All Forum Posts by: Yany Rivera

Thanks everyone, I appreciate the support. Does anyone have a recommendation for a cpa in central Texas? 

Hi everyone, 

I have some rental properties that I own in Texas and was looking to place them in an LLC for protection, however I was informed that you would need to pay a franchise fee that would take a large portion of the current earnings. I live outside of Texas and would like to hear from those of you who invest in Texas on how do you deal with this issue? Are there alternate ways of protecting your investment properties? Thanks in advance!

@Dawn Anastasi thank you for your feedback I appreciate it.

Hi everyone,

One of the components of my real estate business that I am going to focus on is the rental property market. I would like to assess what type of return rates all of you who have experience in the rental market require for a deal to be good. Specifically, what kind of cash on cash return, income-expense ratio, and acceptable amount of cash flow ranges are you using to build your portfolio? Are there any other elements that are important? I want to utilize the results I receive as a basis for completing my business plan. I realize that everyone has different levels of risk acceptance and that there is not a single answer to the question. I just want to leverage the experience in this community to make my own informed decision. Thank you everyone in advance for your feedback!

@Bret Coombs, thank you for the feedback. I got the lead from the property manager by asking him if he had any owners that wanted to sell their property. I gave him my requirements and he gave me the lead. The owner is elderly and wants to unload the property. I know the property manager and he told me that the unit has remained rented for many years. The assessment (asking price) comes from the county assessor's numbers. I used to live in the area and I know the rental market will support an increase in rent if I decides to upgrade the property. My question is in regarding to the current numbers provided does the deal make sense?

Hi Everyone,

I have the opportunity to purchase a SFH in Central Texas. I need help in evaluating whether or not this would be worth pursuing as a rental unit. The property is a 3 bd/1.25bath, 890 sq ft. and is currently renting for 700 a month and has a renter. The seller is asking the assessment price of about 50K, ARV would be around 65-70K. I can get regular financing with about 10K for the 20% down. I'm more interested in keeping this as a rental for at least 5 years. The unit comes with a property manager that has a 10% fee. This will be one of my first investments as a REI, so I would like to see what you guys think about it, the sooner the better. Thanks in advance!

Welcome Caleb!

Thanks everyone for your support and advice! I will be going to conduct the assessment and learn from the experience. I will be going into this business full time, but my timeline for that is not there yet. I started to apply the techniques others have used to get going like sending out flyers. This forces me to act when I get calls like the one I got yesterday. The things that I am missing is the refined steps to go through the entire process. I will run the numbers for sure to either wholesale, flip, or buy and hold since these are going to be my main focus for my business. My concern is that I want to get the process right. I'm aware that the seller may not sign a contract with me but I can use that as a learning opportunity. What I would like to know is do I focus on getting financing first or something else? I appreciate your support. Thank you!

Welcome Krysty!

Hi everyone,

I have recently started venturing in the REI world with the goal of replacing my full time employment. I have sent out flyers and I now have someone that has reached back and is interested in selling their property. It's tremendously exciting and at the same time I'm kind of freaking out. The seller mentioned that they are interested in taking a cash offer, but I don't have that type of cash available to me yet. I will be meeting with them next week to go over the property and where I can do an assessment of the property. My question is what are my next steps? I feel like I thought I would have a little bit more time to be ready but with a full time job, I don't know where to focus my efforts. I would appreciate any advice I can get. Thanks!