All Forum Posts by: Don Griffith

I agree with Jordan about the slow but positive potential growth.

HOWEVER....

Never talk yourself into making a bad or marginal deal just for the sake of making a deal. Let the numbers decide for you. If you have to "sell it to yourself" the answer is no.

Maybe your market sucks, or maybe you need to look in another direction, or at another market.  There are always deals, just not always where you are looking.  That's why BP is awesome, its like a think tank.  Are you looking at ALL of the opportunities in your area, or just the ones you are currently familiar with? 

There is a saying in the shooting community: You can't miss fast enough to win a gunfight. In other words, don't value speed over accuracy.

And to answer your original question, mine target #'s are much higher, but I don't buy nearly as many properties as others do either.

 Thanks, I do have all of those and was really looking for a local bank recommendation.  I guess my description wasn't clear enough.

Thanks @Tim Macy and @Rick Pozos. I will reach out to both of those.  I have worked with neither in the past to my knowledge.

Has anyone worked with or heard of any portfolio lenders in San Antonio that will do loans as low as low as 50K?  I know Jefferson Bank was doing them at one time.  Any others?

Can anyone recommend a portolio lender in San Antonio Texas? The conventional lenders I talk to don't want to lend on Sub 70K houses.  I would love to grab some of the smaller deals that pop up but I really don't want to tie up that much liquid cash.  I would like to work with a lender that do loans down to 50K.

Thanks in advance

erentpayment will allow the payments to be recorded and reported if the tenant chooses to do so.  Some of mine want to buy a house in a few years so that's the way I went.  They pay online and it gets reported.  Win win!

What reason do they have to ask?  What could you possibly gain from disclosing this information?

Pros-  Nothing comes to mind (you ARE managing the property FOR the owners right ;) ) Being the Property Manager often empowers you with good cop powers of mediation when problems arise. The tenant will tell the property manager things that they wouldn't necessarily tell the owner. Unless the property is owned by a LLC or Land Trust you will be identified as the owners through the tax assessor anyway if they really look into it.

Cons- You are negotiating from a position of weakness if you lack the firmness to say "no" and enforce the lease.  Heavy, heart string pulling sob stories will be laid on your emotions if they feel you have the power to dismiss their obligations (like paying rent).  

Was your husband stationed at Ft Carson circa 2000? 

Thanks,  I don't want to be obtuse about the issue, by all accounts she has been an awesome tenant in a bad situation.  The previous owners did next to no maintenance of any kind and she does all her own repairs.  I suspect there was an unspoken understanding.  Cheap rent in exchange for her never asking for anything while the property deteriorated.

This will be my first personally managed property, and most of my people skills come from the military LOL.  The current lease says no dogs inside, and she never paid even the full security deposit let alone the pet deposit. None of this worries me, per se, I just don't want to be perceived as weak or indifferent.  

Thanks again to everyone.

I am buying a duplex that the owner has been (mis)managing personally.  I think they just got old and started losing interest.  Both sides are really under market for rent, but one moreso.

The really cheap rent of the tenants has been there for 5 years, but never got a rent increase and still owes a balance on the security deposit.  She also has two large dogs that are supposed to be outside only per the lease, but she made no effort to hide the fact that they are inside dogs.  They are well behaved and don't tear anything up so I don't really care about that.  BUT, she was supposed to make a $300 pet deposit when she moved in (5 years ago) and never did.

The leases were just renewed a couple of months ago so I am looking at a year of honoring them as they sit.  How do I honor the leases and still try to secure these deposits?  I thought of structuring an addition monthly payment until the balance is paid.  This would also get her used to paying closer to market rent for the future increase.  I would like to keep her, and she is not going anywhere with 2 big dogs cheap.

ALL ideas and insight are greatly appreciated