All Forum Posts by: Eddie L.

@Mary Jay make sure you are considering Municipal Utility District, MUD and county taxes if the property is located within MUD. At times Zillow only has the county tax estimates for Texas.

@Audrey Johnson I purchased a top/bottom quad back in February. I hired a PM to manage the property and two of three tenants signed her new lease. I wish she would have let the original leases expire per their original term date so that I could learn more about the tenants payment activity and behavior. My repair schedule has been delayed due to construction labor shortages. The problem tenant that quickly signed a new lease is behind on rent and is a nuisance to the below tenant. The new tenant the PM sourced paid a security deposit and first month rent and is now behind on rent. I would highly recommend managing yourself using some of the tools and resources for small landlords, especially if you live near the property. I have a SFR in my home state and my self management runs like a well oiled machine.

I have a couple properties on the west side of Houston. How can I assist?

@Michael Barbari what is your LTV for a HELOC on an investment property?

I recently inherited three tenants and two have paid on time and the third is now a few weeks behind. The PM has new leases on two, and the third on-time tenant wants to ride out the existing lease from the previous owner. I’m fine with having tenants in the current market and I am not too concerned. Seems very subjective to ones style and business practice and preference of tenants. In your shoes, I would welcome the existing tenant and gradually increase the rent. Just my $.02 to the $1.

Thank you, as well @Rob Lee and @Benjamin Aaker

Great points, thank you!

Buying my first multi-family and I'm in need of advice. The list price is 125k and purchase price is 115k. Three of four units are leased for a total of 1,325. The repair on the fourth unit is about 5k and repair to the roof is about 10k. The area is not appreciating and is home to many individuals on the sex offender registry. There was negative population growth of the city of about 2% in 2017. The current CAP rate is 8.6% and Cash on Cash is 17%. The sales comparison approach value is 135k and income approach value is 156k. Is this a good deal? Should I be concerned with high crime and quality of tenants?