All Forum Posts by: Lloyd Jones

@Michael Wagner

Perfect! Thank you.

@Michael Wagner

Hi Michael,

If you don't mind me asking, what does all of that run you per month?

Thank you,

Lloyd

I hear quite a few self storage owners are using Easy Storage Solutions https://www.storageunitsoftwar.... they are also using their call center to answer tenant questions and rent units. Hope this is helpful.

Hi Katie,

Thanks.  I update the post as thing progress.

Hi,

We are currently searching for a reputable Metal Building Home Builder.  We are building a 40'x60' metal building house in Weatherford, Texas and haven't had too much luck with the local metal building builders we have contacted.  We are currently taking bids and having trouble getting bids from the local builders.  Anyone have any suggestions? 

The house we want to build is similar to the one pictured below, without the wood siding.  Just imagine brick on the bottom and stone above the brick up the walls.

Any help is greatly appreciated.

Thank you,

Lloyd Jones

@Linda Brent

Hi Linda,

You can put four mortgages in your name & your husband can put four mortgages in his name, don't put each mortgage in both of your names, that will give you the ability to take out eight total mortgages. As longs as the rental properties are cash flowing every month it will cancel out the PITI, don't forget vacancies, maintenance, & emergency fund for each property. Purchasing properties in an LLC will increase your cost, i.e. mortgage loan rate, APR, and fees. You will get better terms purchasing them in each of your names up to eight properties. I understand the reason for wanting to purchase through your LLC to limit your personal risk, so may look at purchasing the properties in your name & then when the transaction is complete, transfer title/deed to your LLC.

You can also try to purchase the properties sub2 (subject to the existing mortgage).  

Raise private funding, start with friends & family, don't ask them for money, just find a deal, get it tied up with a contract and then present your opportunity to them.

I hope this helps,

Lloyd Jones

Linda Brent

Linda Brent

@Dan Dunmire Hey Dan, If the house is a wreck, why not knock it down & build a duplex, triplex, or quadplex? $5,000.00 isn't bad for a residential lot, depending on your location, I guess. I'm currently looking at a 4 acre lot that has a dilapidated house, this thing is literally falling down. I'm looking at building duplexes (out of metal buildings, that look just like houses) and renting them out. In my area I've received a bid for $35.00/square foot white box. That's a lot less expensive than the $75.00-$100.00/square foot for a stick built house. Metal houses are very popular in my area. Just a suggestion.

Adam Duncan Hi Adam, I would contact them by mail or phone if you can find a good number for them. I would be looking to purchase it subject to existing financing (sub 2), if the current owners were willing. Or putting a 90 day option to purchase (with escape clauses written into the contract) & once you have an option on the property, market the heck out of it for a cash buyer, who will to pay more than you have it under contract for. Don't forget to add to the contract (your business name and/or assigns) Definitely have an investor friendly real estate attorney look over your contracts before signing anything with the owners or new buyers. Tell the attorney, if we have to go to court, I don't want to hear, if the contract was worded this way, we would have won. Good luck, Lloyd

@James Wise: Thank you.

@Jenkins Ramon: Thank you.

Hi Everyone,

I am new to Real Estate Investing. I have been on BP for a couple of weeks reading & attempting to gain as much knowledge as possible. I have been interested in REI for about 20+ years and have looked into many "Guru" programs & they all seemed like a bunch of fluff, so I never pursued REI. The BP's website is great & I wish it was around 20+ years ago!!!

I am looking to generate some quick income (wholesaling?), but the long term goal is SFR rentals & possibly multifamily rentals.

Looking for someone locally who knows the business to network with.

Thank you,