All Forum Posts by: Roy Gamiz

BP Community, I'm looking for general contractors to quote a fourplex renovation in Dallas. Do any of you have recommendations on good GC's available in Dallas? PM me if you have any recommendations or if you are a GC in Dallas. Looking specifically at East Dallas (near downtown) in case location is a question. Thanks, Roy

BP Nation, I'll take any advice on the following. Buy and hold investor here. In 2015, I sold a rental which turned into 3. I bought a duplex on a conventional loan, then bought 2 separate lots outright to build on in the future.

Current day, I've built 2 new rental houses using construction loans on each of the lots. It's coming time to get long-term financing since the houses are almost finished. I have a local bank (same one I have construction loan with) that is offering terms of 5% for 5 years (on 20 year amortization schedule) and no additional closing costs/fees. Both houses are fully leased for the upcoming year and this is in the central Texas area, in case region plays a role.

I do plan on holding these properties in a Series LLC which the local bank doesn't see as a problem as long as I also sign for the long-term financing.

Based on the research I've done here on BP it seems that the terms above are pretty common. My concern is that interest rates may rise in the future. Should I go keep looking for a 20 or 30 year fixed rate option? I see a fixed rate as a safer play but since I don't have to put any additional money out of pocket with my current financing option I'm thinking I should go ahead and stick with it.

I could always refinance later on, right?

BP Nation, I'm looking at building 2 rental houses in a college town. I've heard a few tips on the podcasts on how to make the rentals a bit tougher to stand up against the increased wear and tear they may go through with college students. Aside from the following, what other ideas do you recommend to strengthen a rental? These rentals are in the central Texas area so conditions like blizzards, snow, prolonged moisture, and extreme heat are not concerns. -Quartz instead of granite -Vinyl plank flooring over carpet -Stained concrete in main living areas/1st floors -5/8 drywall over 1/2 drywall In addition to these changes I'm looking at keeping costs reasonable so I'm not looking at building iron fortresses! Thanks for your replies.