All Forum Posts by: Eric Pimpler

I have a couple questions that I'm hoping someone can help me out with.  I'm in the process of finalizing a deal to buy a note from someone who had inherited a house and then sold it to someone else using owner financing. The mortgagee has since fallen into default for not paying taxes, insurance, and a whole host of other city ordinance violations and wound up in prison for multiple DWIs.  The current owner of the note (person who inherited the property) just wants out of the deal and we agreed upon a price for me to pay her for the note.  She lives out of state and doesn't have the money, time, or inclination to keep it, fix it up and resell it to someone else.  As the new note owner I would then assume responsibility for the foreclosure process.  My question is what document do we need to file to transfer the note from the current owner to me?  I assume there is some sort of transfer of ownership document, and this needs to be done in conjunction with my payment to her for the note?  

I have a quick question regarding my self directed IRA. I own a number of properties through my self directed IRA and have recently sold a couple of the properties and provided the financing on the sale of the properties to the buyers. One of the buyers also happens to be my property manager for the other properties. I know that there are rules regarding self directed IRAs with regard to disqualified persons. The property manager is not related to me in any way, but I wanted to make sure this wouldn't disqualify my IRA or expose me to any problems with the IRS. She also manages 3 properties that I own outside of my self directed IRA. We pay her a monthly fee for the management. It looks like she might be based on this:

https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=26-USC-728306663-591322682&term_occur=5&term_src=title:26:subtitle:D:chapter:43:section:4975

3/1 SFR in Cameron, TX. Approximately 1 hour Northeast of Austin. Currently occupied and receiving $650.00/month from a long term tenant. Hardwood floors throughout, new roof, central AC/H. Double lot with the possibility of building an additional property on the second lot.

3/2 SFR in Cameron, TX. The property is approximately 1 hour northeast of Austin. Currently rented at $575/month. Asking $49,000. I have owned the property for 12 years and it has been rented continuously during that time. Lots of demand for rental property in this area.

Henry, 

Sorry I should have been more clear. It was a cash out refinance.

Hey Henry,

My understanding from having talked with several banks and credit unions is that a line of credit is not available on investment properties in Texas due to regulations.  You can get one on your personal residence but not investment properties in Texas.  I wound up just get a home equity loan at 80% on the property.  

Yes, I know about the personal residence HELOC. Just not sure about a HELOC on investment property.

Hi All,

I'm hoping to get a definitive answer regarding HELOC on rental properties in Texas. I've gotten different answers from different people and even banks. I have several single family rental properties in Texas and am looking to get a HELOC on one of the properties. I own it free and clear. It's not owned inside an LLC. Would prefer a HELOC instead of a cash out refi due to the costs of the refi. I've heard various things including that it isn't even possible to get a HELOC on an investment property in Texas due to some sort of regulations. So I'm wondering if it possible to get a HELOC on an investment property in Texas, and if so what are the limits (75%?), and if anyone can give recommendations on a lander?

In this webinar you will learn how to visualize addresses stored in spreadsheets as locations in Google Earth. Addresses go through a process known as geocoding before they can be displayed in mapping software. You'll learn what geocoding is, how Google Earth implements geocoding, and how you can display the resulting address information in Google Earth to better understand your data. This is a great solution for visualizing your property listings or potential investment properties. You'll also learn how to display the demographics associated with these properties using Google Earth.

Register: https://itrain.leadpages.net/ge-visualize-address/

Hi Everyone,

Just wanted to introduce myself to the Bigger Pockets community.  I'm Eric Pimpler from Boerne, TX (just outside San Antonio).  I've been a buy and hold investor of single family residences for about 10 years  primarily in a small rural area just to the northeast of Austin.  I also have my real estate license, but am primarily an investor.  My full-time job is as the owner of a software technical training/development.  We focus primarily on a niche in the technical field called GIS or Geographic Information Systems.  We do lots of work with digital mapping including Google Earth and other GIS software.  

Have been following the podcasts and reading blog and forum posts for awhile now and have really learned a lot.  Look forward to learning much more in the future!