All Forum Posts by: Brad Laramie

I'm looking for some advice. I bought a rental in Dallas, TX when I was living there in late 2014. Bought for $114K, the house is now worth $180Kish.

I have tremendous renters, and renewed them for another 2 year lease in January 2017, the next month I received an outrageous tax assessment slashing my cash flow significantly, while still clearing $300/month.

I now live out of state, but have this rental until 2019. Have any of you ever posed the question to your renters about the option to terminate early and selling the house?

Unfortunately, I do not have an assignment clause in my contract to protect me in this situation.

I really would prefer to sell and find something closer to my new home in Missouri. Before I reach out to them, I wanted to get someone else's take. Please let me know if you've ever done so and things you wish you would have done differently!

Never pay a contractor prior to doing the work. Does your 9-5pm boss pay you before you come to work? 

If you've never read Rich Dad, Poor Dad start there.

Depending on your situation with personal debt Dave Ramsey is a good one at your age.

The millionaire real estate investor is golden to set up a plan after you've read the first two.

I had a similar issue at a 236 unit apt community. We narrowed it down to a meter feeding 2 of the buildings, from there walked each unit and found nothing. A week later we discovered there was a break in the main line going into the building, but there was concequently a break in the sewerline within  a foot of each other. Turns out we were loosing 25 gallons per minute and the water was just going into the sewer line so nothing was visible aside from the growing water bills.

Food for thought in case anyone is looking for an answer in the future.

I'm surprised no one was able to answer this... anyone?

not stupid, I should have explained more thoroughly. 

1) I am the vp for my company, I do not own the assets, I nearly run the operations overseeing management, maintenance and rehab crews. Id like to get something on the side in order to save up enough to work up to Multifamily myself.

2) I may move out of the area in the coming 6 months with my job and may not want to deal with renting the house out.

Hello BP,

Professionally I have been managing/flipping 200+ unit apartment communities for 10 years, now I'd like to do a few single family deals on my own to supplement my income. I have financing lined up, a set of contractors at my disposal and I believe I am ready to move on a few foreclosures that I have found.

One of the deals that I found can be picked up right now for $100K, the house right next door just sold for $150K and the foreclosure is 200 sq/ft bigger. There is only $4K in rehab costs necessary, and I get the work done w/in 1 month of closing.

As I mentioned, I'm new to single family so I ran this by a loan officer that I know. His concern was that if I buy the house for $100K this month then place the house on the market for $150K+ next month, that the buyer's financing would have an issue approving the loan since the house was just sold the month prior for $50K less.

Has anyone ever had this issue when flipping? Thanks in advance for any insight you can provide!

Hello, I'm in Coppell, TX. I'm looking for my first flip, pm me if you have some deals you'd like to discuss.