Dallas Investment Property Club

[boatpi]

Another tax note on property rental ownership, ALWAYS be an "active " owner as oppose to "passive". In the eyes of the IRS, you can have a paper loss, but can only deduct the loss if less tan income if you are an active owner. You need to collect and for the most part manage the houses yourself. I do so by smartphone, it is simple, all about the contacts. If you purchase in the last quarter of a year, you will almost always have paper losses.

Remember, "repairs" to an income property are always deductible in the year paid, and "improvements" are deductible over a set time period, say 1-5 years. I am carrying over tens of thousands of write offs from 3 years back, still!

Look, Trump pays little income taxes, this is the legal secret to success, know the codes and use them to you advantage. It is not complex.

There is a housing shortage in LV, and just today a pro soccer team will come to LV, in addition to hockey and the Raiders.

 

[alexJ]

I feel like there are enough diversified backgrounds on here that we'd be able to make some pretty well educated choices... Or never be able to fully agree on anything. I also really like/appreciate the support of the individuals on here who have done this sort of thing before. I'm willing to take a risk if you have any room left for little 5k guys put me down at that level.

 

[Waterjunky]

In my very limited experience the multi family units are by far the way to go. The math is fairly simple. A duplex in my area costs 20-30% more than a single comparable unit. Your rent for each is only 10-20% lower than a single. That leaves a lot of middle ground for profit. Several other options were mentioned here regarding things such as camp grounds and apartment complexes. Both of these are potentially huge profit centers, they just need to be set up right. I am seeing the Dallas area as a strong potential for a place to start something like this for several reasons.
1) The opportunity for growth and income is good
2) The market is reasonable to enter
3) The population is rapidly expanding and needs places to live
4) People in the area are wiling to spearhead this.

All of these are needed to make a successful run at this but in my opinion the 4th is the most important. Especially as something like this gets off the ground, local involved people are critical. I believe that we are all heading in the right direction on this. Real research is being done on how to do it from both a legal and successful prospective. One of the things I like about this idea and the diverse group we have on the board here is we have a very broad range of skills and experiences to draw from. Additionally we have a wide geographic range, meaning if we pull this off we have the ability to diversify markets. In a year we may open a second round in LV as Boat PI suggested. There are options here in NorCal also. The diversity in this group can be a real strength assuming we leverage it.

My thoughts would be to do something like 1k a share, 5 or 10K minimum buy in, buy what you can afford. Now this is great for initial buy in, and I would love to be able to purchase more shares as time goes on but I don't know exactly how that would be integrated.

Assuming everything continues to look reasonable and we can build out a real prospectus, 5k is easy, 10 is doable, 20 would be a stretch but possible for the right opportunity. Of course none of this could happen in an instant.

 

[thetub]

Pron do your research carefully and really try and find someone with first hand knowledge in Dallas with rentals...

every area is different and might have vacancy and rental issues as DC88 has said. But maybe it has changed in Dallas now with a growing economy.

I have learned that people like renting single family homes , but the upkeep can be more and not pencil out as good as large multi family units.

Again check the area and ask first hand owners to get the real scoop on how Dallas is. ( turnovers, vacancy, evictions, upkeep)

as mentioned some areas are hard on the materials (humidity , snow, monsoon rains, winds etc...)

and get a good LLC operating agreement with buyout clauses just in case of surprises (divorce,death etc...)

hope for the best but plan for the worst...

sometimes large multi family units have a bad stigma and people do not like to rent from them as they all live together and fight with one another.

thats where single family homes shine , where the one family usually lives there .

 

[shintoooo]

We are open to all ideas. That's why this thread is so valuable, especially when you have people with experience chiming in.

Apartments would be great as well. Maybe something like this that has a high occupancy rate and room to build another complex later down the road.

https://www.zillow.com/homedetails/0-N-Oak-Clf-Dallas-TX-75203/2094108933_zpid/?fullpage=true

 

[thetub]

student housing might be an option...

look for stuff near colleges..

personally never done it, but know some one who has and likes it...

he has the parents co sign on the rentals..

 

[thetub]

We are open to all ideas. That's why this thread is so valuable, especially when you have people with experience chiming in.

Apartments would be great as well. Maybe something like this that has a high occupancy rate and room to build another complex later down the road.

https://www.zillow.com/homedetails/0-N-Oak-Clf-Dallas-TX-75203/2094108933_zpid/?fullpage=true

Shin looks like a nice low maintenance building...

but the advertising of 92 percent occupancy leads me to believe there are vacancy issues in the area...

gotta be careful with the big units like these and keeping them occupied...

there were dozens of empty and abandoned apartment buildings when I was looking in the central Ohio area...

seems like people gave up and left them empty...

