All Forum Posts by: John Johnson

Mitchel,

Nothing wrong w/ Omnikey at all. I have worked with both Michael and Will over there & always had a great experience. Over the years, I have picked up a number of houses from their portfolio and they have all been well maintained. In fact, for some of my investors that need more hand holding, I send them over to Omnikey. 

Mike, I don't think we will see short sales and foreclosures that quick.  With the 12 month forbearance on impacted mortgages, it won't be until the summer of next year that we see foreclosures starting.  Even after that, there will be loan modifications.. People (even if the economy cannot begin a solid recovery in a year) will be sitting in those homes for a while.

MK,

I have been through a number of evictions.  I have found it pretty simple.  I call the tenant and tell them they have to pay or our process is that after 5PM the next day we will post a notice to vacate.  The next day I post the notice.   Then 4 days later, I file the case with the JP.  15-20 days later, I am in court.  Judge gives me possession and tells the tenant to leave.  

Lastly, I encourage all my investor friends to attend an eviction court at their local JP.  Even in Dallas it only last an hour.  You will learn a LOT just by listening to one (and Oh the stories).  Just call up your local JP office and ask them when the next eviction date is.  Walk in, sit down and listen.  Also, when one of the apartment managers leaves, walk out with them and chat in the hallway for 5min.  

Below are some helpful forms & details from Texas courts that I have used for education.

https://www.taylorcountytexas.org/DocumentCenter/View/88/Eviction-process
http://vctx.org/pdf/NoticeVacate.pdf

Go to Garland.  I nephew just moved to Dallas and he just started his first HH.  After looking at most of the metroplex, we found Garland had a great balance of houses that needed love & care and were not over priced.  On the upside, the city is being gentrified at a fantastic rate which is helping drive higher home values.

It is a clause that basically states that in the event that a piece of the contract is unenforceable, the remainder of the statute or contract will remain intact and enforceable.

$150 may feel like a lot, and it is understandable if you only have a couple doors and are a small investor. I own 20 SFH rentals and my risk exposure of a lease issue is higher than most. 10 years ago, I was in a similar situation using buy-by-night websites for a lease contract. After being in eviction court and watching a judge shred a lease similar to mine due to unreasonable fee language, I knew I didn't want to be in that position and decided to take my business the next level.

I know you are looking for something free (we all are). However, I strongly recommend using the TAA lease form (yes it cost about $150 to join). Their leases are iron clad, court tested and drawn up in the interest of the owner. Lastly, even though they go by the name Texas Apartment Association, they also have versions for SFH and condos.

At the very least, update your LinkedIn profile..

https://www.linkedin.com/in/david-zheng-63649918/

Erick, what you are describing sounds very much like a Secured Line of Credit with a touch of draw down complexity.  I have used similar instruments in the past where every time I draw on the LoC the new asset has a lean placed on it at the time of closing.  Any small bank (or hard money lender) does this on a regular (not every day) basis.  You might want to even look at mirroring Sharia loan models (mortgagee and mortgagor both own % of the property).  If you are doing it outside of that, call Ron.  

Let me offer you this advice.  I pour money into my two attorneys structuring deals and even to this day, I walk away from funding models that are not well established and vetted with case law.  

OK, this just came across my desk and I will admit that I am having a heck of a time comprehending it.

https://www.irs.gov/pub/irs-drop/n-19-07.pdf

Did the IRS just clear make the first 20% of my rental incoming non-taxed?

Can someone with accounting expertise break this down for us?