All Forum Posts by: Casey S.

Man, eight years since I posted this. A lot has happened since then. Made a bunch of money by using Prosperity Bank for most of my loans. I know others have had good luck with Extraco.

One of the larger HOAs in town keeps nailing me for tenant not mowing. The pictures they send of the grass being in "violation" don't look bad to me at all, I drive through the hood on a regular basis and other homes are much worse, tenant uses a lawn guy so I know it's getting mowed. I tried talking to them and their response/ thoughts are basically "have your tenant do a better job". When I bought the house, a few neighbors expressed their displeasure with it being a rental. I'm guessing one of them is complaining. I have asked to speak with the HOAs lawyer and waiting to hear back. At this point it feels like the fines will continue if I don't escalate. Don't know what else to do so likely going to file suit with the JP court. Anybody ever taken an HOA to court? How did it play out?

Looking at selling one of my rentals and using proceeds to exchange in to buying a house from my mother that she is currently using as her weekend home. The property would then be used by me as a rental. Any potential problems on the 1031 side of things? My lender would be good with it.

Thanks a bunch! I'm just trying to get a mid time range game plan together. Currently have 23 middle of the road houses spread all over town. A lot of them are older though and can be a drain. The equity machine is running full bore and I'm thinking in 4-5 years Ill be ready to reduce my work load. (Heck this might motivate me to start on two of them now). I really like SFRs and have no desire to trade up to apartments. It sounds like condensing 2 properties back down in to 1 and only financing at 50% LTV will be the game plan. Luckily, my properties are in an area with extremely high demand for investor properties so selling them fast, turnkey, for a good price should be no problem. On the replacement side, I'll probably have to accept paying close to retail for upper middle class, newer homes, within a couple miles of my house. The numbers aren't as good but the demand for rentals is still high. The plan would be to keep a dozen of these and pass them to my heirs.

I've done a lot of reading and never seen this touched. Say I have four homes worth 100k each with 50k each in equity and 50k each in loans, giving me a total of 200k equity. Can I sell those four and exchange in to paying 200k cash for a nice new single home?

Bumping an old question because I have the same one and can't find any info.

What clauses should I add to my lease to protect myself from the added risk of renting to people with horses?

If you are so far away that you cant keep up with it then you need to sell it. To rehab or not, before selling, depends on its market and your situation.

Looking at making a purchase that includes a lot and older mobile home. The lot value alone will cover the purchase price. Its currently leased and my plan for it would be continue to lease it or possibly resell as it is. I have never dealt with mobiles in any way, shape or form. What paperwork should I be concerned with? I highly doubt the seller is going to have any paper work on it. Will I be able to resell as it sits? I have no plans of it being moved as long as I own it.

Thanks!

The reservation is filled out with me waiving surface access rights so I dont think that should be an issue.

I believe the buyer is from Austin and the finance company is a small company from Austin. Wondering if they are doing a favor to the buyer to try to add pressure on my end.

Im in TX and trying to sell a 4-plex in which I currently have the mineral rights. The buyers bank is saying they wont lend on it unless I give up minerals. That sounds crazy to me. Anybody in Texas ever heard of anything like this?