 

[thetub]

heres a couple of forums of real estate investors in Dallas

I would read through these forums occasionally when investigating or maybe try posting on there...

sorry RD for the links...

https://www.google.com/url?sa=t&rct...-forum&usg=AFQjCNFy-hTS6mATYP9g9-zby0ai5hx55w

https://www.google.com/url?sa=t&rct...w.html&usg=AFQjCNFaJEKdqDAeXYkY9ytRqw15gWHBrg

 

[rrrr]

.

In today's Dallas Morning News:

.

DFW home prices still "unsustainable" in new analyst report

With North Texas home prices up by more than 10 percent so far this year, analysts are keeping a red flag on Dallas-Fort Worth's home market.
New York-based Fitch Ratings says that home prices in the D-FW area are 10 percent to 14 percent higher than sustainable values, according to a just-released report.
The Wall Street ratings firm has been sounding the alarm about North Texas home values for the last two years because of the pace of price increases.


https://www.dallasnews.com/business...prices-still-unsustainable-new-analyst-report

 

[OutCole'd]

Storage unit complex in Havasu....

 

[shintoooo]

Storage unit complex in Havasu....

Now we're talking. Tenants can't complain because boats can't talk. :thumbsup

 

[pronstar]

My buddy's dad made millions owning shabby trailer parks in the Midwest...

 

[Raffit78]

Does anyone have background in storage units? Cost to build, how many storage units to break a profit? Etc?

 

[comfortably numb]

Talk to Rick at Islanders?

 

[JuevosRancheros]

I could be in for 5k.

 

[thetub]

Now we're talking. Tenants can't complain because boats can't talk. :thumbsup

this is a very good option...

was actually looking for dirt to possibly build one...

what would costs be to purchase land, concrete and build?

all metal buildings with automated gates...

would it make sense?

Permits and zoning?

Summit Carl might have some info??

or Paul and Riverdiva??

 

[thetub]

Does anyone have background in storage units? Cost to build, how many storage units to break a profit? Etc?

I know upkeep is minimal not like housing rentals...

 

[Roaddawg]

I'm liking the idea of storage units. There is always going to be a need for it in Havasu. Regardless of the direction, I am in for 5-10k

 

[236eaglexp]

Havasu boat storage (the old Campbell complex where Adrenaline and Cheetah are) was on loop net last month for sale. Not sure if it sold or not.

 

[mbrown2]

I am interested...5K or maybe 20K depending on the plan.

 

[Raffit78]

Storage unit in havasu? I'm going to guess a couple million bucks. 100/150 people 20k easy,

 

[Waterjunky]

One of the things being skipped on all of this is mini storage, both conventional and climate controlled.
People will always have too much stuff. I know this is a good opportunity, you just need to be in the right location and have the down. Many of the franchises provide a skeleton as to how to build and operate. An area that is rapidly growing is a great opportunity.....

 

[pronstar]

I always thought boat/RV storage, with quality on-site maintenance and repair, would be awesome.

But not something you can really own remotely.

 

[GRADS]

Does anyone have background in storage units? Cost to build, how many storage units to break a profit? Etc?

Ask Bob Leach, he built a big one.

 

[240Hallett]

In for 5 or 10.

 

[highendmike]

In for 20k-100k

 

[shintoooo]

In for 20k-100k

No wonder they call you highendmike

 

[Icky]

Storage unit in havasu? I'm going to guess a couple million bucks. 100/150 people 20k easy,

Those people would fill up the storage themselves= zero revenue

 

[wsuwrhr]

Those people would fill up the storage themselves= zero revenue

Those people. Noted.

Near net zero anyway.

 

[Icky]

Those people. Noted.

Near net zero anyway.

Them there peeple ?

 

[Danger Dave]

Sounds like we could talk about what direction to go forever. Probably be best at this point to set up the LLC and get some director/directors appointed, and set a date for funds to be received. We won't get anywhere with 20 people trying to make every decision on every project. I don't care what we are buying or where it is located as much as I wan't to know how often we will see reports, and what the rules for exit and additional contributions will be.

I have a friend that flips homes in Indiana and does really well with foreclosed properties he buys for $50-75K and sells for $100-$125K. He self funds but could probably do more with additional capital. That's just one example, earlier in the thread someone posted an opportunity in San Diego. Once we have funds collected we will know what we type of projects we can get into.

 

[Raffit78]

Ask Bob Leach, he built a big one.

Is he a forum member? would be nice to pick his brain to see how it's working out for him.

 

[rrrr]

Storage unit complex in Havasu....

My buddy's dad made millions owning shabby trailer parks in the Midwest...

.

I have a childhood friend in Albuquerque that owns several mini storage units and about a dozen mobile home communities. He always says it's nice to have people send him 3,500 checks every month. He's not FU wealthy but he is worth $4-$5 million.

