All Forum Posts by: Mary lou L.

@Kristen Ritter  How soon are you looking to start the renovations? Have you had someone go in and get pictures?

@Kristen Ritter Have you checked the tax appraisal? This will give you an idea of what it might sell for if it is in great shape. I have found that many homes sell for around the tax appraisal.

The site to check is

http://www.wadtx.com/

click property search

begin your search

property address

and enter the information. (check the values because your appraisal may have gone down because of condition)

With this info as a starting point you can see if its worth to keep and rent or rehab and sell.

Hi I invest in the Wichita falls area! Where is the home located?

Have you been to the area where the lot is? It backs up to train tracks. From looking at the listing it has good school ratings. I would look for something further from the tracks though.

Good luck!

 It seems like they want a cheaper place if the other house is 200 less. Since your property manager gave you the advice they can break the lease but you keep the deposit I would do that.  Were there other qualified applicants that may still be interested? 

I like to post articles that I think are relevant to bp. And of course to foster discussion!

http://money.cnn.com/2016/06/22/technology/airbnb-...

from the article

"This week, Los Angeles started to take action against rent-controlled apartments that have been illegally converted into short-term rentals The city the Farifax building's owners and civil cases against three other building owners. Five of the displaced tenants filed a lawsuit against the owner and Airbnb in December."

https://www.washingtonpost.com/news/wonk/wp/2016/06/22/seattle-may-finally-have-found-a-way-to-stop-an-outrageous-practice-by-landlords/

from the article.

"From our perspective, this is not about controlling rent," says Faith Lumsden, the director of code compliance in the Seattle Department of Construction and Inspections. "But boy oh boy, we finally found a way to connect the key minimum standards of our housing code to the heart of that property owner’s business enterprise."

"All we’re asking is that they be ready to verify that they meet the code, or fix something, or the rent can't go up."

@Brett Allen Crisp I walked the same path! I was stationed at Eglin in the early 90's left for Sheppard AFB (Wichita Falls) bought a house in the area (still have it and the equity launched my second in in the area).

I moved back in 1998 and lived in Crestview for 3 years we left in 2001 (with a stop in Panama City and Warner Robins GA) I moved back to California in 2005.

I am going back to the area,  however, to get a feel for the vacation rentals available. I would like to purchase one as an investment, and vacation home for my family.

Right now Destin is what I am looking at, although I am also open to other areas.

As far as righting your ship, have you tried refinancing your loan? That may lower your payment, if  not maybe cash out some equity to use on your next deal.

As you are in Texas it seems like most here (including myself) are keen in investing in that market. I would talk to some other BP members in your area!

The advantage is you can drive neighborhoods, and get a feel of the area that most of us cant do unless we fly there! See what you can find in your own back yard! I am sure you will find something!

Good luck and hope to hear more from you!

P.S Since you are also eligible for a VA loan, look into that to help you! You should be able to buy up to a 4 plex and live in one!

I am on a Facebook page that is dedicated to Fixer Upper and many people go to Waco to see Magnolia! I know they would love the chance to stay in one of Joanna and Chip's homes!

I would ride this wave, even when it dies down you will still have a nice property!