All Forum Posts by: Matt Bishop

 I would expect my property manager to have already handled it as I expect them to keep rent rates at current market rate. If you had been using a great property manager the last few years, you may very well have thousands of dollars of extra income and not have to be involved with management. Is there a reason why you would want to manage your own property? Is it worth the monetary costs and your valuable time? Have you considered the legal liability you incur by not having professional representation?

@David Lund, I avoid adversity as much as I can. I stay very disciplined with my money and keep four years of cash reserves. I use a great property manager so I have no contact with my tenants, if anything comes up, they handle it. I am on first name basis with the president of my bank/ lender, If I ever need help, I have a whole network of professionals who reward my loyalty to them.

@Nate Huber, if you rent out your home, where will you live? You will be liable for income taxes on the rental and have to pay for a place to live with after tax dollars.

@Aaron B., you may want to discuss this with your CPA what the income tax will be on the depreciation recapture and capital gains.

@Winter Heintz, it's too bad you are choosing to deal with this situation yourself instead of your professional property manager handling it for you and promptly replacing the tenant for you so you collect as much rent as possible. A professional manager would already handled everything and you may not even be involved in any way. Why are you trying to do the work of an expert professional?

@Nicole Johnson, Richardson Texas is a very nice suburb on the North side of Dallas. Also great area for buy and hold because of price appreciation. I know of several local experienced flippers who work and are familiar with that area and if this is a good deal, I would expect they would already know about it and would have already purchased it. The best wholesalers give them first look at the best properties. North Dallas and its suburbs are very competitive and would be unlikely for a newcomer to break into that specific market. If you can make it work, i think you should. I also think something may have gone wrong with the rehab. Why would a person let it get foreclosed since there are tons of investors who would buy it. I hope you are able to purchase it.

@Hannah White, it is a violation of federal law for you to accept money from the tenant in excess of what is shown on the lease. I believe you would be very wise to engage a professional property manager to handle your property. They will negotiate with the housing authority to get you the highest rent. Please consider a property manager, at least until you are more familiar with the property management and working with housing authorities. Probably, the more you experience and learn about property management, the more you will be convinced it is best left to the professionals.

@Joseph Gozlan, I believe if house prices fall, they will recover, someday. I have 13 SFH, most have no mortgage. Rents are up and I have no interest in selling anything in the next 10 years or buying more unless I run across a deal that is too good to pass up. I bought most of my houses 10 - 20 years ago for about a third of their present value and paid them off within 5 years. For me, real estate is a long term investment

@Fallon Morris, go to work at an upscale furniture store in your area as a sales associate and designer.

@Doug Johnson, build that wall!