All Forum Posts by: Idris Haroon

I'm looking for a cleaning company specialized in cleaning and turning over Airbnb's in the Dallas area. Specifically Oak cliff Bishop Arts district. Any suggestions would be great.

Thanks

Idris

@Luke Trovinger

Thanks for the response. I'm interested in using hard money lenders for short term loans only including rentals that I can refinance later and BRRRR's. I'm assuming if everything goes well I hold on to the hard money loan for 2 months, pay the interest from my bank (cash value policy), and pay them back once I refinance. Yes the interest is high but interest is the cost of doing business right??

Thanks

WOW I really appreciate all the responses. I think my post was trending for awhile LOL. So here are some more details based on all the comments

1. My financial advisor does not invest in real estate but has clients that do

2. I don't pay him a direct fee but he is also my life insurance guy so he gets paid from my policy

2. My 10 properties cash flow at least $200 per month per property, some properties more than that

3. My wife and I have W2 jobs with a combined household income of $450k, not including real estate investments

4. I have over 200k in a 401k, another 200k in cash value life insurance, and another 150 in a HELOC

5. My properties have a combined 500k in equity

Based on this information what is my best option?? I'm thinking stack up enough reserves in my LLC to weather the storm.

Thanks everyone

So I just became my own bank with my whole life insurance cash value policy. I now have access to over 200K to invest in real estate. Instead of using a chunk of it to purchase one property, what do you think about the strategy to use hard money lenders to purchase properties and I pay the hard money lenders interest payments from my cash value? This way I can invest in multiple properties at the same time. 

What are your thoughts??

Thanks

So I just got off the phone with my financial advisor and he said I'm doing well but he's concerned I'm over leveraged on real estate. He's concerned that if we experience another recession that I will be stuck holding the bag for all the mortgages on my rental properties. Is anyone else concerned about this? If so how are you planning ahead to make sure this isn't a problem if we experience another recession and your tenants cant pay rent?

Thanks

@Eric James

Thanks Eric. Are portfolio lenders more of your smaller local banks?

I'm trying to find out how many rental properties an investor can own. I currently own 10 properties in the Dallas area and wondering if there are any restrictions on owning more. My goal is to get to 20 properties in the next 5 years.

Thanks

Idris

Is there anyone in the Dallas market with experience purchasing lots from the City of Dallas Land Bank Program. I purchased my first lot in west Dallas and plan to start building affordable houses for low income families. Thanks