All Forum Posts by: Mark Anderson

Hi y'all wanted to know that liability when using hard money. Is the loan underwritten purely against the property or do I also have liability of my personal assets if it doesn't work out. Am I protected if my other properties are held within an LLC?

Hi y'all I currently have one quadplex I put 20% down and am looking to BRRRR another property I currently have the funds to afford 20% down and a rehab budget but will then not be liquid to purchase another property after that. I am a construction superintendent and work quite a bit but renovations are not difficult to me. Love my job and looking to taking a long term approach of buying 1 multifamily a year for the next decade Wanted to seek advice on the benefits of using hard money as opposed to a traditional loan? Looking to buy and hold and not refi out for a while to keep some protection for my down side. What are some of the cost savings/risk that are important to consider when using hard money? Would appreciate any other advice in regards to growing as well. Thanks in advance for the feedback.

Hi y'all I Inherited 4 tenants and 4 leases with my property however I was only provided the leases for 2 of the 4 existing leases for the tenants upon purchase. I increased the rents this past year and went through the proper procedures of certified mail to my tenants however 1 on them did not respond to signing the new lease and just paid an increase rent. Do I have liability to my tenants since I don't have a copy of their original lease? Can I just have them sign a new lease for this year? Should I keep them on month to month.

Currently renovated a quadplex and increased the rents by $1,000 a month. I placed 25% down on the property. If I wanted to take some of my equity out of the property. What would you recommend a cash out refi or a HELOC and what are the advantages/disadvantages in this situation to continue to buy more? Thanks in advance for the advice.

Hi Y'all I bought a quadplex last year with a traditional 20% down spent about $25,000 on renovations and increased the rent from $3,800 to $4,800. How should I go about recording this income from my property in order to set myself up to be able to buy more properties in the future. I show a net gain of $0 or show that I made $2,000 a month in cash flow. Not looking to refi out or anything. Would appreciate any advice on this. Thanks in advance for the feedback.

Hi y'all has anyone had any past experience with by room rentals in the Austin area by UT or around tech campuses? Or opinions on this strategy? Was wondering if anyone is aware of any local laws that prevent renting single families out by room or adding walls/kitchenettes to rooms within then rental property.

@Dusty Lewis What makes you want to work in those locations in particular? 

Glad to have you in the ATX & look forward to your knowledge for NJ being brought down to Texas.

Hi y'all I'm a multifamily, value add buy & hold investor in Austin, wanted to see your opinion on providing appliances in regards to rentals.

1. Do you like to provide appliances? If so which ones, why, in what class of properties and level of finish of the appliances (stainless etc.)

Any good or bad experiences? Thanks in advance for the knowledge & feedback. 

David appreciate you sharing the information & bringing light to whats going on to Austin as a whole