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All Forum Posts by: Melvin Benzaquen

Melvin Benzaquen has started 3 posts and replied 15 times.

Post: Refinishing Hardwood Floor Hacks

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

then just lightly poly them to minimize the wear on them

Post: Our first "Pop Top"

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

be sure to check zoning and any possible issues regarding a complete tear down versus leaving a wall or two up. Some jurisdictions look at the project differently as a remodel(1 wall remaining) as opposed to a complete tear down. Some of these concerns may be how codes are enforced on a remodel versus a tear down. Costs, architecture review boards, plans, taxes, inspections could also vary depending on what you do. Make sure you look at both scenarios before tearing it down as there may be unanticipated costs and delays

Post: Has anyone tried this?

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

I would question the value of the "contractor" that needs not only a job but a place to live. Can't be very successful so I agree this proposal is rife with problems. I don't see the upside for you. It is always better to have a job with clearly defined parameters rather than muddy waters

Post: Building Buyer List for Dallas Fort Worth Market

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

myself as well

Melvin.benza@gmail.com

Post: which would you do?

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

in my experience buyers are concerned about oil tanks in the ground and potential environmental ramifications due to leaks. Once they know there is an above ground tank they will not worry about it

Post: (Current) Tenants say the dumbest things, too...

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4
Originally posted by @Suzie B.:

We have a tenant that was slow to pay every month requiring a phone call reminder from us. They also made several complaints and invalid threats to us threatening lawyers on us. They were noisy and allowed their small children to run around loudly at all hours of the night (dad worked and odd shift so the kids were up at night a lot)... they were in an upstairs unit of a duplex.

Upon talking to them about being timely with their rent as their rent payments helped to pay the mortgage... No mortgage paid= they lose their home. Wife spoke up and said, "It's not our fault you have a mortgage!"

Maybe not... but you agreed to the payment and it's your responsibility to pay it so that we can take care of our responsibility.

 So I guess if you did not have a mortgage then they would expect the rent for free?

Post: Buying 1st rental for cash but want to reinvest

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

thanks Tim glad to know this wasn't a big mistake.  It felt like the right way to proceed. 

Post: Buying 1st rental for cash but want to reinvest

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

thanks for the advice! I would of certainly liked to had a bit more time but I think the seller was wanting her terms and I felt it was a good idea to structure it the way I did.obviously not the ideal way, kind of putting the cart before the horse. I guess everyone has different stories in dealing with sellers?

Post: Buying 1st rental for cash but want to reinvest

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

I tried the owner finance but no go. The only way I could get the deal I got was t go cash and quick closing. I figured I could pull most of the money back out to go back to square one.  It was one of those deals where if you didn't move quick you lose it.

Post: Buying 1st rental for cash but want to reinvest

Melvin BenzaquenPosted
  • Real Estate Investor
  • Mc Kinney, TX
  • Posts 18
  • Votes 4

I am about to close on my 1st rental home that I am paying cash for. I would like to somehow pull some or most of the value out of the house by some means in order to reinvest for additional properties and to have the down payment. My original intent was to buy, rehab and flip some properties to build up some additional cash before buying rentals but this house came up as a FSBO 3 blocks away in a hot area so I couldn't turn it down.

What is the best way to accomplish this?