All Forum Posts by: Steven Anderson

@Kimberly Nguyen I would take the recording.  please DM.  Thank you!

Ashish Acharya Thank you. Yes we have a lot of documentation RE: intending to build. We never rented it, just re-listed it after changing directions on build plans. Sounds like long term capital gain on investment property.

In 2016 we bought a lot to build our personal residence. In 2017, we decided to build elsewhere and bought a different lot. We now have a contract to sell the original lot and it will close in January 2018 for 34% more than we bought it for, so a sizeable gain. How should we treat this gain, the original closing costs on purchase and any transaction costs on sale? I assume it’s a long term capital gain and should offset any passive losses from our rental portfolio right?

Hello BP family! I am looking to start construction on my home and I'm interested to hear if anyone knows of any banks that are doing one time closings with a 30 year fixed mortgage instead of an ARM product? I have found two banks that are willing to do ten-year ARMs but that's the longest term with a fixed rate that I can find in the major cities in Texas - San Antonio, Austin, Houston and Dallas. Thank you for any referrals.

Mike as we've discussed before we are being patient. We've struggled to get qualified traffic as we try to lease one of our properties. Originally I thought our rent ask was ok but aggressive. Now I think our rent is just too high. I'm finding a big cloud of over SFR rentals is the fact class A apartments have over built and are offering really good incentives. I've seen the sales market continue to stay strong so perhaps flips are the way to go. We just don't have the desire or time available to flip. There's a lot of competition as you know up here.

I look forward to everyone's points on the topic. Thanks for asking the question. 

the two biggest issues I see in north Harris county are insurance and taxes. You've mentioned the tax rates already but insurance is pricey. In Montgomery County there are pockets with 2% rates, good rents and the added benefit of lower insurance rates. That doesn't mean there are screaming deals. In my view, the best approach up here is brrr. You will still have a marginal rental, but you can get most of your cash back and thus your returns are higher. 

We provide dishwasher, microwave and stove. Tenants provide W/D and fridge. In some of our areas the water is "hard" and creates problems with mineral deposits within the appliances. So repairs and maintenance are issues and we'd rather not deal with those issues. So far it's not created any competitive issues with our homes for lease.

Brad Kirkconnell

Looking forward to hearing what they say. Please post. Brad Kirkconnell

I pay $82/yr for my PO Box