All Forum Posts by: Michael H.

Its a shame that beginners guide was taken down or moved 

@Grant Doyle follow the lease to the letter is always Recommended, terms for breaking the lease should also be included. Also, maybe explain to her what an eviction does to her credit.

@Kevin Wood hmmm, dont see that, purhapse its because im on the mobile app.

@Kevin Wood where can I find more info?

Hey BP family,

Lets look at a hypothetical scenario.

lets say you, a real estate investor who is not a wholesaler, get a house under contract in Houston,tx

problem: you do not have the infrastructure to turn this contract

then a seasoned wholesaler approaches you and says he can do everything, start to finish, on this deal and any others I may get under contract. he has a team and this will require little effort from him personally.

What kind of offer would you accept from him to do the deal? a flat fee, a percentage, how much is too much?

would also like to hear from whole sale guys in our market as to how they would approach this.

Thanks!

MB

Hey BP family,

Wife and I are renting our upstairs bedrooms. we claim the rents on our taxes, we have a real lease, BG & credit checks, ect on tenants. we've been doing this for about 15 months. Can we, After two years of tax returns, Get our Debt to Income adjusted to account for the rental income? If so we would like to get another Mortgage, move into the new home and start the cycle over again. this SFH is our homestead (Not in an LLC)

PITI - 1780/M

Purchase price - $184,000

total rents - 1200/M

Loan - Conventional with 3% Down (not much equity yet)

any thoughts? what can we do now to prepare for this?

Thanks,

MB

Hello BP family,

My wife and I are renting our upstairs bedrooms to cover 85% of our PITI, we claim the rents on our taxes,use real leases, BG & Credit checks, the house is our homestead (Not in an LLC). we have been doing this for about 15 months.

Two questions are on my mind.

1)  Instead of raising rents, should I consider offering them ratio utility billing? (I was thinking 20% each)

2)  after claiming the rents for two consecutive tax returns, will my debt to Income ratio be adjusted so I can get another Mortgage and start again?

this is in Houston,Tx

Utilities

Power $100 to $180/M

Water $40 to $70/M

internet $57/M

home warranty $47/M

HOA 25/M

(is it excessive to include the HOA and Home Warranty)

Thanks,

MB

@Matt Nettles the only people that have done well on turnkey, that ive met, did so early on in the market cycle

@Lanna Nunez I recall, kast year, going to look at houses for sale. TONS of flood houses on the market, and the ones that werent flooded had big signs "NEVER FLOODED" those where the houses people flocked to with their realtor.

Hey BP family,

Lets look at a hypothetical scenario.

lets say you, a real estate investor who is not a wholesaler, get a house under contract in Houston,tx

 problem: you do not have the infrastructure to turn this contract

then a seasoned wholesaler approaches you and says he can do everything, start to finish, on this deal and any others I may get under contract. he has a team and this will require little effort from him personally. 

What kind of offer would you accept from him to do the deal? a flat fee, a percentage, how much is too much?

would also like to hear from whole salers in our market as to how they would approach this.

Thanks!