All Forum Posts by: Matt Paris

Does anybody have any experience in using the reminder of ones VA entitlement to purchase a new primary home without selling or refinancing the current VA property? I was told by my lender and even pre qualified for another VA loan but, while shopping around rates. I was told it wouldn't make it by their underwriting team. Are their an limitations on your purchase of a new primary in the VA loan requirements? I.E. does the new home need to be larger than the first, more rooms, etc. Does a more desirable neighborhood come into play when underwriting sees its a smaller home but less then a mile from the beach? Thank you for any feedback you can provide and if you know of a good lender in the central Florida area (greater Orlando area more specifically) i would welcome their info as well

Thanks again

Matt Paris

That's great @john teachout thank you for your feedback. I've listed my property their recently but took it down because they did not ask my any questions in reference to verifying my ownership in the property.  I was concerned about whether or not there was the same kind of abuse you see on craigslist with scammers listing property they don't own. I was not sure how serious to take Facebook in this space because craigslist seemed to be a waste of time for this reason 

I'll give Facebook another try thanks again 

hello biggerpockets forum,

Sorry to bring up the same old question again, but zillow.com has apparently started charging $9.99 per week to list a property. I was just wondering if anybody had any new suggestions on where to list a SFH. I've tried cozy.co in the past without much success, ditto with Craigslist. I would appreciate any feedback you all have

Thank you,

Matthew Paris 

@Robert C. I couldn't have said it better sir, your experiences with renters tell the same stories as mine.  I've come to learn that face to face meetings tells me nothing more than whether or not they showered before they came to see the house.  As far as what kind of people they are, it always comes out in the screening process. I can't tell you how many times I have left an open house with a great feeling about a prospective tenant just to find out they lied about their criminal history or evictions etc.  STICK TO YOUR PROCESSES! it's the only fail safe I've found.  Trust but VERIFY everything you can.

@Nancy Roth  I know this is not exactly pertaining to your specific situation but along with what @Robert C. said I think you'd be better served I can't believe so many people are suggesting you leave in a bad tenant. good luck with your situation hope all ends well.

Hello Nancy,

It seems to me you have another property management issue. This is a prime example of why I have not moved to PM's with my rentals yet. Personally I would fire your PM and continue to manager yourself, do you have the ability to hire an assistant to help you with the screening process? I find that is the most time consuming part of managing my properties. Maybe you don't need a manager but an assistant or agent to source out your tenant screening to.

As for the unauthorized tenant, the tone has already been set. If you don't at the very least get the unapproved tenants out they will think they are in control. I have already seen this in my business by relaxing late fees. Every time I bend on my rules from that moment forward you can bet they will be late again the next month and expect the same thing. I had to learn the hard way YOU must set the tone early and keep them honest especially in the first lease. I alway find a reason to be at the property at least once a month for the first three months of a new tenants lease until i'm comfortable with them and get a feel for what kind of tenants they will be. This way you don't have to depend on the neighbors to tell you there are too many people in the house.

Hope I could help,

Matt

Thank you Michell, I'll look into it.

Hello all,

I was wondering if anyone had a good tenant screening website they could recommend? previously I have used the background check provided by usaa to screen tenant. Its been 2 yrs since I last had to run a background/credit report so I'm a little rusty on which site to use. Any input would be greatly appreciated

Thank you,

Matt

Hello,

I'm Matt and I am interested in getting into flipping houses but am unsure how to go about it.  My wife and I own our home and recently purchased two lower end properties.  The first we purchased for cash and did minor rehab to it and turned it into a rental.  It has been occupied for 6 months and although the tenant pay slowly we are able to pull the money out of them every month so far.  The second property we financed for under 50k and it is read for the market.  My original plan was to use these smaller properties to bank roll my first flip but I am afraid it will be yrs before I will see any results this way.  Can anybody help me with some ideas to start flipping a house that is low risk?  And by low risk I mean I don't really like the idea of borrowing 100k+ and be on the hook for a quick flip.  Is there another way to get started that does not involve going into large amounts of debt?  I will have $1,200 positive cash flow per month after paying the mortgage on the second property every month, assuming both tenants pay on time in full every month.   Should I use this money as originally planed to pay the second rental off in the next 2yrs and try to stay on the debt free path to flipping, or should I use this cash flow to save for a down payment for a third property to flip and if so, How?  Any positive feedback would be appreciated and I welcome success stories on how you started with your first flip.

Thank you,