All Forum Posts by: Account Closed

Be ready for when everything can go wrong (tenants destroying properties, not paying rent, simultaneous vacancies, etc.) and rethink and readjust your reserves for when it does happen, because it will. If you've held SFRs for 5 years or more, sell one-fifth to one-quarter and reinvest in stocks (ETFs or index funds). Last item as others mentioned, be cautious of the "expert" opinions on this site.

@Brian Lucier I may be thinking of doing the same and have looked at a few properties in PSL. Can I ask did you buy in a gated/HOA community? Also, did you have any issues renting or finding a tenant? From my research, most HOAs allow 6-month or 12-month min rentals. Good news as I would want a long-term tenant. I saw many nice communities there, and resales as well as new construction options.

@Brett Mason Wood look luxury vinyl plank (5mm at least) throughout the house including kitchen/baths; carpet needs to be replaced every 3-4 years. Lux vinyl plank is tenant-proof especially in my recent experience with destructive tenants.

@Jeremy Staggers I've used First American Title in Houston for many transactions (Spring office). PM me for a contact

@Mak K. For being such a large market, there are only a tiny % of good/mediocre PMs, but lots of really bad ones. The question should be, which Houston PMs to avoid? Due your due diligence and check all online reviews. Proceed with caution any recommendations from this site.

Here's another...at least this article refers to the equal problem landlords face regarding their mortgages, taxes and insurance due while tenants aren't paying. May 1 was a rent strike/protest across many cities. 

https://www.oann.com/may-day-prompts-nationwide-rent-strikes/

Anyone else getting a surprise escrow letter from mortgage providers that you have a shortfall due to "utility/irrigation" and I'm talking $500, $1000 or more per property that you owe? This may not be a big deal if you have one or two properties, but 10 or more?  Just wanted to see if anyone else is getting these tax increase bomb letters.

62.5% paid the others want a delay because they 'heard something on the news about not having to pay rent.' My mgmt company will offer half payment by 4/10 no penalties, the remainder due 4/30. Of course different scenario if they can show proof of job loss or covid health issues. Then we go to plan B which is still in development.  

Have one vacant house a new tenant is moving into 4/15. Another will be listed next week after make ready is done. Onward.

You are correct re: no HELOCs on rental property in TX. The only option is if you lived in it as your primary residence. Another way to tap into the equity (as I've done with my TX rentals) is to do a cash out refi--that will free up cash to invest in more and scale up.

@Kathy Calderini the one thing I wish I knew? It takes a lot more cash than you think. Even using good debt/leverage to scale up, you still need lots of cash.