All Forum Posts by: Ty Coutts

I would consider a blanket and portfolio loan as you gain more properties. 

Based on the scenario, I would start by researching construction loan options. They're specifically designed for new builds. Also home equity loans could be a useful resource. The best method often depends on your specific circumstances, credit profile, and local market conditions. Given your experience as a realtor and your willingness to bring in private investors, a combination of private money lending and perhaps a construction loan could be a strong approach.

This is a complex situation with potential legal implications, and let me preface this by stating that I am not in any position to give legal advice or any sort of attorney. As a landlord, you have signed a legally binding lease agreement, which makes terminating it challenging without proper cause. The fact that you discovered concerning information about the male tenant's past after signing the lease complicates matters. While the criminal background check came up clear, the undisclosed case that led to job loss due to inappropriate behavior is concerning. The lack of income verification and the deposit payment issue are also red flags. However, these factors alone may not be sufficient legal grounds to terminate the lease unilaterally. Before taking any action, it's crucial to consult with a local real estate attorney who is familiar with NE landlord-tenant laws. They can review your specific situation, the lease agreement, and advise on the best course of action. This may include exploring options such as negotiating a mutual agreement to terminate the lease or determining if there are any lease terms or local laws that might allow for termination. Remember that improperly breaking a lease could expose you to legal risks, so professional legal guidance is essential in this situation.

This is tough. There are a few people that would be wise to reach out to in order to get this information. Talk to title insurance companies, title curator specialists, negotiate with the buyer, and finally, consult with an attorney. This is where I would start, I would also try to utilize public records. There is always a chance that this information is already out there. I understand that this is a weird situation and there is no clean solution, but I see it working. Best of luck!

I would recommend an engineer for this project for these reasons:

1. This structural connection between the ADU and the main house typically requires engineering calculations to ensure proper load distribution and structural integrity.

2. Even for a "simple" garage conversion, there may be structural changes needed to make the space habitable.

3. An engineer can help ensure that the conversion meets all current building codes and safety standards for residential living spaces.

4. Having engineering plans and calculations can streamline the permitting process, as many local authorities require this documentation for ADU conversions.

I can't give an invoice estimate as I am not well versed in how engineers price their work, but I would assume something around $5,000 for engineering services on a project of this size.

To start your journey, I always suggest looking into a property that you can rent out to cover your mortgage payments and start cash-flowing. There truly is no better way to build generational wealth than RE investing! Please feel free to reach out directly if you have any questions, or if you would like to discuss some investments/financing. Great to have you here Ivan!

Investing in out-of-state real estate, such as in St. Louis, MO, has both pros and cons. On the plus side, St. Louis offers lower property prices and potentially higher rental yields compared to many California markets. The cost of living and doing business is generally lower, which can translate to better cash flow. Additionally, the city's diverse economy and revitalization efforts in certain neighborhoods can present promising investment opportunities. However, there are also challenges to consider. Managing properties remotely can be difficult, requiring a reliable local property management team. Crime rates in certain areas of St. Louis are higher than the national average, which can impact tenant quality and property values, so thorough neighborhood research is essential. Understanding local market dynamics, building a trustworthy local network, and being prepared for potential travel are crucial steps to mitigate these challenges and make informed investment decisions. Please feel free to reach out to me directly if you have ay other questions, want to discuss some possible investments, or if you would like to talk financing!

Given your background and interest in foreclosure and pre-foreclosure purchases, here are some pieces of advice to help you succeed in this niche market. First, networking with experts is crucial. Join local real estate investment groups, attend industry conferences, and seek out mentors with extensive experience in foreclosure properties. Learning from their successes and mistakes can accelerate your growth. Partnering with specialized real estate attorneys can also provide invaluable legal guidance, helping you navigate the complexities of foreclosure laws, title issues, and potential legal pitfalls. This can save you from costly mistakes. Additionally, thorough due diligence is essential. Continue honing your skills in reading court documents and conducting title searches to ensure clear titles and understand lien priorities, avoiding surprises post-purchase. Financial preparedness is also key. Maintaining liquidity will allow you to take advantage of opportunities quickly, moving fast when a good deal arises. Staying informed is another important aspect. Keep up with local foreclosure auction schedules and market trends, regularly watching auctions and monitoring pre-foreclosure listings to identify potential deals early. Building a strong team is vital as well. Leverage your connections with rehab contractors and general contractors to efficiently manage property renovations and repairs, maximizing property values and turnaround times. Lastly, invest in advanced courses and resources that go beyond surface-level information, seeking specialized training in foreclosure investing that covers in-depth strategies and risk management. By following this advice, you'll be well-positioned to succeed in the foreclosure market. Feel free to reach out to me directly if you have any other questions, or you would just like to discuss!

Hi John,

Converting your existing home in Castle Hills into a long-term rental while managing it remotely from Austin is a feasible endeavor, but it does come with its own set of challenges and considerations. Given your circumstances and goals, hiring a property manager could be beneficial, especially since you won't be in the same city. A property manager can handle tenant interactions, maintenance issues, and local legalities, providing peace of mind and freeing up your time. However, if you choose to manage the property yourself, ensure you have a reliable system in place. Begin by setting up online tools for rent collection, maintenance requests, and communication with tenants. Establish a local network of trusted professionals, such as a handyman, plumber, electrician, and a local real estate attorney who can address urgent issues promptly. Regular inspections are crucial to maintain the property’s condition; aim to visit at least quarterly if possible, or hire a property manager to conduct these inspections for you. Additionally, having a real estate agent who understands the local market can be invaluable for pricing and tenant placement. By assembling a strong team, including a property manager, maintenance professionals, and legal support, you can effectively manage your property remotely and focus on building equity and future investment opportunities.

The VA home loan can be a powerful tool for purchasing a multi-family property, offering benefits like no down payment and competitive interest rates. However, it's essential to work with a knowledgeable lender and ensure the property meets VA requirements. If you have further questions or need more specific advice, please message me and I'm more than happy to help.