All Forum Posts by: Rod Hanks

If your lease states rent is due on the first then send eviction letter on 2nd and if tenant doesn't pay go to court and evict. But my question if tenant always pays late fees and is a good tenant why bother? I've adjusted due dates to the 15th to accommodate great tenants. Just have a conversation and find out why they are paying so late. Evictions, vacancies, etc are very costly.

Welcome! Anything in Dallas area send them my way.

Most agents auto populate square footage from tax data in the MLS. They put a disclaimer that says seller to verify measurements. This seems to be an honest mistake. You could file a complaint but it won't go anywhere.

Sell! Don't over think it...

@Angela Henderson

Congratulations on your first purchase! Craigslist has been my best source.

@Gauravi Pal

Congratulations on your first purchase! No need for an LLC yet, just make sure you have at least $300k liability on the insurance policy. For your lease use the TREC lease. If you don't have one, message me offline and I will forward you one.

These are the best deals to buy. There should not be a problem unless there are heirs that cannot be found or the heir does not want to sell. In Texas if your estate is under $50,000 not including homestead, the remaining heirs file a heirship affidavit and small estate affidavit and are able to sell the property without going thru probate. The only problem I've run into is when there are multiple children and one does not want to sell or a child has died and the children of the heir cannot be located. The title company will do there due diligence and only proceed it all heirs are accounted for and at closing file the heirship affidavit.

Hey Alfredo congratulations! If it's a rehab you will need a builders risk policy. Typically the cost is .10 per $100. Reach out to me offline for any questions, I've done several rehabs over the years and would love to help. The last rehab I did was in Arlington btw.

It's like asking should I have the steak and lobster or fish sticks and ketchup. Those two markets are very different as others have noted. In Austin you will have a hard time finding cash flowing properties under $200k but the upside appreciation is tremendous. In Detroit you can buy a block for $200k but the maintenance will kill the cash flow. I probably wouldn't buy in Detroit unless I had trusted people who knew the neighborhoods. Furthermore as a new Investor I wouldn't recommend buying your first property long distance. Whatever you decide I wish you good luck!

Welcome to BP! 

NTAREI.com s a local investor group in Dallas. The meetings are at the Holiday Inn off 635 and Preston. Check it out and let me know if your coming to the next meeting, I'll be sure to introduce myself to you.