All Forum Posts by: Joey Fontenot III

Hey guys

Just curious what is working for the landlords out there acquiring property right now in 2011. What is the model you guys are looking at for purchasing these properties in your market. How much are you guys paying for your properties, what bed/bath combo - sqft, how much are they renting for, and how many are you trying to buy this year? In addition, what are your plans 5,10,20 years down the road for the properties. Hang on to them as long as possible or lease to own them after you pay for them. Thanks in advance for the replies

Joey

2004 Toyota Tundra- comes in handy on rehabs and any repairs needing to be made on the rental house, just wish it got better gas mileage!!

I just bought a rental House in my local area in the 25k range and the house had an appraisal done about 9 month ago that had it appraised for 55k. I have only had the house for a couple of weeks. It is currently rented by tenants. At this time I was looking for advice on how I could leverage this investment house to get a Home equity credit line or some form of refinance so that I could buy more properties. I am looking to buy a couple more properties so I would need to have enough money to be able to afford this. Any Ideas on the best way to go about picking up more properties

Thanks

Joey

Hey Chris

Welcome to Bigger Pockets.Your numbers on the deal look good. I live and invest down in Mobile, Al and focus mostly on rentals and flips. I have been investing for about a year so I have some experience, but am not a guru. Would love to talk real estate with you and hear about the Birmingham market

Good luck

Joey Fontenot

Thanks everybody for the great replies I am definitely finding out that a lot of these renters have bad credit. The main thing I am going to be focusing on in finding a renter is. A criminal check, eviction check, 3x or more on the income, and interviewing them personally. In the interview I am going to try to get a feel for their background, the way they present themselves, and the way they go about their everyday life.
- Pete... Thanks for replying I would definitely like to talk to you one on one about this property for maybe 20 minutes to see your take on the rental game Hope to speak to you soon and all is well up in Maryland

I just picked up a rental property that I will be renting in the open market, no section 8. I am getting lots of phone calls and am getting to the process of tenant screening. My list of Questions include: How much do you typically ask for a deposit- I have been told 2 months of the rent.Do you do a credit check, eviction check, and criminal check - How much does this typically cost. In addition, are there any special stipulations you put in your agreement regarding when your tenant is supposed to pay, late payment punishments, and any other important clauses
Thanks :roll:

Thanks man thats a Solid Idea - How much were you paying in commision on the discount agents and how much were you paying on the flat fee agents? Also what about going to the top agents with the most first time homebuyers

I am about to sell a house that I am rehabbing in the next 3 weeks it is going to be listed for around $70k and its going to be marketed mostly to first time home buyers. It is a 1850 sqft 3/2 brick house.It is going to have new paint, carpet, updated bathrooms and kitchen, New HVAC. So it is under the price of what new brick homes are being sold for in my market. My question is how are you guys selling your rehab these days-- Market it yourself thru Newspaper ADs, Signs, website --- or through a Realtor with MLS exposure- I am trying to save some money due to the budget so I would rather not pay 6% for the realtor fee but at the same time it might be worth it?? Thanks

Dang James your getting a good deal -- I need to shop around some more Thanks for the reply

Yeah I figured it was an average deal on carpet I think under $5 would be where I need to be and a decent price on installation. I am going to search around to see what else is out there.. And it sounds like I might need to come up to Atlanta with a U-Haul and stock up thats sounds pretty sweet!