All Forum Posts by: Jonathan G.

Working on a deal and hoping we can get some advice on how to structure this.

End game- acquire land and build  4 Duplexes and 2 Triplexes.

We are trying to finalize the terms to purchase 6 lots from the owner. He doesn't necessarily want a lump sum cash payment because he is wanting to avoid the high capital gains taxes for another 3.5 years when he will turn 65 and be in a lower tax bracket. So he is open to an owner finance setup. I like that idea, but, I want to begin building now - and I believe banks will want me to own the land myself in order to be able to use that land as collateral on the construction loan. 

I have a great relationship with the banker as well as the builder.

Is there a way around this? 

Can the owner agree to a second lien position or something in writing? 

How can I structure a deal where he will be happy and the banks will allow us to move forward and build?

Any ideas would be appreciated! 

Is there another way that I am not thinking of to structure this and make it a win-win so that he could make his interest right now and I could start the buildout? 

Any out of the box ideas that will help us both get what we would be appreciated. 

Should I also post this to a different forum? 

Open to anything! Thank you!

We are coming up on our tenant's renewal date.  Our current lease is one that reverts to a month-to-month if she doesn't sign a new year lease, which we are hoping she will do.  I have read on the forums that it is generally a good idea to reach out to the tenant 60 days out to find out their wishes.  Some people are saying that sending a simple letter with options that they check off and sign is enough (1- do nothing and revert to month-to-month, 2- renew the lease or 3- that they intend to vacate at the end of the current lease).  Is sending this type of letter all we need to have signed if they intend to stay another year or do we need to have them go through and change the dates on the lease document and have them sign that again for a new term?  I am assuming the letter could give us an idea and if they say that they want to renew we would have them sign a new lease, but I just wanted to ask for clarification!  Thanks y'all!  

We are wondering if there is anyone that can give us some advice on whether it is best to purchase a plan from Terminex. We have had both our newly constructed home and our 6 year old rental home inspected and there is no sign of damage. So Terminex offered the plan for $25 per month to protect us. If we don’t do it the average treatment if found could be anywhere from $600-800 and and the damage can range from $1,500-3,000. East Texas is in the high termite area of the country. We are just wondering if it is worth it to pay it. It acts kind of like an insurance, and there is obviously a point where it would have made more sense to pay the treatment out of pocket when it occurred (like 10 years down the road). Appreciate your insight!

@Victor Pilgrim Welcome!  I live in Tyler TX and would love to help anyway I can.  Feel free to message me.  I know what it is like to just start and need to bounce ideas off others!  My wife and I have been involved with bigger pockets for a little over 2 years and everything that we have done with real estate has been because of this amazing site.  I have two rentals and just finished building our current home that is being featured in the parade of homes.  We have learned so much and have some pretty lofty goals over the next three years.  Feel free to check my profile out and message me if you ever want to get together for lunch!

Hey Donna, welcome to Bigger Pockets!  I live in Tyler as well!  Let's stay in touch!

@Karen Margrave  This is the post I was referring to in my message to you.  Thank you again.

I am referring to stuff like a clogged toilet, running toilet, garbage disposal clog...that is why I have an $80 value because this would be charge for plumber to fix something in the first 30 minutes :)  I have a website I am using to create the lease and it is based on the state laws of TX so I think I am good with that.  This is a statement that they have in the document.  

I am writing up a lease and many samples I see lets you plug in a value that tenants would be responsible to handle on their own.  Landlord covers everything after that.  Here is the language: "The Tenant is responsible for all repairs needed in or about the Leased Premises up to and including .

The Landlord will be responsible for repairs that exceed this amount."

I am thinking of putting $80 in there, because I know in my area for a plumber to come and fix something quick that is the charge.  Is that reasonable?  

The Book on Flipping Houses By J. Scott

The Book on Flipping Houses By J. Scott,  great book!