All Forum Posts by: Bryan H.

Hi Jacob - welcome to BP. Have you attended any REIA meetings in the area? Looks like you are want to flip some properties? If that's the case, there are wholesalers who bring their deals to the meetings, so deals really do 'come to you'. Now not all offers are deals, you need to determine that. But I suggest attending a meeting and do some networking. http://treia.com/ Is having their main meeting on Tuesday. There will be rehab offers presented, I can promise. I haven't attending any meeting here, http://metrolinareia.org/ but they are in the area too.

Good luck

Just let them know you won't be renewing the contract, you are going in another direction. It doesn't need to get nasty, you just found another company with terms and services you prefer.

Find a company not a person to manage your property. Look on http://www.allpropertymanagement.com/ for one in the area, talk to a few. Check the BBB, ask for and talk to referrals. Find one who's goals for the property align with yours. Quality tenant vs get it rented fast. Accounting & reporting vs just sending you a check.

Good luck

Instead of saving the balloon payment somewhere, why not just make extra payments on the loan? Find a mortgage calculator that allows you to figure in extra payments and see how what it takes to pay off in 10 years.

I dont know of any rules that dictate when you can sell your renter occupied house. Unless its in the lease, or property management company agreement.

But I'm pretty certain that the new buyer will need to abide by your lease with that tenant. Are you trying to sell a 'turnkey rental"?

Some flat fee agents will post on MLS and Realtor.com, you could look for one that does.

Or you could just pay a realtor their 3% to bring you qualified buyers, someone to hold their hand instead of you doing it. For me, 3% is worth my time to not deal with 'Average Joe Buyer'

If you want to flip houses or buy rentals you are going to need some money. I know I didn't have that kind of money coming out of high school.

I agree with Ron, you need to start with education. Find a local REIA in your area. http://www.mynationalreia.com/ClubPortal/795files/Directory.cfm?clubID=795&statevalue=TX

Talk to people there, attend meetings, etc. Talk to rehabbers, rental owners. See what they do, how they do it. Find a mentor.

Good luck & welcome to BP

you want private money to fund your buy and hold rentals? I thought you were talking flips.

It's possible to get private money for long term, I've heard of some people getting pretty good terms, 1-2 points, 6% for 30 years.

But sounds like you want seller financing. Who are you buying from? Landlords or private owners? Another investor may take terms because they dont want to manage anymore and the income stream may be all they want. But if I was selling, I'd want all my cash now so I could reinvest it.

What are the terms of the LC you are offering? interest, term etc

Common will be different in different regions. I can get 65% ARV with money for purchase and repairs. Of course you pay 3-4 points, 10-12%

Animals can be a nice source of income if screened properly. I charge $150 upfront, non refundable, but $20 extra per month, up to 2 animals. I say animals because I don't want more than 2 of any type of animal, dogs, cats, mice, rabbits, snakes, etc. While some sleep in cages, they all don't stay in cages and all animals stink.

If you can, visit the animal at the tenants current residence. If it stinks, if the animal goes crazy barking or just plain scares you, then don't allow the animal. I wouldn't allow any dangerous breeds, I stay under 45 lbs and all animals must be pre-approved. There isn't anything that says you must rent to pet owners except for service animals.

So advertise you will possibly rent to animal owners, then screen properly and charge them. I don't want to eliminate 1/3 of renters automatically.

You could move into your new quad, qualify for owner occupant financing, turn your current house into a rental. You will still need to be able to qualify for both loans, but you can possibly get FHA loan on the quad, put 3.5% down.

good luck