All Forum Posts by: Account Closed

If you used that $60k as a 10% down-payment you could get a $600k property. Depending on the market you're looking in, that can buy you a small apartment complex. I'm incredibly biased, but that's what I would do.

The number of rentals is the wrong metric to concentrate on. It's perfectly possible for a guy with 2 properties to outperform the guy with 12. Instead, focus on the most optimal use of your money that fits within your comfort level.

All of California's money is flowing into Texas for a reason. Austin or DFW are the common favorites, but any of the Four Metros will work fine if you don't want to sweat going out into the smaller towns. 

That said, it's a very competitive market. You need to know more about what you want besides just "cash-flow" because everyone is looking for cash-flow. Successful investors take the time to truly hammer out their strategy so that they don't waste time looking at 100 properties they'll never buy.

I'm not in a position to be a mentor, but I'd be happy to talk and see about introducing you to some agents I know that work the city.

Let me know how your schedule looks.

Double check your MLS with the County Records. You can also do a Tax Search on the property in question should be able to find a receipt of sale.

Last option? Knock on the door of the property and ask.

> I’ve read in some states that acceptance of the rent automatically renews the lease, is Texas one of those states?

I'm far from a Lawyer, but I doubt a single month of rent can bind someone to a 3+ year contract. If anything it constitutes an intent to stay another month.

The easiest way to handle it is to ask the landlord for a month-to-month while you move out, with an agreement that you'll vacate within 2 weeks of the landlord finding a new tenant. The landlord doesn't have to deal with a vacancy and you get the time needed to finish your purchase.

I'm a Texas CRE agent so let me know if you'd like any further help.

Like @Kyle J. said don't ever get involved with someone else's domestic disputes. I would add, be sure to have the lease nearby in case the police get involved.

Find a local agent and tell them this story. Let them know you need a lease comp for the area. Without knowing what your market rents at we can't know whether or not the math works.

As far as I know, your biggest cons are easily replaced fixtures. If you're going to finance the conversion you might as well add a few thousand to upgrade the fridge and stove.

What's your definition of a large multi-family? I ask because I just looked and in the Phoenix market right now you generally won't break past 40 units without at least a $4m+ price-tag.

With this being the case I would suggest (feel free to get as creative as you like this is just a single suggestion) to keep buying small until you can wrap your portfolio into a 1031 to finance a larger property. While at the same time looking for a group that already invest in what you want and trying to break ground with them.

The largest benefit is that it's a game that forces you to be with someone for a few hours where you also get a chance to keep the blood flowing (walking, swinging, etc) which keeps you calm. I don't personally play a lot, but others on my team love it for recruiting and networking because it's not as formal as even sitting for coffee.

Most of my Texas courses were done online. I made it simple on myself and just went to my local community college. 

Make sure any courses you're taking teaches to the test. I've seen people get frustrated because they weren't learning the business or investing concepts, which isn't the purpose of these classes.