All Forum Posts by: Ryan Todd

Seems like a really thin deal, hope it works out. 

Garrett,

See you signs around town, looks like yall have things rolling! In your opinion, how much does location play into your occupancy? Are you seeing similar % regardless of location? When you onboard a STR, what are your furnishing costs?

 10% is pretty standard. Westmark just sold their PM arm to Location Rentals, who has really cornered that market here. Would start there. 

Banks probably won't bite. You might be able to hire a GC for a fee and bank loan purposes, but let them sub it to your dad. T.A. Todd Construction in Georgetown. 

 Fox and the Hound has been closed for awhile. 

I am buying a handful a year right now in Lubbock and have had zero issue getting them rented to students or families. I understand the student housing complexes, but enrollment at TTU is growing at 3% and won't slow down anytime soon. 

I don't think they have made it quite to San Antonio metro, but they are in Kerrville and surrounding + Lubbock. Centennial Bank. Great app too

I use Centennial Bank for my commercial loans. Efficient bank that can get a loan approved if you're a good borrower. Highly recommend.

Nice post. Thanks for sharing. 

Seeking advice on how to approach an issue

Back story.

About a year ago, a very good friend and I started talking about Real Estate investing. I live in the town we graduate college from, work for one of the local universities, and have great ties into multiple student organizations. Rents are stable and the town is growing, entry point is low and deals can be found I would be doing 99% of the property hunting, tenant management, property management etc. It would be a 50/50 capital contribution investment.

Fast forward to today, I have purchased 2 rentals through my LLC under the premise he would be a partner in them. I have figured out through the BRRR method and my relationship with my lender I don't need a partner, but would be great to have someone help accelerate the acquiring process.

We have talked the thing to death and I have even presented him with an operating agreement to sign and have plans in place with the accountant/LLC to bring him on. He got upset when I proposed unbalanced equity (55% me, 45% him) for the work I do with the properties and has constantly done the "what if we do it this way, or this way, or this way". I know he has the cash and wants to make it work, but hasn't "bought in" yet. As we say in Texas, he has been all hat, no cattle.

I have been approached by multiple other sources asking if we can partner on future deals, but struggle with is it worth ruining a good friendship. 

What would you do? Thoughts?