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BCS Rental Advice

1,735 Views | 9 Replies | Last: 5 yr ago by mazag08
TheBiggerEvent
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AG
Looking to get into an investment rental property with a good friend. This would be a first for both of us - looking for any advice that this board has to offer.
TombstoneTex
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AG
I thought about it last year with a friend of mine.... tough market, didn't pull the trigger.
boredatwork08
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AG
I've been researching the same thing for a while now. Staying patient while I wait for the right property to come up. So far I haven't found anything that would hit my cash flow and ROI requirements.

If you and your partner in town and want to talk with a like-minded person, let me know!
p_bubel
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If y'all are not in CS I would recommend finding something in the town you live in.
TheBiggerEvent
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AG
like you said - we have been trying to find the right property that meets cash flow needs. We are younger guys and are looking to hold the property for awhile (if we can). I know that there are probably some mistakes that people on this board have made that we are trying to avoid
TheBiggerEvent
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AG
LLC seems to be the wise move to hold the property
SteveBott
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AG
mortgage here. I do my share of loans in CS and its hit or miss right now. Just scatter shooting but most folks here and my clients struggle to find a "good deal".

1. Get a good realtor. I can refer if you need one
2. Have a detailed exit plan for either partner to leave. Stuff happens and one may want out sooner then you are ready to sell.
3. If financing you cannot use an LLC.
aggiepaintrain
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AG
None will cash flow unless you own outright.
I can build you some, just find some cheap land.

FJB
Jay@AgsReward.com
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Sponsor
AG
You cannot finance a conventional loan in a LLC. Period. Does not matter who the lender is. But, there are plenty of options for loan programs where you can finance in a LLC. They will be portfolio loans which are going to carry higher rates/terms then conventional loans. But, can be done. Is it always the best thing to do? That depends on the individual situation.
jmazz
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AG
B/CS is saturated (at least as far as student rentals go) and 'Ag Shacks' haven't made sense in 4-5 years. I bought some in 2012 for $240k. At the time they were getting $2495/month in rent. Great deal. Last year I refinanced and they appraised for $350k. Rent for the 2019/2020 school year is between $2700-2800. I've had them as high as $3000 but that was about 3 years ago. For most people, it makes zero sense to pay $350k for a property getting $2800/month in rent. It's pretty tough to find a decent student rental right now. If you're stuck on B/CS, I'd look more at family oriented rentals...perhaps can get #s to work on a property like that. I'm a broker, investor (own a HomeVestors franchise - We Buy Ugly Houses) and private/hard money lender. Feel free to message me if you'd like to further discuss.
mazag08
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AG
^

I would definitely reach out to JMazz.
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