All Forum Posts by: Account Closed

Not a lawyer.. This seems like it be something along the lines of falsifying info on an application. The contract was agreed to under the pretense that all information provided was accurate. Once it is found out to be under false pretenses, I would hope you have some wiggle room. If I sign a lease to rent a 3/2/2 and then show up and it's a 2/1/0 then I signed the contract under false pretenses. What if they provide a fake social? Or fake income? (Falsifying a different piece). Then the person you validate with comes back and flags he whole thing. That being said I need to reread my leases to see if I have a line for attesting that all info provided is true and accurate.

Dan Howe I haven't pursued it. It's still on my list but the idea of try to unwind the interest of potential remaindermen was more than I was rally hoping to tackle early on. In hindsight it all depends on the situation since we can never know the number of people involved or their status(es). I would say it's worth reaching out to owners on every house that meets your criteria. Worst thing that happens is you get another "no" and another opportunity to practice the soft skills and learn. Cheers

I haven't pursued it to be honest. It's still ony my it's

If I could go back.. I would do a 4 unit (max for Va residential) stay for a year or so then move and do a secondary VA mortgage (Yes they exist! You have a dollar cap not a mortgage loan cap! I am living in my second VA currently.) You would have to move into the second property since for VA you have to be purchasing a home to live in but there is nothing from my process that indicates you have to commit to staying there for a specific time forever. So depending on how much you can get approved for after your 1st, buy the biggest MF you can on the 2nd. You could do that for near 0 down. Now move again into your own primary. I am not sure about using a FHA for a 3rd? Someone else would have to chime in as I am not certain you can stack FHA and VA. I have not done this myself as I have my VA occupied currently. You are really going to have to buy right!

Matt R. Seeing something similar in Dallas. Entry level homes for purchase are scarce. We have too much property on the high end, and on low end price is rising due to the same shortage you mentioned.

Tom Reid Tom why don't you budget for a property management expense (5-8% of rent) and if YOU are managing the property then you get that money. All cash flow after that is split 50/50 normally. If you have to outsource management later then it's an easier convo because it's in the budget. If he wants to manage it he can take the money. My $0.02

I live in Burleson and have a rental there. Burleson is growing hand over fist. School district is higher tier, not top but good. New hospital on 35, lots of new businesses and housing. Easy commute to FW with a small town feel. Definitely opportunity in my opinion.

Rocky V. Rocky can you give us some specs on the house in Grapevine? Is it just a high-quality house or is the market pushing up that hard in that area? I have a rental in Burleson but I'm at less than a dollar a square foot and the house is on the higher end for quality. (And it's in Burleson)

Thanks for the quick responses. Define profession.... Her current W2 is in banking but nothing real estate. Arguably we also make money as property managers of our rental and in order to manage properties for other people in Texas you have to be a broker of which the first step is being an agent. The biggest hitch is that we don't have legal entity set up yet as we converted our previous property to rental and covering liability with umbrella. So "the business" is really just her and I with no paperwork to support anything. (I am seeing holes in this plan already... Also the property and all paperwork with tenants is under my name. While she has completed items related to insurance, payment processing and filling the property. On paper it looks like she is not involved.)

My wife and I own our primary home and a rental property (that we used to live in) and are actively pursuing adding buy-and-hold properties. Our current rental is not under an LLC (I know, I know) We are currently looking at getting my wife her real estate license and I am curious if that can be a tax write off due to it being related to our business. We are currently self-managing the property. Her day job is not related to real estate at all. (The advice I WILL get to contact my accountant will be followed but I wanted to throw it up here as a question!) Thanks in advance! Jesse