All Forum Posts by: Bradley Lewis

This mentorship has legit changed my life. I have closed 4 deals in the last month. 3 of them I kept and another that I wholesaled. I also have 3 more under contract. I learned all this in the mentorship with Pace. I have also raised half a million in private money capital in that group. If you would like to hear more reach out!!!

Quote from @Matthew Bowling:

Would using your business address be the most appropriate?

 This is my first rental property so I am self-managing it.

Hey y'all,

My tenant wants my personal address to put on their renters insurance under the additional insured. I am currently living with family and getting ready to move. I DO NOT want to give my personal address. What should I do in this situation?

Thank you!

Hey, 

So I have a potential tenant that is interested in my SFH. The parents want to move into our property with their adult daughter. Everything looks great from what the parents submitted about themselves but their daughter was evicted in 2020 and has 2 misdemeanors(1 for possession of drugs that was dismissed by the court and the other for driving in an expired vehicle). What would you do in this situation as a landlord? This is my first rental property that I am self managing, so any advice would be great.

Thank you!

That was the amount of days that I had in mind before making adjustments. I am on day 7 now. I have had a ton of clicks on my listing, a handful of pre-screen forms filled out, 1 application half filled out then backed out, and 1 person that is slowly filling everything out. Should I be patient with the person slowly filling it out or should I send out a reminder to get everything filled out as soon as possible?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $258,000
Cash invested: $35,000

Put 3% down back in 2020 and got an awesome interest rate of 2.5% fixed 30 year conventional loan from the bank. Finally, almost 2 years later after living in it my wife and I decided that we were going to turn it into a long term rental. Real estate investing runs in the family so I figured I would continue on the journey. Thanks to BiggerPockets, I have learned so much more about real estate that I never knew before. The forums/podcast/books have helped me tremendously. Thank you!!!

How did you find this deal and how did you negotiate it?

Found on the MLS through a realtor. Negotiated by offering $5,000 more than asking and to fix all the issues found in the inspection. There was not much to do on the house so this made sense to us to offer to pay for repairs.

How did you finance this deal?

Only having to put 3% down allowed us to just use personal funds to finance deal.

What was the outcome?

Outcome is we now have our first investment property and are excited to start this journey into financial freedom.

Lessons learned? Challenges?

Fix repairs throughout the years of living in the home. I thought it was better to just wait till we moved out to fix everything at once. That was a big mistake as it lead to headaches and lots of stress.

Thanks y'all for the responses. Our rental is a solid class B(maybe even dipping into a class A), which is why we set higher restrictions

@Chris Seveney

Yes first and security. Pet fee if they have any, 

Could I get some feedback on my qualifications for my SFH? Are they too strict? I am in the east region of Dallas. Thank you!

Income must be 3x the rent. 

Credit score must be a minimum of 680. 

No evictions, bankruptcies, foreclosures.

Non-smoking.

Lease duration minimum 12 months.

ONLY dogs and cats are allowed and a maximum of 2.

Anyone living in the property 18 or older will be screened with credit report and background check.

How long do you let your rental sit on the market before you start adjusting the listing to get more inquiries? What things do you make adjustments on? Rent, app fees, qualifications, etc...