All Forum Posts by: Gordon Sheehan

I recently bought two duplexes in Longview. I’m still renovating one of them.

 I agree with your idea of exploring the smaller surrounding towns in East Texas. I’m looking to expand in the area as well. I’d love to connect with you or other investors in the area. 

There’s a 6000 Sq ft abandoned-looking brick commercial building available on the Main Street of a tiny town Electra Tx 2 hours outside of DFW. Built in 1930. It’s about 20 minutes away from the smaller metro of Wichita Falls Tx.

The town has had negative population growth since 2000 and barely positive growth (less than 1%) since 2020.

Wholesaler is only asking $6k. I’m wondering if there is any value that can be created here, or if there is it is likely more of a liability than an asset? I have very little info, just curious if anyone has experience with this type of building and location.

It appears to be cheaper than land in the same town. Any creative ideas on how to approach this?

Thanks,

Gordon

@Bill Horton thanks for the encouragement. I’ll start asking around

Hey all,

I was hoping to get a HELOC on my primary residence to use as a down payment or towards my next property. I am in Texas.

I bought a damaged house in April 2020 with hard money and refinanced into a conventional loan. I added a bedroom, renovated everything, and rented out my 3 extra rooms.

The equity has gone up quite a bit between the improvements and the hot market.

My plan is to leverage the equity to buy my next property. I owe around $225k and it will appraise for $350k. Over a year ago it appraised for $327k before I added a bedroom, so I assume the appraisal now will be even higher.

My lender told me they could only lend an amount much smaller than I was expecting. Am I missing something?

I seem to remember there is some law about HELOCs in Texas that might limit what I’m trying to do, but I can’t find it.

Has anyone else had success using a HELOC on their primary residence with numbers similar to these?

Thanks,

Gordon

Hey everyone,

Does anyone have a good contact for pest control in Dallas? I was planning to spray myself but now it makes more sense to hire a company.

I googled this already, but was hoping to find someone who has worked with other landlords.

Thanks!

Gordon

Thank you so much to everyone who reached out! Take care and good luck this year.

Hello,

Would anyone from the Dallas area be willing to share contact info for a good HVAC company? My property in Richardson has an ancient system. 

I am in the process of getting bids but would love to work with someone with a good track record with investors.

Thanks in advance!

Gordon