Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mason Moreland

Mason Moreland has started 1 posts and replied 191 times.

Post: Real Estate Agent's car

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148
Quote from @Linda S.:

@Kanchi Ji,

I don't know where your focus in the DC MSA, but let me say--  those houses are EXPENSIVE, and I think people can calculate how much commission you'll make off a $800,000 or $2M house, they want someone to really fight for them and get them the best deal.    You aren't selling a tiny farm, or a cute little 2bd house for $100k.   The image absolutely matters, especially with the type of people you are selling to!      These buyers make really good money, and likely wouldn't understand why you'd be driving a 1998 Toyota corolla (example), not to mention-- it would signal you're not very good at your job, people absolutely judge.   Take it or leave it, you're picking an industry that does judge on looks.

 I don't think you need anything brand new, but you could easily find a luxury vehicle that's 5-7 years old, that gives off the image you want, but doesn't come with the heavy price tag.   Good luck!


Definitely depends where you're at and what niche you work in. I drive a chopped up, modded-out, twice-totaled Toyota pickup that is perpetually dirty, but I work in the agricultural real estate niche so it's normal and borderline expected you have a capable vehicle with some dirt on it... Gotta get to work and a flashy or heavy pickup doesn't cut it! Most Ag deals out here are well >$1mm, too (not that I'm an agent, I'm a syndicator and operator, but I still raise capital and press the flesh).

Post: How do I cash flow 20 acres of raw land?

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148
Quote from @Nathan Whittaker:
Quote from @Mark Forcum:

Not sure how rural this is but have you looked into a cell tower lease on the property?

Hey Mark!, Yes, I just looked into it this weekend and unfortunately it is not allowed. I'm going to reach out to the Power company who has an easement going the corner of this property to see if they would like to lease it for solar panels.  


 Just to be a voice of experience, unless it's a local co-op, most solar facilities are either small (<50 acres) and serve a business or specific community or are large (>1,000 acres) and are utility scale tapping into a large high voltage transmission line. For my experience, I help lease land for solar, develop projects, etc for large national and multinational energy companies. If you have a substation on the property or adjacent though, that's $$$!

Post: Bare Land loans/Business Loan for farming operation

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

EDIT: FC banks in my area will do 80% LTV on some ag land here, typically if you are buying it to lease back out to the farmers.

Post: Bare Land loans/Business Loan for farming operation

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

From personal experience, be careful what loan officers offer you on Ag land if they aren't ag lenders. Don't consider it a done deal until the loan is approved and everyone is signed!

Out of those options, I'd likely go with the owner finance then the Farm Credit option. The Former gives you most flexibility with least "hair" on it like banks have, the second has the next least "hair" on it and is fixed terms, I would probably avoid an ARM if OF and FC were options. But that's just me.

Also something to be said to not waste time jump over dollars chasing dimes. Calculate what your realistic savings would be between the loans and decide if it's worth the effort/time factor. I'll take FC terms any day over better local bank if the local bank doesn't frequently lend on AG, timeframe and headache could be halved.  I've had banks cause more heartaches and scuttle more deals than any other factor so I typically avoid them as partners unless they are slam dunks/conforming loans!!!

Post: Bare Land loans/Business Loan for farming operation

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

You're likely not going to find anything at 80% LTV. FCS banks would have the type of loan you're looking for if you can show what the income off the property is, typically the conforming loans are 65% LTV, 15-30yr ammo, prime-ish+2% INT. Longer amortization (20-30yr) for lower income producing properties is typical here (like non-irrigated farmland) and shorter for more productive 15-20yr (like irrigated cropland).

Without a residence your options are definitely a bit more limited. AG credit bank (Farm Credit System) or creative financing (owner financing, OF+balloon payment, etc) will be your best bet.

Anywhere you can easily commute to downtown and isn't absolutely crime ridden will be a pretty good place to invest in Dallas. Strong demand and strong appreciation. The problem you'll face is finding one in your price range or finding one that starts out cash flowing strongly. Richardson/75 corridor used to be a really affordable area, not sure how it looks anymore price wise.

Post: What are steps to REZONE 11 acres to RESIDENTIAL?

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

Starts with the city planning office (investigate their re-zoning procedures), then you’ll have to figure out what area is within the power easement, and delineate any waters/wetlands on the site and determine 1) if they are jurisdictional (I can almost promise you the creek is: don’t touch it or discharge any runoff into it!) and 2) what, if any permitting will be required.

If you shoot me coordinates of the site by DM I’d be happy to give it a once over. My background: biologist, environmental consultant, been doing wetland delineations and permitting for a decade and “land development” work (permitting, re-zoning, community involvement, environmental work: everything but the site drawings and construction itself!) for nearly as long in the Gulf Coast states. Primarily TX.


Good luck!!! Sounds like a neat project.

Post: BRRRR on Lubbock, TX

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

We have 8 doors closer to the edge of development. They have been 90%+ occupancy for the last several years (bought them new), cashflow quite well, and have appreciated greatly, so don't discount that option. Southwest area of town is best IMO.

I am not personally a huge Medical District/Tech Terrace fan, but mostly because I've lived in those ancient houses and many are an absolute wreck. Some gems in there for sure though. All the streets pretty much flood, so make sure the house is clearly well above grade and upslope of the street. That can be a hard problem to fix. Wife had water pouring into her ADU once, that STUNK!! The area will hold value and appreciate well though, as well as stay rented, as it is very close to campus. I would not be shocked if someone went in and bought them all up to redevelop, honestly. Would be $$$ though!

Post: Due diligence + Loan/Investor for FL development (land/wetland)

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

To clarify, it would NOT be an environmental ENGINEER, but an environmental consultant (IE a biologist). Just to keep you from running down the wrong trail here.

Environmental engineers do some tangentially related work to wetlands, but primarily focus on waste management, water management, soils/erosion management, public health (water/sewers), and environmental protections. Not so much wetland delineation (need really strong plant ID, soil science, and ecology knowledge) and wetland/waters permitting unless they specifically stumbled into/specialized in that field. Engineers focus on systems and design, calcs, and safety measures for the most part.


the folks above are correct in that the rules should be somewhat similar. The baseline rules are set by US EPA and US Army Corps of Engineers, then many states implement them and add their own more restrictive regs over the top. Florida is one of those. 

Post: Due diligence + Loan/Investor for FL development (land/wetland)

Mason MorelandPosted
  • Specialist
  • Midland, TX
  • Posts 198
  • Votes 148

Hmm, wetlands do not necessarily "look wet" all of the time. Many types of regulated wetlands are actually dry for large chunks of a typical year and inundated during the rest. Just a heads-up. (my background: been doing wetland delineations and permitting in the gulf coast states for 10 years)

I'd recommend you contact a local environmental consultant on that one. Wetlands are regulated by the state in FL (with permission of the federal gov) and it is fairly strict. You are not always allowed to mitigate and you may not be allowed to destroy them at all. Find out fast, not something you want to get stuck with. I hear about this a lot in FL.

Cheers,

-Mason