All Forum Posts by: Joedocei Hill

I am not familiar with the laws in Texas nor have I ran into a situation like this but I would imagine you would need to involve a lawyer who specializes in land.

Being that the owners do not want to sell the actual property the home sits on, I believe that would legally mean (*I am not a lawyer*) that at any time they could say "Hey I want to use or sell my land, get off it by tomorrow" and they would have the right to do since they own the land.

Also, another hairy situation with that would be who pays taxes? In my county (and in general I believe) the property taxes are based on the actual land value. Therefore if the owner owns the land but someone else has a property on it, I would say the taxes fall on the shoulders of the actual land owner but that's a debate to be had by the home owner and land owner.

I've never heard of a situation like this but would guarantee you would need to get a vetted lawyer to draw up a contract saying that the land owner has to abide by some rules when they decide they want to use their land again for whatever purpose. I'll be interested in following this post to see the recommendations of others.

Also, are you a wholesaler in Texas? I am hoping to relocate to the Dallas area next summer.

Thank you for your recommendations @Bryan Reid and also @Jim Douglas I am also interested in managing some Lexington properties out of state as well. So it's nice to know of a company with good feedback for that kind of thing.

And thank you @Eddie Sorrell, I will get into the group ASAP!

Hello All,

I am looking for suggestions from the community for several members of the team I would like to build in the Lexington area. I would like recommendations for an investor friendly real estate agent and property manager. Also, I would like to hear (or read rather) recommendations on quality contractors and home inspectors. I welcome all suggestions, recommendations, advice, or leads that come my way. Thank you in advance for any help.

Great podcast as usual and I learned new wealth building strategies with methods #6 and #7. I'll definitely have this one on replay in the coming weeks. Glad to hear from @Joshua Dorkin and I wish you and your family nothing but blessings. Also happy to hear the @David Greene will be a permanent voice on the podcast and I can continue to look forward to his savvy metaphors.  Lastly congrats to @Brandon Turner, the rightful heir to the BP podcast throne! 

I agree with @Aaron K. , the property taxes seem high without knowing the area. Also, I would look for value-add opportunities in the property if you can fix it up, raise rents, etc...

Another thing I thought was strange is that the right side has a top and bottom and the left side is all one side. Without knowledge of the sq ft it makes it hard to say but I'd imagine that the left side would rent for more than the right since it is not split into a top and bottom.

@Jason Lawrence

I saw a couple red flags but the main one is the interest rate is currently at 95%! The second is that usually the ARV is higher than the purchase price if you are putting in money to fix up the property where yours is the same.

Hey Kenneth,

WARNING: I am also quite the tenderfoot! Buttt...

It depends on what exactly you want to do in real estate and what your goals are which will determine the path you choose to embark on. For example, do you want to flip? Maybe buy and hold rentals? Wholesaling? That will be the first thing to decide and then you can define your journey more. However, being that I am also a "Tenderfoot" looking for deals, I have came across some valuable resources here on BP. You can check out the store, https://www.biggerpockets.com/store, which has books endorsed by BP that cover a wide range of topics. 

Also I am personally a fan of Robert Kiyosaki, and he has a Rich Dad Library of books, https://www.amazon.com/default/e/B001H6GV90/ref=sr..., which I am currently working my way through now. 

Those have been my two sources for beginning my education (book-wise), I also listen to a plethora of real estate podcast ranging from BP to Wholesaling Inc to the occasional Dave Ramsey podcast. I like to utilize these tools when I am doing "mindless activities" such as washing dishes, getting ready for work in the morning, driving around, etc...

My last piece of advice is find a local REIA which is like a real estate investors club. BP also has a utility for this, https://www.biggerpockets.com/events . I am actually from Lexington, KY [born and raised] and know there is a group in Lexington that meets up once a month at various locations. Attendance is free and there is a tremendous opportunity  for networking. I am sure there is something similar in Louisville that you can find from that link. Also, maybe a trip to Lexington once a month for that meetup wouldn't be a bad idea. Also you can check out, meetup.com and look for local real estate events or events in general that interest you.

SUMMARY: Find out what exactly you want to do in real estate, this will make your journey more focused and probably successful since you're not trying to do 100 things at once. Check out resources on BP for books and podcasts. Also check out amazon for real estate books by people such as Robert Kiyosaki. And join a REIA! Books are good but networking and people are key from my readings and experience.

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