All Forum Posts by: Harsh Singh

We're working on our LT financing. Math looks good, but you just never know! It will CF well but the goal is to Rehab this and change the layout a bit to make it more attractive. The long-term value of the house is great!

What's up BP Fam. I just put my first property under contract with a partner. It's exhilarating and nerve-wracking at the same time. This place will definitely need some work but the long-term value case is pretty great.

How did some of you feel when you put your first property under contract, which required a lot of work?

bump

Hi BP Family, I wanted to try a DM campaign in my local market but before I invest any money or time into this avenue I wanted to get the forum's opinion about the pros / cons of approaching my market (Houston), like this and a strategy of what to include in the copy, because I have no clue. 

Thank you all for your input. I am definitely not going to waste anytime and working to turn the property this week so I can list it come Monday. No hard feelings against the tenant. I may pursue the Justice of Peace action, shout-out to @Jim Cummings for that insight. 

I am certainly doing my best effort to re-let it, so hopefully it wont' take long for the property to move.

Thanks again all.

Hello,

So this has never happened to me before. My tenant defaulted on the rent and vacated the property. He stated that he has left the key in the home but I am unaware of the condition that he left it in at this point.

The State of Texas has some aggressive, landlord favorable language and I am trying to figure out how to go about this default.

The first thing that comes to mind is placing a lien on his credit reports. How do I go about doing that? Also, what do I need to file in the courts in order to get an actual court-ordered payment for the tenant?

Any help in this matter would be greatly appreciated.

Thanks,

HS

Dude that's awesome. Congratulations on a successful deal and thanks for the play-by-play. That definitely helps.

I am trying to find a BRRRR property in Houston, a lot harder here, huge market with lots of smart people going after the same things..

Thanks very much for the response. Navigating partnership structures is definitely out of my wheel house but I may have a few friends I can hit up with regard to this.

Lennon,

Thanks for the reply. I agree with talking to an attorney and CPA, but right now I am mainly thinking from a philosophical point of view. 

Full disclaimer, anything anyone posts in here would not be used against the poster of things went south. I have very high integrity and fully believe that I am responsible for the outcomes of my life, rather than blaming others for failures. 

Since I am a first time MF investor and will heavily be relying on a couple of partners for cash at close, I don't want to charge an acquisition or management fee. I will be responsible for securing the debt, finding the contractor, performing the work and getting the units rent ready as fast as humanly possible.

That being said, I just want each of us to make an equal investment, receive equal cash flow, capture equal equity at exit and maybe add an equity sweetner at the end for the other partners who are teaming up with me for the first time. 

What would that look like from a philosophical point of view?

Hello,

I have diligently been working for the past few months on identifying a multi-family investment in Houston and I have finally found a good deal. I've been working informally with a financial partner who is also interested in this deal.

I was hoping to get advice from the community on how I need to establish the partnership agreement. 

The property is a 6-plex and it will cash flow $29,207 per year, with a $117,453 back-end payment upon refinance or sale at the end of year 5. 

I would like to have a 3-way partnership, and the total cash required at close per investor would be $31,103. 

How should I setup a partnership with these numbers and what are some good resources for finding multi-family specific partnership agreements.

Thanks,

HS