All Forum Posts by: Tom Keith

@Leather Nix,  Hey there Leather!  Glad you got your introduction post on site!  this will allow people to see you and help you out.  I have a great meetup planned for the 19th.  I am working on the speaker bio now.  There are so much amazing help right here on the site.  Use the banner at top of site and just go through the tabs and sub tabs.  I am looking forward to seeing you and if you need anything my number is on my page and you can text me and we can talk.  I have been working on getting advice and information to the North East Texas area investors.   Have Fun!!

the speaker will Be Kimberly Dunahoe, Agency Owner of Dunahoe Insurance Agency in Mineola Texas.  Kimberly has been a part of the agency since 1981 working for her Dad and throughout this time has held many positions including Commercial Lines Manager,  she took over ownership in 2014.  She loves to Travel with her Family and works in the music ministry at Church.  She is member of the Order of Easttern Star and has held positions with her local chapter as well as the State of Texas Grand Chapter.  Questions are Welecomed!!

@Wade Carter  Hi Wade,  we meet on the 3rd Monday Evening each month.  You can find us on Meetup.com if you have an account.  It’s free and you will be able to talk to everyone in the group.  We have quite a few members.   This month we will have an Insurance professional to talk about how to protect you investment and your assets a the same time 

The Longview REI Group is hosting the monthly meeting on Monday September 18.2017 at 6:30pm. We will be talking about having the right mindset to go out find & purchase your property. Steve Davis, Public Speaker, Coach and Website designer and author will be speaker. Come for dinner and learning.

@Jackie F. I am not sure if you received an answer to your question about the Hard Money Lending costs.  IF you go back and read J Scotts blog, the Fixed Cost he identifies includes the Purchase Costs and Holding costs of Mortgage.  His numbers did not consider hard money lenders that charge points and fees above what banks charge so his numbers are much less.  So you will have to figure those costs into your calculation of what you can offer because they Will come out of your profit.  Any costs you incur will have to be identified as close as possible because they directly affect your profit and that is what You are trying to make the most of.   Whether you go private, conventional or hard money lending, the costs are and can be different and must be calculated to what is the offer you make to seller.   

@Troy Cole, Hey Troy,  I believe you received the best information possible from the best.  I will not try to add to their replies to you.  What I noticed in your questions was the topic of the meeting "Rehabbing for Fat Cash". I sure hope they have disclosures knowing you are new to the industry.  Be Careful and watch yourself.  Listen, take notes, and use what you can.  Trust but Verify.  Homeruns do happen, sometimes to us newbies, but bad times occur most often while we learn.   Best of Luck to You.  Blessings 

@Cameron Marmon, Hi, Yes you should make sure the Tenant has property Insurance and has you listed as "Additional Insured". This assures that the policy stays in force as you will be notified if they fail to pay premium.  The coverage you need to dictate is the "Liability portion" and it should be as close to the property value as possible,  the most that could be purchased on the Renters insurance is $300,000.  Anything in excess would be on an Umbrella Policy that is written for $1M range.  If the tenant accidentally causes damage to your home that is considered "negligence" your Property Insurance Company can sue them for the damages and get your and theirs money back.  Yours in the form of your deductible.   Your Liability coverage should be in excess of any property amount that is in your personal name.  So if you have a new home and this one like it,  You should definitely need an umbrella policy yourself to protect your assets.  Once you leave this property and it is no longer your homestead, it could be seized in a lawsuiit as an asset of yours.  Hope this helps you.  

We usually have 15-25 people attend each month 

@Jonathan Batson, First question to answer yours is; Have you purchased the best 2 books for a new investor to learn about purchasing and rehabbing homes is from @J Scott, The Book on Flipping Houses and The Book on Estimating Rehab Cost" . I love these two books and have probably sold 25 copies of each for J Scott. Read those two books to learn where to gain the information on costs. Ask some people in the business at a REI meetup group who you can get with to go with you to do walk thru and ballpark these repairs. If your deal goes through, he can do a more detailed evaluation during your inspection period. Look and Listen & Learn. Finally, get the big box stores like Lowes, The Home Depot apps, whatever is in your area and look up costs of supplies. You will gain a knowledge to do your own walk through for the initial cost to rehab. And last but not least, When you receive your first scope of work rehab cost, double it, if the deal works you will be okay. This is until you can walk through a home and estimate the costs in your head and be correct. Best of Luck to You, looking forward to seeing your success.

@Jimmy S., Do You have a Pet rule in your lease agreement?  You should for reasons you have brought here.  Now,  what to do,  Get a handyman to look at these doors, give you an estimate for the repair/ replacement of the doors and trim, and enforce the payment.  they might pay it out or a short period with their rent,  Just whatever you allow.   Good Luck.