All Forum Posts by: Polo Vazquez

I've heard of rentometer.com. I wouldn't blindly trust those sites though. They use algorythms and no algorythm is perfect. That being said though, I have found that most of the time they are somewhat close but if it suggests $1400 and you can rent for $1600 a month thats $200 you are missing out on!

This post has become quite fun to read hahaha. The tenant threats scenarios are too funny. I once posted a "Pay or we will start the eviction process in 3 days" notice and the wife immediatelly called me to tell me that I didn't know what I was doing and that what I had done was illegal. She also said she knows all of this because she is a lawyer (she isn't even an American citizen :S). Fortunately her husband called afterwards and we worked it out. He paid the rent that same day.

So it appears that tenants being "Professional Lawyers" happens way more often than I thought.

@Henry Lazerow Please read posts throughly before going on critizing them. I specifically stated that "this is what I would do" and that "I cannot tell her with certainty that she can take the earnest money." 

Forums are about providing possible solutions to people's problems. If the person that posted this question did not want to sell the home anyway, canceling the sale and tryiing to take the earnest money might be a possible solution that he/she might want to explore further to see if it can be done or not.

By the way, the rules and difficulty of taking earnest money is state dependant so don't criticize me based on your state's rules and regulations.

Wow! He is probably BSing you though. All tenants claim to be lawyers bla bla bla! I would have taken the same route you did. Offer them one months free rent or offer them to allow them to break the lease and move out. You are doing what you can and in a reasonable time. Most states would recognize this and help you out. However there are some states that protect tenants a lot... 

Nontheless do take care of the issues! Having you tenant living in extreme heat or cold is a big No No!

If you are out of contract odds are that all the contract protections for the buyer have now expired and therefore you can now decide not to sell them anything and take their earnest money. That's what I would do. Take their earnest money and relist it. I know starting over sucks but at least you made some profit already hahahaha!

Now, I'm just an agent. I'm not a lawyer and I haven't even looked at your contract so I cannot tell you with certainty that you can now take their earnest money. Ask the realtor representing you. He can surely at least refer you to someone that can.

Hey Jorge! I'm from the area. If you got a fourplex that meets the 1% rule then more than likely you got a good deal! Congratulations. You don't see any of these anymore :S 

My only concern is whether you are simply stimation rents to total $3600 or if they are already rented for that much. If they rent for a little lower than that you probably still got a good deal though since rents are probably going to go up this year!

Hit me up with a private message if you wish! I'm always looking forward to meeting other RGV investors.

Hello Jeffrey,

The best thing you can do is keep living with your parents to save the most amount of money and invest ALL of it! If you really want to rent a place then do it but keep your rent low. One way to do this is to have roomates. 

If you are doing out of state investing consider finding a realtor that can 3d scan properties for you so you can have a good idea of what you are buying. Are you shooting for cash flow or appreciation?

 Ahhhh yes! It is your debt to income ratio. Basically they take all your payments (including car, credit cards etc) and devide it by your income and this number has to be above a certain number. In other words, you either have to make more money or get rid of some payments.

Any reason why you need to partner? If you can do it on your own then go for it! Normally you make more money if you borrow it rathen than give half the deal to a partner.

yes it is growing! There is actually a lot of money as well but is obscured by surrounding poorer areas hence we have stayed off the radar hahaha. I think we are also in a good place to invest in real estate because you can still get cash flowing properties and a big portion of the population rents. Hit me up if you would like to grab a coffee or something anytime.