All Forum Posts by: Ian R.

@Justin German

I'm with @Account Closed on this. It's nearing the end of summer and if he's a single dad, he probably has kids that will going back to school in a few weeks. I was a single dad for a while and I know that the #1 factor in where I lived was a good school zone as well as proximity to my ex (shared custody). Getting all those things to align is not an easy feat and you're timing is pretty poor. 

The fact is the tenant is on firm legal standing here. He has a signed lease for the next 9 months. You legally can't make him move out. And offering him $500 would probably just insult him. But as Sue suggested, if you approach him respectfully, explain your situation, he may be willing to work with you. But I would definitely advise against trying to "strong arm" him.

Best of luck

Josue Vargas As a few others have mentioned, if this is your primary residence, I would definitely sell and take advantage of the capital gains tax exclusion. Redeploy that $90k into multiple rentals in your new area. P.S. If you do decide to sell and you need a referral for a great realtor that can get you top dollar, I have a contact for you. Feel free to DM me.

@Bruce Coleman Glad to hear this situation is finally coming to a resolution for you guys. I'm very sorry you had to go through this. Congrats on the wedding!

A similar situation happened in Houston last summer but the PM caught it within 24 hours before the "tenants" had time to settle in.

http://www.khou.com/news/crime/woman-out-thousands-after-rental-scam/309552665

Meanwhile, the owner's property is basically held hostage, the pending sale is in jeopardy, the buyers are pretty much left homeless until it gets sorted out, and the squatters get to live rent-free. It just doesn't seem right to me.

So, I just read this story about a homeowner who has squatters in her house but because of the way the laws in Georgia are apparently written, the authorities won't kick the squatters out. Absolutely crazy!

https://www.usatoday.com/story/news/nation-now/2017/07/13/homeowner-struggles-kick-out-strangers-her-house/475160001/

@Marie Grabo I don't think limiting yourself to REOs is sustainable. There's just not that many on the market at this point in the cycle and they do take longer to close. Instead, I would try to get on a team that is doing high volume. If you're at a large brokerage, you should have teams there. In my opinion, being on a team is the best way for a new agent to learn the business and not go broke doing it. Use your time on the team to get as much experience as you can, get good at being a buyers agent, then learn the listing side. Once you've closed a few deals as a buyers agent, you'll start to build a client base and should start getting referrals (as long as you've taken good care of your clients). As your Sphere of Influence grows, you can then think about going out on your own as an independent agent. But the end goal is always to get listings. That's where the money is.

Best of luck!

Andrew Campbell awesome post! Thanks for sharing your insight and your experience!

@John T. The cash flow is better on the Southside and in the areas near Lackland AFB. However, the trade-off will be the quality of the tenants that you will be dealing with as well as the crime rates. But if that isn't a detractor for you, then there are deals to be had. Also be aware that once you go south of Hwy 90, you're into a not-so-great school district. With that said, there are some neighborhoods just south of 90 that have newer homes and a good elementary school. Check out Luckey Ranch and Canyon Crossing.

Best of luck!

@Omar Cantu

I highly recommend that you read @Scott Trench's book "Set For Life". It has great advice and tips for young people in your exact situation. If you make a few smart moves (i.e. sacrifices) now, you can really build some serious momentum for your future.

And not to beat a dead horse, but please ditch the truck. You don't realize it now but it's an anchor around your neck and it's drowning you.

Best of luck