All Forum Posts by: Juan Monge

Thanks @Dave Chapa and @Vijaianand Thirunageswaram for the insight. Any recommendations on a good commercial broker are greatly appreciated.

I did some research on Frost Bank and made a branch visit; I have gone ahead and opened a business checking account with them for my SDIRA. It's important to note they don't have a mortgage banker in-house and instead have a preferred broker they work closely with. I have also opened up a discussion with Texas First Bank and they do have an in-house banker and seem eager and open to work together. I may be following up with them this week on a conventional loan deal I am having trouble closing.

Hi @Shenice B., can you please PM / email me the details?

Thanks 

Juan Monge

Hi @Minh Le, thanks for organizing again, I plan on being there.

Thanks @Travis White and @Sammy G., I am hoping to go in next week and speak with someone at Frost and also

Independent Bank.

Thanks @Andrew Postell, I understand a refi will be tough, how about a line of credit?

Hi,

Can anyone share some thoughts and/or past experiences of taking out a line of credit or doing some type of cash out refinance against land that is owned out right? I am in contract to purchase a piece of land which is in a developing area and now zoned commercial. I am in early discussions with the owner of the lot next door to purchase that lot as well. The plan would be to

combine the lots and either a) commercially developed or b) market / sell for commercial use. My concern is that both of these options could take some time and I would have a good chunk of capital invested in the lots.

Thanks,

Juan Monge

Thanks @Pedro Martins and @Dmitriy Fomichenko, I was afraid I knew my intuition was right on this one - thanks, I'll be sure to keep the SDIRA out of it.

@Pedro Martins, apologies in advance for jumping in on you thread.

I have a somewhat similar question for the BP community, I am under contract for my personal LLC to purchase a small piece of property which currently has a SFH on it which needs extensive rehab and it may possibly be best if torn down. The value in the property is actually the zoning (General Commercial). Also, the lot next door is vacant and I have opened communication with the owner about me purchasing that lot as well. So my question is ultimately, can I (I believe I can), but more importantly should I purchase the adjacent lot with my SDIRA? I have concerns that I will be tying my hands a bit if I eventually want to sell / develop the two lots together or if I want to hold for a bit and draw lines of credit against the lots.

Thanks,

Juan Monge

Hi @Tony Castronovo, can you please PM with your experience thus far with the local bank?

Thanks @Jeffrey H. for great insight.

UPDATE: I heard back from the city late yesterday afternoon, properties within the ETJ are NOT regulated by City zoning codes and hence manufactured homes are allowed within the ETJ. What the city does require though is platting plans for bringing out two or more manufactured homes per lot (I am still confirming this piece).