All Forum Posts by: Pete Harper

I’m looking for recommendations for property management companies in Killeen. We are looking to purchase a 4-Plex. We have accepted offer, in due diligence phase.

The current PM on the property has not done a good job. Current owner is selling after less than a year of ownership. Reviewing the rent roll the vacancy rate has been about 50%. Two tenants were evicted. One trashed the place breaking out the windows. Carpet look like he overhauled his car in the living room.

I’m going to need a good PM to help turn the property around.

@Bob Okenwa Since this is not our primary residence the loan is not Fannie Mae or Freddie Mac. The loan has recently been transferred to Wells Fargo.

I just purchased my first duplex in Bryan, TX. To get a more favorable loan I purchased the property in my personal name. The loan is 30yr conventional. I would like to transfer the title to my LLC for liability protection. How do I go about doing the transfer without triggering the bank to call my loan due?

Originally posted by @Matt K.:

Whats the asset class, what does the competition have?

Class C housing, after reno our property will be one of the nicer duplexes on the street.  

We just purchased our first duplex. Looking for advice on flooring options. The floors on side A need to be replaced. Water damage in the utilities, mixture of laminate in living room, and glue down tile in bath. Subfloor is cement slab in good shape.

My wife and I are debating what type of flooring. My wife likes ceramic tile. We found faux wood ceramic tile on sale at Lowe’s for $0.49-0.99/sqrft. Getting quotes for install.

I’ve heard good things about LVP. Side B has LVP and the floors are badly faded in dining area by window. I’m not sure the age, house is 1985 so I don’t think it is original. Linoleum was the rage in the ‘80s.

Our plan is for long term buy and hold. What would be the best option for long term durability and cost?

Thanks, Pete

I’m looking for leads on commercial lenders in central Texas. We are just starting out with LLC and I’m having difficulty finding lenders willing to work with an LLC less than one year old. We have a portfolio of mostly raw land that I’m developing into buildable lots. Planning to roll over equity using 1031 exchange in next 6 months. I would like to be able to leverage equity using commercial financing. One of the Parcels is under long term lease with $4100/month cash flow, Cash reserves, and equity in two other parcels How is the best way to build credit history for LLC? Do I start out buying smaller properties for cash then pull equity out using HELOC?

@Mike Reynolds I need to brush up my TX geography lol. Fairview was nearby when we lived in North Dallas. Fairfield will be close by in Streetman.

@Brett Wagner I saw your post on East Texas investors. We will be retiring in November and move to Streetman TX just South of Corsicana. I’m looking to make contact with other investors in the area. We will be rolling over property from CA in 1031 exchange. At this point I’m researching local markets in TX getting ready for when we close here in Cali. Are there any meetup groups in Corsicana/Fairview area?

@Demetrius L Spencer, Greg and Thomas Good insight on Killeen neighborhoods North of 190 How about Harker Heights?

@Jason Wagner. When I look at the vacancy rate statistics in attached link BCS is below Texas median. Stats only run to 2016 however. The other TX market I’m researching is Killeen. Here the vacancy rate is over 2X BCS. Prices in BCS are higher than Killeeen. What other TX markets are you looking at? I hear there is still flood damage issues in Houston. I had a beach front duplex near Galveston. It did well on rental with one side full time and 2nd side weekend rental. Everything was going well until first tropical storm flooded with 18 inches of water. Rebuilt only to have Hurricane come 9 months later with 5 foot of water. After that I’m done with flood prone areas.