All Forum Posts by: Michael H.

Strong no from me. youll lose homestead exemption.

Great Post!

Hello,

Has anyone had a good experience lending from their IRA to a hard money guy who then lends it out to local flippers. Ive been approached by several people who do this but I've never pulled the trigger even though I'm still interested.

preferably local to Houston

Thanks BP family!

@Kai Sato-Franks dave ramsey has good advice for the average person working a desk job.

Although, you arent going to become independantly wealthy, quit your job and have your own business following his advice.

I'd like to remind everyone, at the end of the ramsey sales funnel, is a guy whos trying to sell you front loaded mutual funds, and he had to pay for the "ramsey seal of whatever", and got you fed to him as a lead. Its a really antiquated system because ETF's are far more efficent, and no one gets a sales commision on ETF's

Does Anyone know of a REIA in Houston thats not a sales funnel to a 5 Figure coaching program?

getting a little frustrated, trying to find an environment thats not built around selling coaching material that we can get from bigger pockets for free.

where do you guys go to network and meet active real estate investors?

The Former, and not passively.

I am considering investing my Time,capital and expertise into a GP situation. I am in Houston Texas and Ive spoke to a few people but have made no commitments yet. How much capital Should I have free and ready to go? what would you expect from someone joining your team?

Because they are flipping, which takes years, not months. no large group of people will have the same long term goals, theyll want to realize all the "capital appreciation" at some point.

shorter time lines are typically an easier sell for the syndicator as well

Renting your entire house when you move out is the carrot shes using to abuse your relationship. Ive House Hacked and I avoided people like this for many reasons. you have no written agreement for her to rent your entire home so she may just move on when she wants her own place.

As harsh as I may sound, you can not present that tone or attitude to tenants/Roommates. I have a guest policy written in my lease, 2 over night stays per month. anything else costs 25 dollars a night up to 10 nights Per YEAR. after that, its a lease violation. if she wants time with others outside of that, she can get a hotel or go to someone elses. I tell tenants this in the beginning. I'd also be Leary of taking the recently Divorced of any age or gender, due to potential Conflicts.

I Believe 95% of problems are solved during screening and with lease structure.

my biggest mistake was buying off the MLS, also had a lender that switched my loan program at the last minute and tried to raise my interest rate 2%+

ultimately, I am responsible