All Forum Posts by: Donny Widjaja

Do you mean for collecting rent?  I am sure we all have differents definition of "best".  In my case, best mean free, secure, and support automatic monthly billing or twice a week.  I use Dwolla.

I wish you the best and looking forward to hearing your success stories.

Hi Mark,

The team members that you need depends on your exit strategies or investment plan, and the type of funding (as mentioned by Derek Jones).

Assuming you are doing a buy and hold investments, you need to have a realtor and possibly another investor on your team to check out the properties that you are going to buy.  

If you are doing rehab, you will need contractors and I suggest someone that you can count on to make sure the contractors are doing their job the right way.

Feel free to reach out if there is anything I can do to help you invest in Austin, TX.

Don't forget to check on BiggerPockets' book on creative financing.

My tenant said their previous landlord will give them deposit slips, and they need to go to the bank once a month to make payment.  I assume this is the deposit slips that come with you checkbook, so it has your bank information already.  Furthermore, some banks has different routing numbers for withdrawal and deposit, so your bank information will be safe.

In my contract, there is a section for "Maintenance".  It specify that tenant is responsible for maintaining the lawn area, driveway, and sidewalk.  You can possibly add a clause that tenant is responsible for paying the service fee if they need you to do the service.

I also assume tenant needs to have their own lawn mower and other tools to maintain the lawn.  Of course, that is the normal trend the rental in my area, so I'm just following the trend.  If every rental property in your area provides lawn equipment, then you should do that just to be competitive.  

The reason, I don't like to provide too much tools to the tenant because when those tools break, you need to replace it.   

@Romina Hernandez,

I agree with those wise words from @Charlie Fitzgerald.  

You need to focus on her needs.  Based on your story, it seems like she needs to move out from the current house.  The question is where is she going to move?  Does she need another house?  Does she need moving expenses?  

Assuming you can help her to move out to a new place and clean up the house to make it ready for sale.  Ask her.  She might not mind getting paid after you sell the house.

However, be careful with making subject-to term that make your life harder or delay the contract.  For example: She will sell the house to you after you help her move to a farm house with 2 acres land.  

@Naeem Kapasi, I am open to any suggestion.  My budget is around $200K or less per house, and target net cash flow is about $250 per month.

I'm looking for an investor-friendly real estate agent in Houston, TX area. 

What's my definition of investor-friendly agent:

1. Preferable you have at least two investment properties in Houston, TX area, or have done some rehab projects

2. Comfortable making below market-value offers

3. Able to help me in finding a few exit strategies on a property

My Goals:

1. Cash flow on rentals. 

2. Buy at least 2 properties in the next 12 months.

I'm not trying to be demanding but I just "broke-up" with a realtor, and I'm still recovering. :)

Hi @Shawn Smith, 

A few weeks ago, I listened to a sales pitch from a self directed IRA company, and they are pitching exactly what you mentioned.

If I'm not mistaken, they said we only need to sign the contract with an IRA money, so basically only pay option and earnest money. The down payment can come from other source.

I'm am tempted to schedule an appointment with them and possible use my self-directed IRA for crowdfunding investment or buying some properties.