All Forum Posts by: Roger O.

Relay does have free wiring.
We haven’t had any accounting done yet with our 1 Trident account for taxes.  
it’s good to know from you as an accountant that you like Relay better. 

Is it difficult to pull into QuickBooks with Trident. 

Has anyone had any issues with either Relay or Titan bank. We need a new bank account for business S-Corp. Currently we do about 10 wires a month, Chase charges $30/wire unless we keep a lot of money in there, which we have been paying. We have a checkbook LLC account with Titan bank that we setup from our SDIRA company and haven't had any issues for the last year from any transactions. Relay bank has been coming up and Solara while I was researching.

Has anyone ever had any issues with Titan? I would rather just stay with 1 bank.

Thanks in advance for any input.

What is the scope of work. It depends on what else you need are doing, you might not need any other permits, unless you are taking out structural walls and need engineering, or adding on. Plumbers and electricians that are registered are able to pull permits quick online and get inspections if they are registered for most items. 

wait time shows over 6 weeks if everything is submitted correctly.  Look at this link https://www.fox4news.com/news/...

 You need to register with the city and get a contractors number to become a contractor. Anyone can be a contractor, just fill out the form and pay the money. https://dallascityhall.com/dep...

Hope this helps  

check out http://www.lubbockreia.com/index.html

Jeremiah runs it, i met him in Dallas a few weeks ago and he really knows the area.

I agree to ignore It.  I called the appraisal district the first time I received the letter and they told me that it was voluntary.  That was 5 years ago and I get them every year.  Watch your taxes and if they go up more than you think the value is, then contest them.

I used Richard and Mary Ann Garropy at  DFW Realty a few years ago.  They did a dood job screening tenants and checking on the property.  I went through a few not so good property managers before finding them.

http://www.dfwrealty.net/

I made the decision about 6 years ago, I had 2, $500,000 houses in CA collecting about $2,200/ month rent each, and I sold those when I found out about DFW Metroplex area.  In TX I could buy a house for $100,000-$120,000 and get $1,200-$1300/ month rent.  They don't appreciate in value like CA, but you are not speculating so much TX, prices are moving up consistantly, because of the demand.  We did get hit hard on the CA houses when it crashed.  Taxes are about 2% as compared to 1.25% in CA, but the cost of the houses 1/3.

We even moved from CA to TX, 2 years ago after 47 years there and it was the best move we made, there is no state income tax in TX, but they make it up in the property taxes. Labor to rehab a house is much less expensive too.

I would only do it if I have the first trust deed and the loan in your name.  All draws need to be paid and lien releases from the vendor and or supplier before the next draw is taken.  An honest ethical builder should have no problem with this.  A separate account for the property so there is no co-mingling of funds.  I know of 3 builders that took money up front, pulled draws, received investor money, and didn't put the money in the appropriate areas.  All the investors can do is sue the builder who spent everything.

Make sure there is a market for the spec home and that it will sell for the right price, after lot, build and holding costs.  The builder has nothing to loose if it doesn't sell, but you can be stuck with the house and holding costs.  They factor in their margin and make money on the construction draws.

Another way to do it is a profit sharing agreement, where you get 30% and they get 70% of the true costs, be aware it is easy to pad building costs on a project

It does work and can be very profitable.

DO YOUR HOMEWORK AND DUE DILIGENCE!!

Myself and other investors got burned from a builder pretty bad on spec homes.  The builder really had nothing in it but was reaping the rewards.  At the end there were numerous houses that were getting liens, and all the draws were exhausted.  The investors have to get more loans to pay off the vendors and finish the houses.

I received an expensive education from this and hopefully it will help others 

if you have a loan with 20% down you will be able to buy 5 properties with the same amount of cash. You have to work your numbers. Consider your interest, I know it is a write off, but you are paying $1 in interest to save $.30 in taxes, write offs aren't free, like the majority of people feel they are.  Consider 15 year loans with bi-monthly payments and you will accumulate more properties and have them paid off in a shorter period of time. This way you buy down your loan to about 12 years.

I have never had a problem not having enough legal deductions on rental properties. 

I am interested pm me with details