Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mitch B.

Mitch B. has started 7 posts and replied 12 times.

Post: Building my Database of Multifamily Syndication Partners

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

Yes, I am interested in learning about your syndications. Let's set up a time to speak.

Thanks,

Post: Struggling to BRRRR in Texas . . .

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

No. Been looking at the 4 units & below so far.

Post: Struggling to BRRRR in Texas . . .

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

After listening to many podcasts & YouTube testimonials of successful BRRRR stories, I thought I'd apply that method on my next property. After conversations with multiple regional/portfolio banks ( here in North Texas ) who offer the typical 20 year @ 5% notes, they WILL NOT do a refi based on "market rates" less than 24 months after initial purchase. They WILL however do a refi right away, but will only lend up to 80% of my property + rehab costs (which leaves 20% of my cash in the property). In this case I'm unable to reuse all the cash for my next project like I hear in all those success stories.

What am I missing?

Thoughts, suggestions?

Many thanks, 

Post: Struggling to BRRRR in Texas . . .

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

After listening to many podcasts & YouTube testimonials of successful BRRRR stories, I thought I'd apply that method on my next property. After conversations with multiple regional/portfolio banks ( here in North Texas ) who offer the typical 20 year @ 5% notes, they WILL NOT do a refi based on "market rates" less than 24 months after initial purchase. They WILL however do a refi right away, but will only lend up to 80% of my property + rehab costs (which leaves 20% of my cash in the property). In this case I'm unable to reuse all the cash for my next project like I hear in all those success stories.

What am I missing?

Thoughts, suggestions?

Many thanks, 

Post: Toilet height preference . . .

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

" . . . the bigger the splash"

I'll be sure to lead with that in my online advertising postings 😀

Post: Toilet height preference . . .

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

I am doing a rehab on a new SFR property. Seems like most new elongated toilets are offered with the ADA 17"-19" height vs. the standard height of 16". I think most adults prefer the elongated bowls but I'm concerned about installing a tall toilet for a rental. Any person under 5'4" will have "dangling feet" & that would not be a good thing. Anyone else receive complaints on the tall ADA style toilet?

Thanks,

Mitch

Post: Doing a BRRR but need inherited tenant to leave . . .

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

I just closed on SFR ( based in TX ) that has an existing tenant ( 15 months ) on a M2M lease. Current rent rate is only 60% of mkt due to condition of house. The plan is to do the rehab & market the house at the going rate. The tenant was informed by the former landlord the property was going to be sold with a high likelihood they would be asked to leave.

I have not communicated with the tenant yet. My question is what wording do I use in my letter to the tenant informing them of their 30 day notice to leave the property? Is it a letter of non-renewal or something equivalent? Looking for some phraseology or sample doc.

BTW - the house is in major need of rehab, new roof, new sheetrock, foundation, etc... so this isn't a question whether to keep the tenant at the lower rate vs. loosing income due to turnover. This is a BRRR play but I can't get to the "RRR" part until the tenant leaves.

Thanks in advance.

Post: Built in Equity! Turn key! Crazy Cash Flow in Denison, TX!

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

Interested. How can I get more info?

Post: Applicant wants copy of background checks.....

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

I've got an applicant that has decided not to rent my SFH but would like a copy of the background outputs from Mysmartmove that he paid for as part of the application process.

Is it legal for me to send a copy back to the applicant?

If so, should I email it or print it out & send it via postal mail? My concern with email is that I don't want to be liable for such a potentially unsecured mode of delivery given the sensitivity of a credit report.

Thanks,

Mitch

Post: How do I cash out refinance a gifted house?

Mitch B.Posted
  • Rental Property Investor
  • frisco, tx
  • Posts 13
  • Votes 0

My father has decided to gift his rental to myself & 2 siblings. I'd like to buy my siblings out & they are ok with that. The plan is to determine a sell price we all can agree upon, so we hired an appraiser & now have that #. The next step would be for my dad to quit-deed the house over to myself & in turn, I would pay my siblings their 66% share of that agreed sell price.

My plans were to pay the 66% with a conventional cash out refinance that would coincide with the title transfer but my mortgage guy told me the HUD guidelines call for the title to be in my name for 6 months before I'm eligible to refi against the property.

That said ( if that is a true HUD requirement) I believe my next best options are to:

1. Use a local/portfolio lender & pay the roughly 1% higher interest rate ( not great but doable)

2. Use my cash reserves to pay the 66% share, then get it back after I refi in 6 months.

3. Get my father to sell the house to me for that same agreed sell price & he splits the sale proceeds across us 3 kids ( minus the taxes he will incur at the end of the year & we won't need a realtor for this so no commissions are in play ). A benefit here would be that the cost basis for me would reset since currently the house is currently fully depreciated. Also I would have a conventional HUD loan on day one & don't have to use my cash reserves ( except for the down payment that I would get back the next week when I receive my 33% share from dad.

Am I missing anything here?

Many thanks,

Mitch