All Forum Posts by: Billy Rogers

I bought a house with hardwood in the bathrooms. In one of the bathrooms the sliding shower door was not caulked well and a little bit of water would drip onto the floor each time. Needless to say this damaged the wood, so I would not recommend wood floors in a bathrooms, especially for a rental.

Cody,
I attended a local rei club presentation yesterday (http://www.dfwreiclub.com/) where the topic was contracts.

They recommended always using the freely available TREC (Texas Real Estate Commission http://www.trec.state.tx.us/formslawscontracts/forms/forms-contracts.asp) contract. According to them, this contract holds up very well in court and is the standard contract used in Texas.

I don't really know much about wholesaling, just thought I'd pass along what I heard.

I caught a tenant keeping a dog. My manager sent them a letter and did nothing else. I finally had to kick them out for not paying rent and there was dog piss stains all over the carpet. the whole house had a dog pee smell.

Next time, I will immediately evict the tenants and will also let them know up front that I will evict them with no second chances for having a dog. These types of people usually cause other types of damage as well.

Thanks Cody

Thanks everyone for the welcome.

I have two rental properties (SFH). One in the DFW area and one in Omaha,NE. I use a property manager for both since I have a full time day job. The latest rental purchase has used up most of my savings so it may be awhile before I acquire another rental. My long term goal is to be able to quit my day job and work for myself. Recently, I have been studying rehabbing and flipping as a way to finance the purchase of more rental units, but have not done a rehab yet. I'm really glad to find a place online where I can learn from other investors.

I purchases a two bedroom rental in Omaha for 24k. Called Allstate and they wanted to insure it at a value of $106,397. with an annual premium of $736.

I said it seemed kind of high, then he said they could insure it for $53,000 with annual premium of $530.

Do you think the second choice is reasonable, or should I keep shopping?

thanks,
Billy