All Forum Posts by: Cameron Marmon

What would you do in this circumstance? I am buying a new home for my primary residence and leasing out my current home. I do not have signed lease yet or a prospective tenant lined up, which is concerning. Anyway, I have until 10/10 to close, but was rushing to close sooner in hopes I would have a tenant already. We were shooting for 9/29. My lender told me if I close in October rather than on 9/29, then I won't have a mortgage payment on the new home until Dec. 1....Downside, I'll have to pay many more days of prepaid interest at $25/day. Sooooo, what would you do!? Close on 9/29, pay 2 days of prepaid interest at $25/day ($50), have first mortgage payment on 10/1, while having no tenant in rental property. Or Close on, say 10/6, pay 25 days of prepaid interest ($625), have first mortgage payment on 12/1, hopefully have a tenant in the rental property.

I have listed my investment property for lease and I am using an experienced Realtor, which I used in the past to buy my first home. She actually lives just up the road from the home I am trying to lease out. She put the home on the NMLS and of course that flowed to other sites. So the home is listed everywhere. Great stuff!!! My problem is the home has been on the market for almost a month and every time I ask her for feedback from the people who looked at the house or from the agents who showed the house she has nothing for me. She just says, "I asked." Or "I left a message." I'm fine with it not being leased yet, though I hope it happens soon haha. I'm not putting that on her at all. But I would like to know why people are passing or what their concerns are so I can work on them. Right now, I literally have no reason as to why people are passing and not even making an offer of some sort. Is that typical? What is y'alls experience with the people you use to lease your home? Do you get feedback as to why someone is not interested or concerns they have?

I have listed my investment property for lease and I am using an experienced Realtor, which I used in the past to buy my first home. She actually lives just up the road from the home I am trying to lease out. She put the home on the NMLS and of course that flowed to other sites. So the home is listed everywhere. Great stuff!!! My problem is the home has been on the market for almost a month and every time I ask her for feedback from the people who looked at the house or from the agents who showed the house she has nothing for me. She just says, "I asked." Or "I left a message." I'm fine with it not being leased yet, though I hope it happens soon haha. I'm not putting that on her at all. But I would like to know why people are passing or what their concerns are so I can work on them. Right now, I literally have no reason as to why people are passing and not even making an offer of some sort. Is that typical? What is y'alls experience with the people you use to lease your home? Do you get feedback as to why someone is not interested or concerns they have?

I have a American Home Shield for my primary residence (do not own any rentals...yet). I used to hold the belief they were not worth it due to the previously mentioned reasons. However, many people I know have really benefited from having the warranty. They have used theirs multiple times in a year for various reasons.....AC, water leaks, appliances, etc. So I just went ahead and got one last year for $450. I ended up using it for the water dispenser on my fridge. They replaced the whole part and gave me an $80 filter. Only cost me $100. Works better than it did when I bought it with the house haha. So first and only personal call went well. Repair guy for my issue did take a week to get out to my home and it took another two weeks to get the part and fix it. Granted the fridge is 10 years old. All in all, I think it's worth it. But read the contract in depth as the rental property policy may be more expensive and have less coverage.

Hey Trent - Unfortunately, I think you are correct. North Dallas, Collin County, and nearby does not have many 2-4 family opportunities in general, much less on the market.  

There are a couple of areas near Skillman and 635 that have duplexes. As well as a couple of areas in Richardson I am aware of. However, they do not come on the market often and when they do they are priced high and go quickly. 

Be careful of the area though. Skillman and 635 can be a rough part of town. Not the worst by any means, but probably not an area I'd recommend someone just moving to the area live in. 

That said, I do not have a realtor contact for you for this type of deal. However, once you find a 2-4 family opportunity then you could contact that listing agent and ask to work with them. 

Hey Brandon - I am a business banker with a large bank, BBVA Compass. I am familiar with Ally bank. However, I have not banked with them before so I cannot provide feedback on their services or fees (I'm sure they are lower) other than they do not provide business banking services. That said, online banking is pretty mainstream nowadays and most banks do it well. In my opinion, moving to an online only bank is just going to eliminate the option of going to a physical branch when you REALLY need one. Personally, I have an account with a big bank with nationwide coverage (Ex. Wells or Chase) and a local bank with quality online banking services. Don't underestimate having a relationship with a bank, it does mean something. However, don't overestimate it either. Bankers like myself hate having to fight for a relationship, but it keeps pricing and options competitive for YOU. Additionally, one bank may do something better than the other.

Hi all, this weekend I will take my first steps in my real estate investing career by listing my home for lease. I feel like I have everything covered except for one item, insurance.

I have been advised to get a policy in my name to cover the property and general liability. I know the tenant needs renters insurance, but should I be added as an additionally insured? Do they need coverage that is sufficient to fix/repair/rebuild the home due to their negligence?

Also, lets say the value of the home is $310,000. How much in coverage for each should I get? 

I would appreciate anyone's advice on how they structure their insurance.

Thank you

Thank you for all the insight folks! Y'all are great. 

Hi all, I have decided to rent my current home out once I purchase another. The realtor I am using to find my new home is also going to lease my current home. She sent me the completed lease agreement on the TX Assoc. of Realtors form. In y'alls opinion, is this lease good or does it have holes that could lead to issues? I am trying to decide if I need to draft my own lease or not?

Thank you

Hi @Cody L. , thank you for your reply. Question for you on that point, if you do not verify the income what do you do to get comfortable with a deal of this size? 

I too am not concerned with what he does on his taxes, what he reports, or how he collects rent. My concern lies in how much rent he is actually collecting. This whole deal is dependent upon its income. If the income cannot be verified then how can you proceed?