All Forum Posts by: Isaias Aranda Jr

@Craig Boudy Roger that. I appreciate the feedback brother. I think I am ready to pull the trigger on this program. I have wasted more money on other things not nearly as beneficial or useful as this. Again, thanks for the insight. 

@Craig Boudy Very nice. So the MRER team also sells the property for you? MRER team will make a nice cut right there as well.  Interesting.  So in all transparency, how much out of pocket did you need to bring to the table in order to execute this deal?  Also, I saw in the thread that you closed on this fix-and-flip deal approximately 6-7 months ago. If I may ask, why is the renovation taking this long?  

@Craig Boudy Hi Craig! Wow, really appreciate your feedback.  I have been following ET and squad for some time now and was contemplating between purchasing JK's book or taking the course, or both. I also listen to podcast, love it. I am an investor in Texas. Managed to purchase in several cities and creating a nice rental portfolio down here. And now, I am really interested in going next level. Possibly out of state?  I have zero experience in going out of state. No resources. I see that you are in SC and took the dive into the Chicago market. Can you share what has been your experience thus far? Have you finished your first project there?  I read that MRER pretty much lays it out for you.  Have you traveled there?  Are you flipping or holding rentals?  How much did you profit?  Thanks in advance. I do have extended family there and might consider joining that market. Greatly appreciate you Craig. 

Hello Fellow BigPocketters-

I'm Isaias, currently residing in San Antonio, TX. Fairly new to Bigger Pockets and already loving it. Great resource at your fingertips. My current situation is the following. I have 3 rental properties. Two fully paid off, the third is leveraged on a cash out refinance from one of my other rentals. Currently closing on my fourth rental property. This one I'm paying for with left over funds on the cash out and the rest from my savings. Went through a real estate attorney and in the process of setting up my series LLC. We're on the final stages of deeding over all the properties to the LLC. I wanted to inquire about how I need to file my taxes via the LLC now. I've always done it myself through HRBlock but I now I'm feeling a ltitle intimidated and seriously thinking of a CPA. ANY input, advice, suggestions? The LLC is just my wife and I as a disregarded entity, in Texas. Goal is to build our portfolio into early retirement.

Thanks in advance everyone! 

Greetings Everyone!

I am super excited to join this group. I'm always looking to learn and grow via being surrounded by good people who share common interest in real estate. That said, I will try to provide helpful input within my swim lane and try to help others in any way that I can.  

My current situation. There is a small single family residential unit that I spotted and looking to purchase.  It sits in a low income area that is great for rentals, but property values are low ($30k-50k). Resale (flip) varies depending on the renovation and is about $60k-80k. This particular property is on a corner lot, about 25 yards from a main busy road which is full of restaurants and an HEB (grocery shopping) / WF bank (with 1-2 minutes).  So location is good.  The house needs about $10k-15k of work and has a detached shed that was illegally converted to living space. Meaning, prior owners did not notify the city for permits. The shed now has windows, standard door entry, 2 bedrooms and bathroom. Needs work. The main house is on pier and beam and is a 3 bedroom 1 bathroom. Shed on slab and grade.  Both roofs (composition shingle) are about 20 yrs old, not leaking (yet). Foundation appears to be decent. Exterior siding on both structures in better than decent shape.  House was built in 1945. My initial intention was to buy/hold as a rental.

Question:  Would you buy if the city does not allow me to convert the property to multi-family? It appears to be a lengthy and costly process to rezone and replat in order to give it its own address. The shed faces road and would be perfect as a second unit or have its own single family address.  But it seems the city has so much red tape to get this accomplished.

BLUF: What would you do? The city told me that the easiest thing to do is renovate, convert the shed back to its original state and resale. Your thoughts?

Thanks everyone!  Greatly appreciate any input.

-Isaias