All Forum Posts by: Mark Sheppard

@Mike Reynolds Fredericksburg

@Kevin Sobilo partner is a family member and knew that he wanted me to buy him out as soon as possible.

I am trying to figure out a few different options when it comes to buying out my partner when the time is right.

We are currently 50/50 in the deal financially, minus his land cost that we built the property on together, and took out a construction loan to build 6 houses, a pavilion on river front property in the Texas Hill Country. The property will go live in a couple of months.

My partner would like to roll the cost of his land, that we agreed to the cost of prior to building, into the new loan when we refi out of the construction loan. 

My first question is, what is the best way to add the cost of the land into the loan so he can get his portion back when we refi out of the construction loan?

Also, looking to hear some ideas on the best ways to leverage the property to buy out my partner. The only way believe I can buy him out is to get an appraisal of the property and take out the equity needed to buy him out of his share. 

Land Value $150,000

Construction Loan $550,000

Please let me know your thoughts.

Mark

@John Majoris

This is outstanding!

Planning to implement all of this on our 6 STR' in Fredericksburg, TX.

Thanks!

Any new meetups happening in the near future?

@Jonathan Dempsey own it

@Kaitlyn Castillo I don’t know if I would use the word passive or more along the lines of just running a business. We are in the process of building six small house in the Texas Hill country. It can be a very profitable business but you have to be very careful what property management companies you use and make sure you are keeping up with your reviews. One bad review can hurt you but you also learn from those reviews so you can make it even more profitable.

@Timothy Church thanks for the heads up but I am out of town this weekend as well. Please let us know what you have set up for March. Thanks!

@Timothy Church Please let me know the next time you have another meet up in the Galveston or League City area, and I will be there. 

Looks like no one wanted to respond, lol.

Either way, I think I figured it out. I can only take out a HEWLOC on my homestead. So.... I am going to go ahead and take out some cash and increase the overall mortgage to get another rental property since this one is considered a rental property.