All Forum Posts by: David Sumner

Thank you all for the valid points and feedback. I think once I summarized it I was leaning the way of looking for another tenant, but being new it really helps to hear others confirm.

@Alex Hamilton I do provide a qualification sheet, a point of which states an income requirement of 3x rent of which they have failed to provide proof, so I believe I would be covered from a potential litigation standpoint.

Thank you all again!

Hello, I'm a Newb trying to rent out my SFR. "Hypothetically" would you rent a $1600/m class B house to an applicant with the following key points?;

• Credit Score High 600s
  • Has a 1k outstanding balance owed to prior apartment complex from 2 years ago
• Retired / Self Employed - Could/Would not provide prior tax statements to Screening Service
• No Criminal/Evictions found
• Had stated they could pay 6 months in advance if required

I looked into this a bit when I first setup my LLC structure (yes, I have multiple). From what a couple of lawyers told me is that on paper a Series LLC looks and sounds good it hasn't been tested in the court system and the jury (pun intended) is still out with regards to how viable it is for asset protection.

Of course this may be that the lawyers I spoke with can charge me more to establish multiple LLCs than just 1 series so take that with a grain of salt but I erred on the side of caution.

My only fear is that I'm just starting out and may do like 2 deals this year. I'd hate to pay $1,080 a year for basically MLS access.

Of course the purchase prices I'm looking into may be around 90k... does anyone know what a typical percentage split is between agent and brokers ?

I posted this question a while back in a different forum but thought I would post again. Does anyone know of a good Real Estate Investor Friendly Broker in the Fort Worth area I could work for after acquiring my Real Estate License.

I'm at the point of scheduling the exam and finger-printing but would like to decide upon a brokerage with which to work.

My intent isn't to become a full time agent and show houses, more just to aid in my SFR acquiring endeavors. So I'd rather avoid costly monthly/yearly fees and just give a larger chunk of any commissions.

Hello all, I'm looking for a good Insurance Agent to establish a relationship with going forward to assist in covering my homestead as well as SFR Rental property assets in the Fort Worth Texas.

Anyone have any good recommendations?

Another piece of advice I would throw out there if you are looking to get into foreclosure auctions, learn to look at county records for liens, and other encumbrances that can affect a title.

Even if you have the cash, which would be quite an accomplishment itself for someone of your age, if you go into these somewhat blind you'll get burned.

I'm halfway through the course to get a Real Estate License in Texas and suspect I should complete the course within the next 4 weeks or sooner. I'd like to start looking into identifying a broker that would sponsor me.

As I suspect most are in BiggerPockets I'm not looking to work with clients a whole lot. The intent would be more of a selfish nature; gaining access to the MLS, the ability to view properties, etc.

After a brief search in the forums some older posts show similar questions but would anyone have any current recommendations as to Texas brokers in the Ft Worth area that would sponsor Investors of my type?

1. Look at Rents for comps to get an idea of what you could get in rent.

2. How old is the house? What kind of shape, any Capital Expenditures coming up (Roof, AC, Flooring)? Can you afford?

3. Is it rent ready? If not how much would it take to get to that point? Can you afford?

4. Do the math including the above information. Does it cashflow

Assuming those numbers look good and you don't need to the equity right away, I'd sit on it and rent it out. Assuming it doesn't need a lot of work, like @Dolly Caswell said, with a 30 fixed at 3.6% you should be in good shape.

@Michael Boyer@Douglass Benson@Jeff B.

Thank you all for the valuable input.

One other thing I've noticed is most of the available rentals in the area have these "automated showing systems" in place. Basically as a potential renter if you want to see a property you show up to the house and either by inputting some information on your mobile device or by calling someone ahead of time they will give you the code to the key box. You then get the key, go inside, look around, and put the key back when you're done. Basically the "self-checkout" of viewing the rental.

To me it's a very impersonal process and if I was a renter I'd rather have someone present on site from which I could ask questions. Do you think showing in person vs. automating it this way would play a factor into getting a good tenant/renting it quickly?