All Forum Posts by: Jermaine Williams

@Aaron K. & @Kevin Wood Thank you for the feedback.  I have been hearing great things about San Antonio as well as pretty much anything off the 35 route to Austin. 

Hello BP, 

I was just approved for a $250,000 FHA 203k loan. I have a remote job where I can move anywhere west of Houston TX.

What would you do to make the most of this opportunity from an investment approach? I currently own a primary residence and 1 SFR in Houston, and plan on making my primary a 2nd rental.

The BRRRR method, House Hack a multifamily, House Hack a single family, renovate something for a future AirBnB, there are so many ideas running through my head, so I figured I would pose the question to the community.

What would be your play?  What areas are ripe for this type of investment?

@Jeremy Pace, @Loren Whitney

Thanks for your feedback and thoughts on this.  I have plans to speak with an attorney this week.  The more I think about this and the options available, the more I want to keep it simple and maybe just take a passive position and lend to partner.  

I recently transferred my Traditional IRA to a SD IRA Custodian. I haven't invested with it yet and this would be my first deal under IRA. I have an opportunity to go into a J/V on a 21 Unit apartment deal. The numbers are great, the deal is great, and business partner has great terms on the financing through his solid bank relationships. My 50% investment into property would be 50% of down payment for the Mortgage. I'm looking for clarity and feedback in the following areas and I know Custodian can answer some but would appreciate the thoughts of the BP community:

-Do I need a LLC for this?

-How to form the J/V agreement to protect myself and IRA from any disqualified actions? (such as my involvement in the management of the property)

-Has anyone done something similar and what was your strategy.

I have an opportunity to go into a J/V on a 21 Unit apartment deal. The numbers are great, the deal is great, and business partner has great terms on lending through his solid bank relationships. My 50% investment into property will total $70k (down payment money + Reserves) I can do the deal with my SD IRA, however I would love to stay outside of my IRA on this deal so that I can directly benefit from cashflow. My goal is to raise the $70k with private money. I've never used private money and was looking for feedback on seeking private money in a J/V situation like this. What terms would be attractive to a private lender since I can't offer first lean? I appreciate all feedback and I hope I was clear on my explanation.

Hello Amber, 

You sure did spark a great topic here and attracted some valuable comments.  My wife and I are currently looking for our first deal in Houston as well.  We are also looking for like minded individuals in Houston, for networking and/or partnering, so I thought I would reach out to you. The initial duplex deal that you started this topic with sounded great and is similar to what we wanted to find.  We would love to do a "House Hack" and live in/rent remaining units in Houston.  Do you mind me asking how you found a duplex for $50K??  We can't seem to find any multifamily for sale, let alone for $50k lol.   Happy Investing!