All Forum Posts by: Randy Stuart

@Kevin Gonzales hey Kevin, I’m also a real estate investor in DFW, and work full time for Carroll ISD. Let’s connect some time.

@C.T. Robinson I find that the deals are in newly gentrifying areas like south east Fort Worth, or on the outskirts of town, like Rhome. Sometimes a wholesaler brings a good deal, but I think odds are higher just searching mls. It does take some creativity these days to make a deal cash flow. Good luck, let’s connect some time.

A little more background. Both partners have real estate experience and both work regular day jobs Partner #1 is seeking financial freedom and to use real estate for its long term wealth growth and to reduce his income tax burden by utilizing depreciation. Partner #2 has his own real estate portfolio is seeking to grow faster than the income from his W2 job will allow. Thanks again for your help! 

I am interested in entering into a partnership with a friend to purchase real estate for long term land lording. Partner #1 will be the financier and provide the funds to purchase and will handle the tenant payments, while partner #2 will manage the rehab of the property and ongoing maintenance. Essentially partner #2 is the GC for the rehab and will handle ongoing service needs after rehab.

What are some ways that these types of partnerships are handled? Both partners are seeking an equity share in the property. Our desire is that this agreement is fair and beneficial for both partners. What are your thoughts on how this agreement should be structured?

The first property we are looking to partner on is a 1920’s 4-plex that needs a lot of work. Ideally this partnership would repeat over and over adding more properties and benefiting both partners.

I would love to hear any advice or experiences you have had with similar types of partnerships. Thanks in advance!

Plan:

Looking to get a HELOC to purchase an investment property. The Wholesaler wants cash only, so my plan is to get a HELOC to purchase and then refinance to with a cash back refinance mortgage after renovations are complete. This will get me the cash back to pay off the HELOC, and then hopefully to repeat the process again.

Background:

I have several other rental properties already. My existing properties have 30yr conventional loans on them, they are all leased and cashflowing. I make good W2 income, and have good equity in my primary residence,

Question:

Are there HELOC lenders that are not concerned about Debt to Income ratio? My other rental properties are bringing my debt to income ratio up higher than my lenders want. Do you have a recommended HELOC lender that understands that landlords will have high levels of debt, but if the debts are on are cash flowing assets, that is a good thing.

Thanks for the advice!! 

I have recently purchased a home in the Watauga area and I am looking for recommendations for a good GC. The house was purchased as a rental property, but does need a bit of work before it is put on the market. Overal, the home is not in bad shape, but does need some of the following: paint, flooring, fireplace repair, siding, windows, cabinetry, plumbing. Please let me know if you know of any great general contractors in the DFW, Fort Worth area. Thanks in advance! 

Happy Black Friday! Being new to landlording, I would appreciate your feedback. Our tenant move out 2 weeks ago. The home is in Fort Worth Texas. They left the property clean, but with minor damage. They installed satellite dish service tv in 5 rooms. This meant that they drilled 8 holes in the roof to install two dishes and drilled through the exterior brick in 5 locations. In the lease it states that they are not suppose to screw anything to the structure. Also we had a new garage door installed a year ago and they bent the bottom section of the garage door so that it did not close properly. I was able to bend it back with some pliers so that it would close, but it is still damaged. 

So my question is how much should I retain from there security deposit for these damages? I was planning to charge $40/hrs for the repair to the holes in the structure, and get a quote to from a garage door repair to replace the bottom section of the garage door. 

What statements do you put in your lease to more clearly communicate expected fees for minor damages. The tenants are good people, and I want to be fair, but I also want to take good care of the property and discurage people from drilling through the brick.

Thanks in advance for your help!

Randy Stuart

Thanks @Chris S.  What are you doing to find pre-foreclosure homes? 

Hey, welcome Bryson!

Have someone else go visit him and offer 58k, and have them tell him how dumb he is for wanting to foreclose for less than 84. Have this person also describe of the future headaches that the foreclosure will mean to his sister. Then you go back and nicely offer 64k. If he is still too ignorant move on.