus group from the Greater Houston REIA and we meet once a month, and we also have our main meeting once a month where is good opportunity to meet and network with fellow investors. DM me if you want me to send you details.
Good luck!
Post: New member from Houston
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Hello Yves,
Welcome to Bigger Pockets!
I am local investor here in Huston Market. Happy to connect.
Post: Looking to Connect with Real Estate Investors & Opportunities in Texas
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Hello Muhammad,
Welcome to Bigger Pockets.
Happy to connect. I invest in Houston area and I am a Realtor here working almost exclusively with investors. If I can help with anything feel free o reach out.
Good luck with your investing.
Post: Additional Principal payment: Focus on one of the property or spread out on all?
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Quote from @Sartaj G.:
@Daniel Tanasa thanks for your input. I think the consensus here is to pay all additional payments to highest rate mortgage.
No problem. Yeah, I think that is the right approach.
Post: Additional Principal payment: Focus on one of the property or spread out on all?
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Hey Sartaj,
I would make all the extra payments to the property with the highest interest and pay that off first. Is better to have one house paid off than 2 with half the balance because if you need to pull money out or do any line of credit on them is harder to do it in a second position loan.
I wouldn't touch the low interest rate, you're brtter off buying another property than paying those off.
Good luck!
Post: Electricity in-between tennants
- Realtor
- Houston, TX
- Posts 283
- Votes 149
There are a few companies that have month to month contracts. I used TXU and Reliant, but now I use Ranchero Power most of the time, I found them to have the best rate.
Good luck!
Post: First Time Homebuyer
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Hey Bianca,
Congrats for the solid financial position you're in.
As it was mentioned before, if you're renting now, you can consider buying a 4 plex, live in one unit and rent out the rest. You can buy that with 5% down and you should have enough left to buy a couple of single family homes or a duplex with 20% down.
If you want to supercharge the speed you're moving at, I would look into the BRRRR method, try it once, figure out how it works, is ok if you leave some money in the deal ( the other option is to buy it with 20% down) and after you have figured it out how it works, you're unlocking a whole new world of possibilities.
Good luck! Let us know how it goes.
Post: Necomer to the area
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Nice, Good luck with it.
Post: Necomer to the area
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Quote from @Joshua Mackey:
@Daniel Tanasa I'm not sure what the end goal will be for the property in Conroe. I initially purchased it to setup an automated commercial farm. I'll more than likely set it up as a mult-family rental but there are land improvements that need to be completed first.
Nice. Keep us updated with how the plans evolve and what you end up doing with it. When is the expected completion date?
Post: I/O loan to pay myself back after loaning my LLC money to purchase property
- Realtor
- Houston, TX
- Posts 283
- Votes 149
Quote from @Patrick Roberts:
Quote from @Daniel Tanasa:
Good topic here. I was actually thinking about this option also. I usually use short term private money loans to buy my properties, I fix them up and then I refinance them in about 3 months (the BRRRR strategy). I was thinking in the future to start buying them cash, but the problem with buying them cash is the when I refinance I need to do a cash out refinance (which is a bit higher interest and has a seasoning period) instead of a Rate and Term Refinance. So for that reason I was thinking to set up kind of the same arrangement @Joseph Agins did, to give my LLC a loan from my bank LLC with all the necessary paperwork and liens.
I am curious if this was your plan Joseph when you set it up this way and if anyone else has any input in this strategy.
Thank you!
This may work legally, but nearly every lender is going to treat this is a cashout refi. It would be a non-arms length transaction.
Thank you for your input Patrick!