All Forum Posts by: Trey Fischer

A friend of mine bought a house a few months ago and last weekend an inspector knocked on their door on a Saturday and issued a citation for unpermitted work. The inspector said they used recent online interior photos and deemed the work unpermitted. Example can lights or a remodeled bathroom.

The issue is the house was remodeled like 5 years ago by a flipper and possibly has been remodeled several times. The house was built in the 1950s. They bought this house from a family. They haven’t worked on the house but planned to.

The inspector was stating that they could rip open the walls and other things to be able to inspect the unpermitted work. The citation is very generic and isn’t specific.

What do you believe is the best way forward? Should they obtain an real estate attorney?

Thanks

@Jack Medford yeah, my numbers are off. Taxes eat a lot of the cash flow

@Jack Medford just estimating about 1200 a month and using a management company at 8 to 10% monthly rents.

I'm thinking about using a retirement account to buy 3 properties out right and then use the income to buy new properties as I build up cash reserves.  I estimate if I buy properties around 120K, I could have about 6 paid for properties in 8 years.  Cash flowing about 70 k a year.   Anything wrong with this plan?

Thanks for any feedback

Thanks

Anyone have recommendations on a company that can determine a businesses worth? My wife has a business that we would like to determine the value of.

Thanks

@Levi Rudder what's a JV?

@Scott Smith thanks for your feedback Scott. You available for a consult regarding a LLC structure?

Thanks

Hello,  

I have a couple of general questions to ask, but some background.  We rented out our first home for about 5 years, so I am familiar with land lording and all the work that can come with that.  Towards the end of the five years I used a property management company so I didn't have to deal with the headaches since I lived out of town from the rental property. 

Here are my questions:

1. If we are looking to purchase a few properties does it make sense to get a LLC and if so how do you transfer the property to the LLC without causing a bank to use the Due on Sale clause?

2. If half of my assets are liquid and the other half is in a retirement account what advice do you have for investing in real estate?

3. I am looking to be a fairly passive investor, what do you believe is my best path forward?

I am located in the Texas Hill Country, BTW..

Thanks