All Forum Posts by: Andy Webb

Be sure to add one more "R" to that acronym, probably the most important one of the bunch:  "Repeat"!

Buy, Renovate, Rent, Refinance and Repeat - consistency over the long-term is what will bring you into home base and win the game.

And what @Taylor Dasch said....

Andy

Hi Ashley - welcome on board!  Tyler is a great market.  I spend a lot of time in and around Canton and occasionally out your way (Tyler State Park is a great place and you can't beat the Caldwell Zoo).  Give me a holler if you want to talk shop.

Andy

It can trigger the due on sale clause, if the lender notices.  But the theory goes that if you are making your payments on-time, the lender will not take action; and in theory they should understand it is for asset protection purposes.  

Why do you want to move it into an LLC?

@Ernes Sahic - first check with the city of Arlington to be sure you are within their allowed footprint to operate an STR. They have delimited an area around the attractions you mentioned where STRs are allowed...outside of that area they are not and it sounds like you could be beyond that footprint.

Andy

Separate fee for each applicant.  Run separate background/credit/rental history on each, and that comes at a separate cost for each...Remember, one applicant may be glowing, while the other is trouble, so you want to check everyone.

Everyone 18 and older is an applicant and will be on the lease, so add any adult kids to that process and collect those fees as well.

If your goal is to manage rental properties, then I think #2 Property Management should be the clear choice. There are a lot of nuances to managing property well, and I can't say how far this course goes into them, but you want to learn as much about being a successful operator as you can. And think about it from a Risk Management perspective: people ask all the time on here about protecting themselves from liability (should I have an LLC, should I have an umbrella policy, should I keep max leverage) - operating/managing well goes a long way to keeping your exposure minimized before you even get to the level where you have to think about those items in parenthesis.

Not sure where you are located, but here in TX anyhow we have to keep up with CEs every few years, so you can bet you will have the opportunity to hit some of those other courses later.

Just curious:  what is the draw for you to invest in Wichita Falls?  Not saying good or bad, but wondering as an out-of-state investor how you landed on that location.

As for vendors/contractors/someone with experience out that way, you might connect with @Sherry Patterson

During rehab:  combo lock box - pick one up at any box store.

During tenant occupancy:  I always have my contractors coordinate directly with the resident - I don't like to get in the middle.  The good news of late: more are working from home, so scheduling is easier.  One alternative that an investor buddy does:  mounts a combo box at the house.  Resident can leave a key for contractors as needed.

Since you are in Texas as well - be sure to change the locks within 7 days after tenant move in.  This is a state property code requirement.  There are other requirements as well you, so you will want to brush up on the code...

Andy

Start in and around San Antonio and connect with some of the wholesalers down there.  I see good numbers for BRRRRs out of San Antonio.

Pre-paid rent like that is a red flag and a no-go for us.