All Forum Posts by: Jeff McIntyre

thanks Albert....I have two with MI in Houston...one was fine but the one with severe damage was in 77073

No I don't have rent interruption insurance

Thanks for the replies and advice.... I'm not interested in foreclosing but I'm just trying to understand all of my options. I've already got 25% equity in the house....not sure how bad the rest of the neighborhood is and/or how long it might take to get the home rentable again. It's still early and I don't have all the estimates for damage repair.

I own a single family rental property in Houston that was ravaged by Hurricane Harvey. I bought the home from Memphis Invest in the summer of 2015. They have been very helpful with information and updates through this disaster.

The home was flooded with approx. 5 feet of water throughout. I have no idea what the costs are going to be associated with this yet.

My homeowners insurance doesn't cover for flood and FEMA declined to provide assistance because it is not my primary residence.

Looking for some advice and maybe the contact info for a Texas real estate attorney....

1. The house is worth $145k.....Does it make sense to spend $50k or more on repairs??

2. Should I consider walking away from the mortgage and letting the bank foreclose?

3. Any other suggestions?

Thanks for any advice.....

Concerned..

I've worked with a few turn key providers for SFH to date and have found some really solid ones. Does anyone have any recommendations for quality turn key providers that offer an inventory of multi family homes?

I have invested with Memphis Invest and they are indeed outstanding. I bought my first turn key property with them in summer 2015. I have worked with 3 TK providers total and Memphis Invest is by far the best. Outstanding customer service...higher end properties....great cash flow (on the deal I got in Houston). Definitely recommend them. I will be acquiring my second with them in the next month.

Meeta Lele thanks so much for your response. This was exactly what I was looking for. I'm going to talk about it with the lender before hand to hopefully draw the funds once the house I select is under contract.

I recently acquired $100k HELOC. My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?

Background: I've currently got 4 SFR rentals (all acquired from turnkey providers) and 1 primary residence. I've got approx $40k in savings(for investing) and just acquired $100k HELOC on my primary residence. Looking for some different perspectives on what others would do with this money for a "next move". Thanks!

Hi @Loreen Flaherty - I worked with Norada in March 2016 to acquire a property in KC. Everything went smooth and the property is performing well so far. The investment counselor (Michael R.) I worked with was very helpful. Good luck