All Forum Posts by: Rod Hanks

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.

Hi Huy, in Texas an insurance company cannot raise your home insurance rates individually due to a weather related claim but they can non-renew you due to too many claims in a five year period. The only way your rates will rise is if the insurance company raises the rates across an entire zip code or county. If you have wind damage then rest assured a number of your neighbors have damage also. So it's highly likely a rate increase in that zip code will happen at next renewal. South Houston has seen quite a few property insurance rate increases over the past couple years due to the wind exposures with most companies restricting coverage and a number of other companies pulling out completely. It's always a good idea to shop around every couple years. Hope this helps and good luck!

Hi Jim, the best way to do it would be to setup a commercial policy to cover all the properties under the LLC. It is just easier to add the LLC on your current policies as additional insured than it is to setup a new commercial policy. I have several rentals in my name on personal policies and have just setup a commercial policy and I will move them over as they renew. Hope this helps and good luck!

When I first started, I made flyers of my wholesale deal and passed them out at my local investor meetings. I also called the for rent ads in the newspapers and went to the section 8 offices and collected the for rent flyers and called the landlords.

Keep your head up and keep trying, if it's a deal you won't have a problem selling. 

1.  Setup line of credit with my local bank

2.  Finish and rent other side of duplex bought last week

3. Buy and rent another small multi family

4. wholetail 1 SFR from letter campaign

5. Complete 2016 business planning for real estate and insurance businesses

6. Complete tax planning for 2015 by 12/31/15