All Forum Posts by: Geronimo T.

Can FHA loan be used to build a fourplex? I'm having difficulty finding builders in the north Houston, TX area that will take on project. I do not own property there. So ideally, the builder will get property, build 4plex, then I buy package deal. Is this possible? Or am I living in a fantasy world??

Hello BP Community. I will be moving to the Spring/Kingwood/Woodlands/Humble, TX area within the next six months. I would love to house hack and build a fourplex from the ground up. Does anyone know a builder in these areas that specialize in these projects? Is there a different route I should be taking? Am I going about it the wrong way? Should I get a realtor first? Should I apply for a loan now? Or wait? (i don't want to negatively impact credit score). I will definitely be going FHA Loan since I don't have 20% down. I appreciate any advice. Thank you.

Any thoughts on Lending Tree?? 

I'm calling different banks asking what downpayment for investor loan is. Lowest I got is 15% for single door. If I get duplex, triplex or fourplex, then it's 25%. I'm in Texas. Is this standard? Is 15% good? Has anyone heard of 15% or lower for multiple "doors"? Also I mentioned I would use equity line of credit in my other home for downpayment. One said I can't use HELOC for a downpayment. I thought that was part of BRRRR?? Any thoughts bigger pockets ?? Thank you.

I responded to attorney and said no thanks. He quickly responded stating that he is willing to charge 950 per entity with some hours included. If CPA structures most of strategy, then it will be less hours billed. A lot better than $5000 retainer that I probably wouldn't have seen again. Is this fair? Are there more questions I should be asking? Plan is to form Series LLC in Texas and Foreign Entity conducting business in New York. I'm also thinking of forming a Land Trust for more anonymity and so I can transfer a home I own into the trust that will be held by LLC. Does that sound like a good idea?? Thanks everyone.

Ray Slack, yes I would appreciate that information. It does seem high and I'm glad you responded. Also, he's pushing the retainer on me. Please sign and return so we may begin as soon as possible. I'd like more info before I send you anything I'm thinking.  Chris Soignier, would you mind sharing his information with me?  

Thank you both. 

I'm im process of structuring my LLC. Currently talking to board certified real estate attorney. Haven't spoken with CPA but definitely will as I expect them to work together to protect assets and make it tax effective before signing. My question is what are normal fees for this in state of Texas? He's asking for $5000 retainer. $295 an hour and $75 an hour for paralegal. Anything left will be reimbursed. Sounds high to me. Does that sound accurate ?? Please help. Thank you.

I'm brand new to real estate. I have demanding full time job, but I'm ready to dabble in properties. I have one property that I purchased from family member because the bank was going to foreclose. I registered it with section 8 as my family member qualifies for it. So great record for past 7 years. I want to first start series LLC and establish myself as business entity. Can I transfer the property to the LLC? And I want to purchase second property or apartment with the equity. Is this good move? I'm afraid that two payments might be tough. Any suggestions??