All Forum Posts by: Timothy Doenges

@Jon Schoeller I make it down to Charleston a few times a month. I’d love to head down that way and meet over lunch/coffee! PM me if you want!

Tim

Hello,

My wife and I are thinking about starting a charitable LLC that owns several land tracts in residential areas of our local towns. We were wanting to buy them and plant fruit trees on them—ideally 12-15 trees, some early season, mid season, and late season apples. We would want to have privacy fencing around the property, but have it open 3-4 days a week for anyone to walk over, grab an apple (or a bunch), and do whatever with them, no questions asked. Obviously, we would prefer them to go to hunger, but in this model I don't think we could control that.

Anyway, I was hoping to get some insight into potential legal issues we would run into with this kind of a purchase? We wouldn’t necessarily be looking for donations or anything, and really don’t want to put it in a nonprofit, but what would liability be in this case?

Thanks, BP!

Tim

@Patrick McKenna we might also be interested. I’d love to have a PM on general location and park size.

@Dylan Good here’s a good place to start:

https://www.biggerpockets.com/forums/21/topics/721307-how-did-you-learn-your-market

Also:

https://www.biggerpockets.com/blog/biggerpockets-podcast-257-how-to-become-long-distance-real-estate-investor-david-greene/

David Greene’s long distance podcast episode is good for long distance, but it also focuses on learning your market before you invest.

Let me know if this helps you!

Tim

@Dylan Good I’m investing for cash flow in southern WV. Same story with low to no appreciation here too. Let me know if you like to chat, I’m happy to help.

Tim

@Michele Wax interesting - I've always heard that here has to be an intent to use it as a primary residence for the first year, but haven't really heard anything about the nitty-gritty of the loan. Obviously, I have experience with FHA from a real estate sales perspective, but I haven't had any owner investors use it yet so I honestly haven't done a ton of research into the actual regulations.

@Peter Tu welcome! Real estate sales person from Summersville, investing in Beckley! Let me know if you need anything!

Title says it. I’m considering taking a contract job that would have me working 50% onsite for 12 months. I’m wondering if I would be able to buy a house in the destination town *on fha loan* and meet the 1 year residency requirement? Would consider AirBnB on the weeks I’m not there to help cover mortgage and then probably convert to long term rental once contract ends. Thoughts? Can this be done?

We have a four-unit cabin rental under contract, to close later this month. The beauty of our purchase is that we are buying for STR, but in the event that the economy ranks, we can still rent out as a four-plex and cash flow. Just make sure you run your numbers and have a few exit strategies and/or contingency plans in case economy goes sour.

@Derrick E. Awesome, will do!

Also, if you ever need anything in Southern WV, call Summit Bank in Beckley / Hinton. They have been great to work with getting off the ground.