 

[Bobby V]

Is he a forum member? would be nice to pick his brain to see how it's working out for him.

You can reach Bob at Eliminator Boats. He has been around a while.

 

[lbhsbz]

Since we'll have a fair amount of capitol, we could also start scooping up some of the Havasu forclosures on Auction.com, then turn them over to Diva and Paul to resell through conventional channels at obviously higher prices to those needing loans to purchase.

 

[wsuwrhr]

He's not FU wealthy but he is worth $4-$5 million.

Noted.

 

[Raffit78]

Since we'll have a fair amount of capitol, we could also start scooping up some of the Havasu forclosures on Auction.com, then turn them over to Diva and Paul to resell through conventional channels at obviously higher prices to those needing loans to purchase.

Great idea! and I'm sure between both of them, we can get a TON of info on what property is in good condition out there and what's not to buy. But as noted above, so many ideas, so many directions. We just need to get something concrete and run with it. I'm excited.

 

[pronstar]

Sounds like we could talk about what direction to go forever. Probably be best at this point to set up the LLC and get some director/directors appointed, and set a date for funds to be received. We won't get anywhere with 20 people trying to make every decision on every project. I don't care what we are buying or where it is located as much as I wan't to know how often we will see reports, and what the rules for exit and additional contributions will be.

I have a friend that flips homes in Indiana and does really well with foreclosed properties he buys for $50-75K and sells for $100-$125K. He self funds but could probably do more with additional capital. That's just one example, earlier in the thread someone posted an opportunity in San Diego. Once we have funds collected we will know what we type of projects we can get into.

This is RDP, where every little detail gets mindfucked to the greatest degree possible

But good call, we're working on it :thumbsup

 

[wsuwrhr]

This is RDP, where every little detail gets mindfucked to the greatest degree possible

....and that ain't always a bad thing......

 

[2Driver]

I dont want to piss on the camp fire here but Im amazed at the number of you that are willing to pledge your check book without detail.

There are a bazillion moving parts in investment groups including how the SEC views fractional investments.

 

[lbhsbz]

I dont want to piss on the camp fire here but Im amazed at the number of you that are willing to pledge your check book without detail.

We're not....well I'm not at least. I simply confirmed that I'm ready with 10K if once established to a reasonable extent, it pencils out well.








...and I'm quietly hoping that the ballers running this thing will make me enough money to have a baller boat someday instead of my POS $3000 outboard pile. (-:

 

[pronstar]

No one has sent a dime and we haven't asked for a dime.
We're simply gauging interest.

Moving forward it'll be legitimate with papers drawn up by attorneys and a proper LLC will be formed.
We're looking to do this legally and legitimately.

At this point, tho...we're just talking.

 

[wsuwrhr]

I dont want to piss on the camp fire here but Im amazed at the number of you that are willing to pledge your check book without detail.

There are a bazillion moving parts in investment groups including how the SEC views fractional investments.

Amazed?

Right now we are just talking, but to answer your question, I have faith in the people involved. The details will come before we pool up.

It comes down to character for me.

I have seen plenty of 401K perspectus sheets that weren't even worth wiping my ass with. Not a single one EVER performed close to what was shown.

Brian

 

[milkmoney]

Amazed?

Right now we are just talking, but to answer your question, I have faith in the people involved. The details will come before we pool up.

It comes down to character for me.

I have seen plenty of 401K perspectus sheets that weren't even worth wiping my ass with. Not a single one EVER performed close to what was shown.

Brian

Then why the pm , if u have ur mind made up ???

 

[pronstar]

It's the RDP difference.
Everyone knows everyone, most all of us have personal relationships.
It's not like some random forum where people are anonymous...these are the same people we get drunk with (or in my case, until recently) on a regular basis :thumbsup

 

[Raffit78]

I'm just trying to buy my way in to be accepted as a rollbar boat owner on this site. [emoji13]

 

[milkmoney]

I'm just trying to buy my way in to be accepted as a rollbar boat owner on this site. [emoji13]

U possibly could be the biggest contributor lol [emoji6] [emoji202]

 

[Raffit78]

U possibly could be the biggest contributor lol [emoji6] [emoji202]

Highend Mike took that honor. He came in HOT!!!!!

 

[wsuwrhr]

Then why the pm , if u have ur mind made up ???

The PM was in response to your post.

I was seeking information, your opinion, and why you said you weren't interested sir.

Damn me if I respect your opinion Milfy?

Should I not have asked?

You expressed interest in investing in my machineshop, or specifically after I bought the lathe, maybe I should have not treated you serious, but I replied to the questions you asked. Should I not have given your questions their due diligence Milfy?

Brian

 

[wsuwrhr]

I'm just trying to buy my way in to be accepted as a rollbar boat owner on this site. [emoji13]

Hmmm. Tall order.