All Forum Posts by: Matt Bishop

@Trevor Davis, I would invest half in a proven mutual fund. Take the remainder as a down payment to Buy one, brand new David Weekly or K Hovanian home in Dallas area, lease it for two years, in two years sell the appreciated property or keep leasing if you want. If you don’t want to lease, live there and enjoy your life.

They charge a small fee to become a new member then a per application fee. I think they have an online application for your tenants and then give you a accept/ deny advise score. Learn about their services then have yourself a written policy that every perspective adult occupant be screened by NTN, even Section 8 voucher holders. This may help you if you ever have to deny a member of the protected class. Run your business like a business. Quickbooks is my financial software. I own and self manage 15 Single Family Homes in Dallas Ft Worth.

@Mel Hayes, google National Tenant Network or go to www.ntnonline.com

@Ravi S., did you screen the tenant, criminal background check, credit check, past rental verification, employment verification. I use National Tenant Network NTNonline.com and have not had any problems since.

Pay someone to restore the house to good condition.

Don’t you go over there and do it yourself. Don’t get angry and don’t fantasize about revenge. You learned a lesson for a few thousand dollars. Let it go and don’t make that mistake again. We all learn that lesson the hard way. Now you can call yourself a “seasoned investor “! KNOW WhO YOU ARE LEASING TO.

@Mike Bianchi, I would pay my CPA for two hours of their undivided attention to discuss what you want to do. I'm in a similar situation and I think I will pay off as many smaller mortgages as I can. But I'm older than you (57 and retired) with 66 percent equity in 4.6M of SFH mostly leased to Section 8 tenants.

@Brian Fleig, I use QBooks. Had my cpa set up all the accounts and class just the way she wants it.

@Zhenwei Chu, yeah, don’t even accept applications from Section 8.

@Zhenwei Chu, I would sell the property and get away from section 8. It seems like you have irritated the wrong person at the housing office. Dallas Housing Authority is the same way , very problematic but all the area’s suburban housing agencies are wonderful, solutions oriented. Maybe you can find a suburban housing agency and work with them. If you are having this bad experience before your tenant even moves in your unit, it will only get worse. Consult an attorney and get out of this dangerous situation. The current administration is not your friend. It’s going to get a lot worse. The current racial climate makes it too dangerous to try and provide decent housing. They will always hold the race card in a game you can’t win and should abort. You may not understand how politics and racism are used to destroy people. You don’t want to be their next victim. They are out for revenge for past injustice you and I had nothing to do with. I just got here. I didn’t ever have slaves. Did you?

@Bob , you would need to sign a paper stating you “ intend” to occupy. I do it all the time. No one knows or cares as long as the payments are on time.

They say the road to riches is paved with good intentions.

@Elijah Wichers, see if you can cancel PMI as soon as you achieve 20 percent equity. I would do it only if there was no other way and the property was a real gem.