All Forum Posts by: Drew McLoughlin

Open to any tips for going through an eviction in Texas! Just closed on a quadplex in Texas last month (woohoo) and am about to start the process of evicting one of the tenants I inherited for non-payment of rent (not woohoo). It's my second rental property and have not dealt with this issue before. Been too generous already - posting this on the 15th, rent was due on the 1st. Tried to work with them as I have a lot of (expensive) projects going on and would prefer to not have to deal with a vacancy. Delivered a 3-day notice to pay rent or quit 3 days ago. Have been careful not to accept any partial rent payment. Any feedback is helpful! Thanks.

Following - same situation in Dallas TX

Cash out refi usually requires a seasoning period (eg. 1 year before you can refi) but can vary lender to lender

Hey Ben I’m in the same boat, looking for my first 2-4 unit house hack (my number is closer to $2000 in the DFW market). For turnkey properties (given your $20k constraint) it may be difficult to break even on cash flow within 2-3 years. That’s what I’m seeing as well. Can’t control some of those variable (property taxes are killer here). Speaking for myself I’m just planning to have to live there for more than 1 year and make sure there is room to raise rents, for example spending a few thousand to bring a washer dryer connection to the complex if it doesn’t have one could be a great cash on cash return if you can raise rents maybe $50/unit on the next turn. 

Are you renting right now? If your negative cash flow is near or below what you would otherwise be paying to rent it’s a no brainer in my opinion. Sounds like a good deal, that’s not a lot of renovation needed to hit 1%. 1% is a dated “rule of thumb” anyway in most markets.

Does anyone have experience offering paid laundry (coin/ credit card at the machine) to multi-family tenants? Any tips? Am in option period for a quadruplex that does not have W/D connections. Potential opportunity - there is an attached utility closet that I believe could and/or used to serve this purpose as it has the red/ blue inlets built into the wall next to a hot water heater that is also in the closet. Closet is currently used for storage.

There is a coin-operated laundromat in walking distance that residents at this property as well as neighboring multi-family complexes use. It is close (5 min walk) but often crowded. Densely populated area. Could offer competitive pricing compared to the laundromat, with added convenience that it is on premises and laundromat does not take cards.

First step is to get a quote on bringing plumbing (and electricity) to this utility closet. Plenty of building code considerations I'm sure given hot water heater right there.

My first thought to monetize is to lease commercial grade equipment - maybe 2 stackable W/D - with revenue-sharing from a company that would provide the equipment at no up front cost and handle maintenance. May buy my own down the road if the system works.

Also of note - owner has been paying the water bill, it's not sub-metered. Would think laundry revenue would offset the additional water usage.

Appreciate any thoughts!