All Forum Posts by: Vincent V.

What does your current lease say? Does it say the lease automatically renew month to month? Typically, the lease automatically renew month to month unless the tenant or you decide otherwise with a 30 days notice. You will need to give the tenant 30 notice if you decide not to renew. If you decide to renew, write a lease extension and give it to the tenant 30 days before it went into effect. If the tenant doesn't sign and return to you by a certain deadline, then they have to vacate the property x-y date or renew month to month with a $50-$75/month premium.

Tell him that he's working for you and he's better do what you've asked of him. If he doesn't, fire him and find yourself a new realtor. He's getting commision when you're buying and selling.

Check out Quest IRA, Equity Trust, The IRA Club. Check out The Self Directed IRA Handbook written by Matt Sorensen. I use The IRA Club and I'm underwriting a mortgage out of my SDIRA so far so good.

Good luck.

Hi everyone,

I'm new to "Private Money Lending" and I have some ideas of information to collect from the borrower for it but I'd like to know what information you as experienced Private Money Lender collect. I appreciate your feedback.

Thanks,

Vincent-

Welcome to BP Lawrence and spend sometimes to listen to the podcasts. Good luck!

Here's just a few website you can use to segment your market: www.city-data.com, www.neighborhoodscout.com and www.crimereports.com to segment your market. Good luck!

PITI includes taxes and insurance so no need to double count it. Cash flow is ~$600/month for the duplex so it' s about $300/door. What's your cash flow criteria? Your criteria will tell you whether you got a good deal or not. Good luck!

Start with the ice breaker, set expectations, ask open-end questions and listen to their problems (i.e. why the homeowner wants to sell, how fast s/he want to sell it, what does s/he wants and needs?). Listen closely to what the seller's wants and needs. You close the deal by provide a solutions which fit somewhere between his/her needs and wants. Keep in mind what s/he needs is totally different from what s/he wants. 

Good lucks.

Talk to the tenant and give him/her the 3 days notice to pay up or vacate to start the clock on eviction if you need to go down this road. The 3 days notice includes what he need to do to bring the rent current (i.e. rent + late fee one time plus per day, etc ) by date or vacate the premise by date.

Hope that'll help.

Texas is a landlord friendly state you can look at Tex. Prop. Code § 92.014 at http://www.statutes.legis.state.tx.us/Docs/PR/htm/...

and probably need to consult with an RE attorney.

Good luck.