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All Forum Posts by: Mark Severino

Mark Severino has started 1 posts and replied 69 times.

Post: Finding Investors for Rental Properties

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

Hello @Antonio Raimondi,

I am going to break your question down into two: 1) How do I find partners to do REI deals (and help me learn the business)? 2) How do I purchase rentals with no money down?

The number one way for you to find REI partners would be for you to find the deal. Bonus points if you also get it under contract.

What you are looking to do is get rentals which is not a usual partnership deal since the exit strategy is not clean cut (unlike say a wholesale or joint flip). You can borrow money (money partner/hard money) for a fee or percentage. You can partner and give that individual equity (more intricate). 

You can also get properties subject to their underlying mortgage (sub-to). It is possible to do this with no money out of pocket, but it takes some persuasion skills and an understanding of the contract mechanics to make it work.

I encourage you to network at the local REI and find someone who has specifically done what you are looking to do in your local area.

Best of luck!
 

Post: Strange change in North Texas / North Dallas rental demand

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

@Keith A. It is just one tool. Never something to be solely reliant on. 

Post: Strange change in North Texas / North Dallas rental demand

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

Interesting... I am subscribed to Zillow Rental Manager just to keep a pulse on the market and the most recent report showed me a potential rate increase which typically wouldn't happen if there was a significant drop in demand.

Post: House on Market "Coming Soon" During Eviction Process from tenant

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

I'd also agree. Wait until the tenants have fully left the property. You will want to understand the true condition of the property prior to listing and so will the real estate agent. 

I'm sensing from this post you want to do something proactive, so what you can do is advertise it as upcoming on your own social media to get the word out to family, friends, and your network. That way you may line up potential buyer interest ahead of time. 

Best of luck!

Post: Newbie wanting to get into multi-family

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

@Rome West I agree with others here that house hacking and occupying one of the units for a small multifamily is the way to go. This is especially true with the VA loan. As someone who has done it myself multiple times, it is the single best way to quickly get started on your journey. Be sure to read up on your states tenant/landlord laws and get the proper insurance. Best of luck!

Post: Personal Loans or LLC

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

It's your first property, I say go ahead and buy it in your name. 

Not that an LLC is the most complex thing in the world to create, but to PROPERLY maintain that LLC add a bit more intricacy to an already foreign process.

Post: Avoiding Live-in House Hack?

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

@Kevin Forsell I commend you for asking a question on the forum to clarify your strategy. I think at this point you get the idea that committing fraud is a bad idea so I won't dwell on that.

As someone who has house hacked a number of times, I can definitely understand why there is some hesitation. Can it be a stressful process? It is going to be awkward screening a tenant? Can it be frankly kind of weird living next door to your tenant? 

Honestly, yes to all of the above. But as others have said it is a great starting point for real estate investors, (VA loan @Doug Spence)!

The main recommendation would be to bypass the SFH house hack (i.e roommate situation) and move straight to the duplex/triplex/quad scenario. Higher level of privacy. Screen the future tenants well and ensure all insurance is updated at all times.

Lastly, I encourage you to thoroughly review the state landlord/tenant laws prior to this journey and follow them to the letter. I wish you good luck!

Post: Depreciation On House Hack Primary Residence

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

For the house hack I also want to add, you should let your CPA know about your "home office". Square footage even in the portion of the house hack you live in.

Post: Is DFW still a viable investor market?

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

For those that are having trouble finding deals, what is the marketing being done? @Kenneth McKeown you seem to be killing it. Would you be willing to share your numbers and what is working?

Post: Howdy from Dallas! Look forward to learning and collaborating!

Mark Severino
Posted
  • Rental Property Investor
  • Dallas, Texas (TX)
  • Posts 79
  • Votes 25

Hey @Anthony Kwon I am a local investor and have experience using the VA loan on residential properties (I'm former Army). Are you talking bout 1-4 unit MF or going 5+ for commercial? Would love to chat.