All Forum Posts by: Chris Bounds

I'm a private pilot - licensed since I was 17.  It's an expensive hobby so I haven't piloted much since college unfortunately.  Getting back behind the yoke is one of my real estate goals actually.

@Kristen T., I've used eRentPayment for years now.  Rick's customer service has been great.  They aren't the cheapest online rent collection service available, but their simple & easy to use web platform as well as fast responses to service questions has kept me with them.

A discount vs late fee is really the same thing.  You can always talk to the tenant about the $25 "discount" and write it up as standard rent, but charge a late fee if they miss the deadline.  IMO that is more of a marketing play than an operational issue.

@Chalawndra Jones, One thing is certain - whether or not you let a PM handle your rentals you need to account for that expense.  Even if you manage them, your time has value.  More importantly, as you grow you may want to move from self-managed to a PM.  Having the expense already accounted will save your cash flow.

Personally, I believe in self-managing at least your first couple of rentals IF it is practical for you.  That experience will help you select and manage a PM company.  Remember, even if you go with a PM company, you have to manage the manager.  Otherwise, I agree with @Waylon Themer.  From a business perspective, hiring a PM will help you work on your business instead of in your business.

I personally would rather the seller deal with a departing tenant than me having to once I own it. However, for a considerable closing date change I'd ask for something in return and see what they say (reduced price or closing cost credit). 

I'm sorry to hear that @Andre Rosemberg .  I've dealt with bad lenders before too. Many lenders are still tight with guidelines so the underwriters nitpicking isn't unusual. It's absolutely frustrating, but common. Try to get a short extension on your contract. The sellers don't want to drag the process out another 45 days any more than you do. 

@Robert Norvell, First, I'd hire a professional photographer or a friend that has a great camera and knows how to use it.  $50-100 on great pics will increase traffic which increases possible buyers.

I had a flip house a few years ago that wouldn't sell.  I refinanced (out of hard money) and leased it for 2 years then sold it.  That's an option.  You can take the larger cashflow to pay down your CCs and let your credit stabilize, then refi.

Another option is to offer sellers financing.  You'll need to determine what terms (down payment,  term, interest)  you'll be willing to accept, but it opens up more potential buyers.  Sometimes you can get a premium for the house with SF.

Hi @William Brooks, there are plenty to choose from and most are free. Jet Lending hosts one at the Texans Bar & Grill once a month. Other than the monthly RICH Club meeting, Jet's is probably the largest REI meeting in Houston. RICH does other smaller meetings and trainings throughout the month. The Wealth Club is a membership club, but you can visit for free. I'm hosting a free Sugar Land REI meetup on June 2nd. RSVP if you can make it.  I posted more info about it here.

@Paul Stephan, I'm not a LU member, but have read up on other posts to judge its value. Search and read for yourself, but as for me the $15k+ cost for a MF training program is crazy. Network and meet actual MF investors instead. You'll probably learn a lot more that way and can use the $15k for a seed money and marketing. Now their basic program is only a few hundred I think. That's not too bad for a quick crash course in REI. They aren't the only game in town teaching REI though.

Come join the ONLY real estate investors meeting in the Sugar Land - Richmond - Rosenberg area.

I will kick things off with a few tips about what it takes to get started investing in real estate with zero experience.

Our featured presentation will be given by Johnny Hays of Jet Lending. Johnny will demonstrate how hard money works, when to use it, and how to do deals you thought you couldn't do.

Rudy's BBQ will be provided free for those that show up early. Space is limited so make sure you RSVP early to secure your spot. There will be a lot of networking and maybe even a few giveaways too.  

Our goal is to help you build your business and to do that you need a team. Networking is the way you get it done.

Please comment below if you can make it. Share the invite with your friends.  Click here for more information.

See you there!

Congrats @Austin Lockard. The sponsoring broker you choose will depend on your goals as a realtor. If you're only licensed to assist your REI strategy then going with a very low fee based brokerage like Champions may work best. If you're looking to work the agent side of real estate then getting set up with a great team at RE/MAX or Keller Williams will probably work better. Interview as many as you can. Be sure to ask about upfront and ongoing training support.