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All Forum Posts by: Jeff Richardson

Jeff Richardson has started 12 posts and replied 167 times.

If someone is willing to let you pay for their boarding and doesn't care that they leave you high and dry to pay the mortgage, they are not a friend. Being irresponsible when it comes to paying a faceless corporation, like a utility bill is bad enough, but when the person you are causing undue stress to is sitting on the other couch, that's completely inexcusable. You have no reason to feel bad about evicting them and you should be able to find someone else who will appreciate the fact that you came up with the down payment, it's your credit score on the line and you're the one paying for any large maintenance. This is a great experience if you plan on doing buy and hold as you will probably do a very good job screening tenants now since you've had this situation.

Post: How to buy an Apt complex in Houston?

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Keng Ng Cap rates are going to vary based on location, client base, age of the building and other specific information of a submarket. I would reach out to as many Commercial brokers as possible and just get their perspective of the market as a whole, the submarket you're looking at and especially the property you want to purchase. Many complexes never make it to the market and brokers sell them as pocket listings, if brokers don't know you're a buyer and can close, you won't ever hear about them.

Post: How to start investing with no previous experience?

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Jorge Quintero you are in a fantastic situation. I had a friend in your exact situation who simply bought an owner occupant home with 3% down and moved in friends at market rent, lived for free for a year while saving the extra money. At the end of a year, he bought another owner occupant home with either 3 or 5% down and moved an extra tenant into the previous home and moved friends into the home he just purchased and lived rent free and pocketed $400/ month on the first house. He continued to do this until he could also purchase a rental with a "Hard money into conventional" strategy and started buying 2 homes a year. He was able to quit his job after 5 years and does work that he enjoys.

Post: New looking to buy first duplex

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Michael Thomasson I would definitely check with as many insurance agents as it takes to get that insurance cost down. I believe flood insurance is a set amount for the coverage amount, but the normal landlord policy can vary greatly based on who you use. 

Post: How to buy an Apt complex in Houston?

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Keng Ng You'll need to contact a commercial broker in Houston to help you evaluate the cap rates and the condition and performance of the property. 

Post: New Investor from Houston Texas!!

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Jorge Quintero welcome to BP!

Post: This BRRRR thing really does work, with pictures

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Nicholas W. great job! Did you know if you used a Hard money loan for the purchase and rehab costs your cash outlay at the first closing would have been around $5,000 and you could do an immediate rate/term refinance once the rehab was complete and gotten up to $2,500 back for a total of $2,500 in the deal after about 2 months from purchase date?

Post: Foreclosure Question Dallas

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

@Dakota Ferguson typically you'll also have to bring the cashier's checks to the auction, or provide payment by the end of business. 

Post: Real Estate Outlook for Irving Texas?

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

I would caution you to make sure it will still cashflow at .81%, I typically don't like to get under 1% rent to purchase.

Post: Where to get a RE agent license in Texas

Jeff RichardsonPosted
  • Lender
  • Irving, TX
  • Posts 175
  • Votes 76

I used Realestateexpress.com and enjoyed the "go at your own pace" method, which allowed me to complete the courses very quickly, there are however great benefits to meeting other classmates and instructors.