All Forum Posts by: Matt Brooks

@Stephen Benson Thank you!!!

I am looking for an agent that knows the Longview, TX rental market. I currently have SFR rentals in the neighboring towns and looking to expand. Please let me know if you can help or can recommend someone. Thank you BP Community!

I am looking to invest in rental property in the Tyler, TX area. I have a few SFR rentals in smaller towns within an hour drive to Tyler. I would like an agent that understands the Tyler rental market and the areas to invest and the areas to stay away from. If any one on here fits this criteria or can recommend anyone I would appreciate it. Thank you in advance!

@Terrell Garren Nice Job Terrell! My wife and I are closing on our second single family home next week and another by end of December. Our goal is to one day get to 20-25 single family rentals. Can I ask how you attained this level of debt free homes and what your strategy was? Ex: did you use the snowball method? Or, did you pay the first one off before you bought the second? What size homes/costs? Any information you could share would be great as you seem to be where we would want to be one day! Thanks!

@Jason DiClemente Thank you for the advice!

@Jason DiClemente Prinarily it would be for peace of mind to reduce any safety issues with Natural Gas/CO. I may be being overly cautious. So, to your point would you go ahead and replace the unit (18 years old, but working)? Would you replace it with gas?

@Bob Derwin My properties are located in Texas so it is standard Natural Gas Furnace (no oil/baseboard). I also prefer Natiral Gas heat in my house but was somewhat concerned of the trials of Natural Gas/CO with renters?

Good afternoon BiggerPockets! I am closing on my second buy and hold property within the next week. Currently the property utilizes Natural Gas for furnace, water heater, oven, and cooktop. The furnace is 18 years old and I am getting $5k back at closing for updates. I am considering installing a new furnace and transitioning the house to all electric. I will spend an additional $1k to update electrical to support. The house also needs paint, flooring, and updated appliances. Furnace is currently working. Should I update? If so, should I go all electric? Natural Gas and CO just cause me a little more concern with renters. Thank you!!

My wife and I started an LLC prior to our first SFH rental, which we just closed on last month. You can confuse yourself with reading all the opinions in this site. At the end of the day we felt this gave us the most protection to our personal assets. This doesn’t mean someone still can’t sue you but it adds another layer of protection. Some choose to simply have an umbrella policy for protection, some do both. It is all what you are comfortable with. I would speak with your CPA for tax benefits, etc. congrats for having the plan, make it happen!

My wife and I have formed an LLC in Texas. We own one rental property in TX with plans to purchase more in TX. We live in Arkansas and are looking to purchase a Quadplex in Arkansas. Should we utilize our existing Texas LLC to purchase the property in Arkansas? I believe there is a “foreign entity” (forgive my ignorance) type approval process we would need to complete to be able to use TX LLC in Arkansas. Or, should we form a new LLC in Arkansas? Tax benefits or implications either way? Thank you for your guidance and advice in advance!