All Forum Posts by: David Hines

How would you conduct a background and credit check on a foreign citizen. I've run into an issue with my current vendor because the prospective tenant does not have a SSN.

Dylan B. Whether or not to pay down debt or not depends on what debt you're talking about. If it is credit card debt with a high interest rate, you definitely want to pay that off first. If you're talking about a mortgage with 4 or 5% interest, you're better off investing the money. I am a property manager as well as a real estate broker. PM me if there is anything I can help you with.

Justin Johnson The tax credit your realtor mentioned is probably tax proration for the year. Since property taxes are paid at the end of the year, the seller owes you a prorated amount from January 1, 2017 until the closing date. This will typically be held in an escrow account by your lender to pay property taxes at the end of the year.

Gregory Butterfield There will be many different closing costs and they'll be paid to different individuals or companies. Your lender should be able to give you a breakdown on estimated costs and who they are paid to. To give you an idea, things like origination fee or discount points will be paid to your lender, closing fee will be paid to the title company, commissions will be paid to the agents, document prep fee may be paid to an outside attorney, etc.

@Christian Wathne I hear you on that! My first deal took less than a month, but that was January 2011. Part of the problem I run into now is comparing currently available deals to the memory of my first few that were so much easier and more profitable.

$1600 for 3/2/2 1900 sq ft in Katy, Tx

@Kevin Collins yes, I found some reasonable policies at Goosehead Insurance. We did not end up transferring our properties' ownership to an LLC, so they are just normal homeowner's policies without most of the coverage for personal property. We also have an umbrella policy just in case.

Property management can put you at additional legal and financial risk that most Realtors are not used to or prepared for. I would recommend that you look for a local broker who allows property management activities and is willing to sponsor you. Having a supervisor present on a day to day basis will be invaluable to you. If you have the time and interest, you may want to look into getting a broker's license yourself.

Does anyone have a recommendation for an interior painting contractor in the Katy, Tx or Cypress, Tx area?

@Dustin Cavalier Welcome to BP! Enjoy learning as much as you can through the forums and webinars, etc. I am a local real estate broker and property manager. Let me know if there is anything I can help you with.