All Forum Posts by: Granger Snodgrass

I have a tenant who is violating his lease and was hoping for some info. The tenants mother has moved in which violates the lease because only the guy living there had signed the lease. (we do have a clause in the lease stating that only the tenant is allowed to live there). At first they said she was visiting but its now clear and they admit that she is living there. She also has a dog which violates the number of pets in the lease agreement. I was wondering if I would be able to void the lease and write a new one. (the tenant already lived there when I bought the property and the lease is pretty weak). Or, if I have to give him the opportunity to rectify the problem. I would prefer a new lease but I'm not sure what my options are.
I was hoping to use a Texas lease and a management company so, am I allowed to just void the lease and take this new avenue? and what happens if the current tenant does not pass parts of the new lease, such as credit issues or something like that? Am I allowed to remove the tenant due to lease violation?

I used Renee Buckhoff (not sure about last name spelling). She put us in a duplex. She works out of Spring TX. She was an awesome agent and she owns rental property herself. Here is her number (281) 639-5982. Please let her know Granger referred her if you decide to use her.

I was recently searching for flooring for a unit. There is a type of vinyl that looks like wood, if your worried about looks. Its cheap and almost can't be destroyed. But, floor prep can be pricey as the floor needs to be very level and smooth for correct installation. I still like tile the best. I spent about 2 hours on my hands and knees cleaning the grout from a unit I purchased and was able to clean it. It looks good now. It can crack but its easy enough to replace. But do some research into vinyl planks or ask your floor guy about it. Your floors may not need much prep for the install.

thanks Brandon Turner, I did read your how to be young and buy real estate article. The majority of those steps I had figured out during my "saving and planning" period. I hate FHA loans though. I knew I didn't want to pay the government any money on top of my already borrowed money. I'm a big proponent of conventional loans. Not to say, if the circumstances are right I wouldn't use an FHA, but I have saved enough capital I doubt I ever will. Those are good things for people to know though.
Thanks for the encouragement on my slow plan. stability and profitability is key.

I'm not sure exactly how much you would need. If you are not living in the house you buy you would be buying it as an investment property and loans will require more. I think 25% down for an investment property. If you buy a multi-family residence and live in it you can get an FHA loan (3.5% down). Like I was saying as a college student you can always buy a house and live in it and charge your friends rent to occupy the other bedrooms. But keep in mind the money down is not he only capital you will need. You are responsible for replacing things that go wrong. If the A/C breaks down, the furnace, plumbing issues, electrical issues. It depends how handy you are too. For this scenario it would be beneficial if you were skilled at multiple trades. Electrical work, plumbing, know HVAC systems in and out. I do all of my own maintenance and save a ton because I know how to do all of that stuff.
My best advice, get a job. save,save and save. Meanwhile make connections, and make plans on what you will do once you get enough to buy and cover expenses.

sometimes cheap mud can cause problems. I tried to save and be cheap on it before and the mud dried with little craters in it and would crack like you are saying.
I could be wrong, just a suggestion

Someone here may have better advice, as I am "newer" to the whole process. But it all depends on your money situation. If you can afford to buy a house it would actually be ideal as a college student. You will meet some friends and let them know you have a place for them if they want to pay rent. But all kinds of problems could come with this, but may not.
you can absolutely start sooner than later. But it depends on how stable your finances are. Consider if you have the time or not to keep up with a house and attend school.
So just let me know what your plans are so I can be more specific on any advice I may or may not have.
Granger

Hey Patrick. I am a recent graduate with similar ambitions. I have just made my first purchase 4 years after getting my degree. Its difficult to start but totally possible. Dedication, first and foremost. When I was in your position I started planning as I didn't have the money to actually start. Decide the best path for you. Whether it be flips or owning or whatever is best for you.
Depending on your degree and what kind of job you can get when you graduate is important. If real estate is your main focus, then figure out a degree that will be cheap, but can gain a good amount of capital for you upon graduating. The less debt the better when you start is my opinion. I didn't quite pay off all my student loans before I bought but I was close. Being young you have to be disciplined when it comes to spending. After all you need capital to start.
Start planning and when you graduate you can execute your plan!
Good luck, let me know when you get some ideas together. I would love to help.
-Granger

thanks for the response guys. My capital is fine, my job pays well. I'm not getting wealthy but the income is good. It's my outgoing money that is superb. I save a ton so I can invest as much as possible.
mehran Kamari, thanks for the idea of other investors. I have considered it some. I'm not from here so I don't have a great network of people that I trust. But, I will keep considering it.
and thank you Ned Carey. Those are encouraging words! It's good to hear I'm not the only one who will do this slowly. Stability is incredibly important to me. So, I built a great deal of capital before this first purchase. And I intend to do the same before the next purchase. I have met some people who invest in a property but then have nothing left over for the emergencies to cover their end of the tenant/landlord responsibility. I'm just glad to hear you agree.
Thanks again and any more advice is more than welcome.

Hey everyone, I really don't know much about this site but I have heard good things. I'm 26 and recently purchased my first duplex. I want to build my portfolio to own more properties to rent. I think I have a good plan....but what do I know. Which is why I decided to join. My plan seems slow compared to a lot of stories I hear about investing in real estate, so I'm assuming I have a lot to learn about the best way to grow faster and produce more profit. My goal is to own around 10 properties in the next 10 years. I'm not sure how people have been able to build so quickly and be so successful. So, I am just here looking for any advice that anyone is willing to give. Thanks everyone and I'm excited at the prospect of joining the biggerpockets community.

Granger Snodgrass