All Forum Posts by: Michael W. McCord

Garland has some pretty onerous rules for STRs and even requires a license and inspections at every lease turnover for LTRs which has put me off investing in the Garland/Mesquite market period.

https://www.garlandtx.gov/DocumentCenter/View/15034/STR-Info...

Welcome David! I'm moving to the El Paso area end of this month. Would love to connect at some point.

Hey I'll be moving to El Paso next month so would love to connect this fall.

I honestly don't see a price difference between Plano and communities further north like Frisco, Prosper or even Celina. Yes you get newer housing stock up north but with the DFW population moving north, that moves the center of population closer to places like Plano/Richardson. You can't beat that location for easy access to pretty much all the hotspots: 121 corridor, DNT corridor, North Dallas with Prestonwood and Highland Park, M-Streets, Addison. Love Field, DFW airport etc. Frisco is nice but it's too far to access much of Dallas conveniently. Just my two cents.

Its one thing to pay a guru thousands for a standardized course with few networking opportunities and another to pay just hundreds to go to BPCON and meet all kinds of folks. I have never paid a guru for a course but have gone to meetups and participated in 27 syndications over the past 5 years where I have followed the sponsors progress and learned all kinds of things. Most importantly, how to spot a good deal from a bad one. Meet local investors, follow what they do and if you like a deal they are doing, then participate. Worst case your deal goes bad, then consider that your tuition for an education....which is what you would have paid a guru anyway.

Hi Angela. Rowlett is in the Garland ISD which is not the greatest. So you will get class B and C tenants depending on how nice the house is. It will probably cash flow but you need to figure out what your goals are.

Thanks all for the honest feedback. I had my doubts which is why I posted on this forum before going in too deep down this path. I agree the risk is too great and I don't know the borrower all that well so definitely will take a pass on this.

Hi, I have a proposed deal with a builder that wants to use my private money loan to purchase 5 adjacent townhome lots in Sanger TX in order to secure a construction loan which will have the first lien. He says that we will go to title company and have them issue a deed of trust to me and not record it as it would impair the builder getting the construction loan. So if the deal goes south, I can just go to title company and record the deed. I understand I may need to consult an attorney for my specific case but before I go too far deep into this I wanted to find out from the BP community if this is a viable strategy or something that should generally be avoided.

Thanks!

Would love to attend the Fox and Hound meetup on 7/26. Is there a signup or something?

man I would so be there if I was in town!