All Forum Posts by: Mitch Hill

Looks great! Hopefully the plumbing, electric and A/C are just as good. Pure cash flow. Where about is the 40 acres? I live in SA. 

My wife and I did that on our second most recent home in 2005 and paid the loan down quite a bit in 10 years.  It was very useful to have that much equity when we bought an old home and did a major remodel. We now own our personal home plus a duplex outright. I am currently in the market to leverage the duplex into at least 2 more properties.

Slum lord between San Antonio and Boerne? Hardly likely, probably more like $300-400k and up homes on small lots. 

With 11 acres couldn't you develop an exclusive housing development with 1/4 or 1/3 acre lots and sell homes for $800k plus? In Texas it is not uncommon to have diversity between developments relatively nearby.  Look at Houston.

In the market for properties 2 and 3. We own our personal home free and clear. We have a duplex also free and clear that is currently renting for $2k per month. Taxes and insurance are about $5k. The duplex was recently transferred to an LLC that my wife and I set up. We are retired and have not started taking social security or IRA distributions. Overall our personal expenses are pretty low.

The goal is to cash out about $250k from the duplex and use that to fund a couple more deals. 

The fact the duplex is in an LLC seems to gum up the works a little on the cash out loan. Should we have cashed out prior to moving to the LLC? I know some lenders don't like to work with LLCs.

I am open to deeding the title back to my wife and myself, do the cash out loan and then move it back to the LLC.

Is there another alternative?

Mitch Hill

San Antonio