All Forum Posts by: Wes Brumit

@Steve Babiak , if I rehab, the rent will go up to cover that cost. As I understand it, as long as the tenant agrees to the extra rent and is approved by the HA, I would be Ok. The other option would be for the HA to find the tenant a new home and I would need a new tenant at the new rent.

In regards to the rehab, it only needs about $3000 for it to be in "inspection approved" condition. I believe he will go for $30,000, so that would be 1.8%. The rest is to bring it up to current standards for a resell.

@Mark Ainley, any thoughts?

Have a lead on home that currently has a section 8 tenant. The tenant has been there 7 years, owner says not likely to leave. Rent is $600, he wants $32,000. If I should rehab ARV = $78,000, rehab=$17,500. Would you buy and keep the cash flow or rehab and raise rent or resell? Home is 1600 sqft.

Anyone interested in getting together from the Longview, Marshall, Mt. Pleasant area? Tyler and Shreveport just seem to be too far and too late in the evenings to travel. Just looking to begin something closer to home.

Closer to where I live. The closest two around here are an hour and 1 1/2 hours away.

Received response from a yellow letter I sent out. Current owner looking to sell his home which has a qualified section 8 tenant already living in it. He wants $32,000 for the home. Rent pmts are $600 per month and he says the tenant has been there for 7 years and not likely to go anywhere soon. For those that deal in section 8 and/or tenants what are pros and cons I need to look for. Is this worth doing?

Joe Gore the reason being, I've heard title companies have problems with the assignment process or double closing. This procedure would eliminate the issue because the end buyer would just buy the LLC, and there would be no need to double close. They just take the LLC paperwork to close because they are now the owners. Btw: heard this from popular guru. So my question was is anyone doing this? Pros and Cons? I know the procedures for setting up LLC. My second question is could I do it in another state besides Texas, because they are expensive here? Diyan Yap

I'm interested in buying properties under a LLC and then assigning the LLC. to end buyer. Basically selling the LLC. Creating an LLC for every property could get expensive, especially here in Texas where the state fee is pretty high.

Example: Formed as 123 Main Street LLC.

1. Is anyone else from Texas doing this?

2. Are there any legalities I should be aware of if I wanted to form the LLC in a less expensive state?

Mail both places and be persistent

I used Legal Zoom when I set up my business (non real estate). Texas is pretty high cost compared to other states, I think its $350. LZ charged just a little more for their services. All total, I paid less than half of what you were quoted.

I've seen the acronym RMLO quite a bit here but still do not know what it stands for? Someone needs to put a list of acronyms together and post it.