All Forum Posts by: Polo Vazquez

Send me a DM. I have a contractors that does nothing but rental make readys.

I wouldn't file a claim.... but my insurance deductibles are very high. They are usually around 2% of the value of the property. The reason I keep them high is because I don't plan on using them unless it's a catastrophic event (such as your fire). This reduces my premium by a good amount. Not having any claims also keeps them very low. That's just me though. Most people go the complete opposite route I think.

Yup! Unfortunately the property tax cuts will more than likely only go to primary residence owners. Hopefully not!

I would suggest you stop looking at the big cities. Look in the smaller towns in Texas. I just saw one that meets the 1% rule in Kilgore. I see some that come close all the time in my market as well. I never see it on big cities like San Antonio, DFW or Houston and much less Austin.

If you are an eperience investor then you can use the listing agent. If you have done several deals before then you would had learned how to use the contracts, about inspection periods, how to price homes etc. This means that the chances of the listing agent trying to take advantage of you (since he doesn't represent you) are minimal because you know what you are doing! 

Since you are new, use a buyer's agent on the first few deals and learn from him. Also, if you make a good relationship with them they might send you good deals in the future.

Join us for our monthly real estate meet up! Free event. No presentation. Just a group of friendly investors, lenders and realtors meeting up to chat about what we love.

This is always a though decision to make. I was in this position once. I ended up selling but only because I was moving to a completely different city. You say selling your old home would allow you to make a large downpayment on your new home so you can have a small monthly payment, but you could use what is left over from your old house payment to offset that. The problem I see here is that you principal and interest is a bit high because you put the property on a 15 year loan. (I always advice my clients to get 30 years in case they end up on a scenario like this in the future haha) I would refinance the loan back to 15 years again to lower your payment. You won't be paying that note anyhow, your tenants will.

You could also just sell the house. I believe if you have lived there 2 out of the last 5 years then you won't need to pay any money on the capital gains. With the money buy two houses. This second option I think is more complicated and keep in mind you lose money on closing costs when you sell and then again when you buy.

Most do it after showing or during the showing. Since the application fee usually runes around $50, most tenants don't want to spend that money unless they have seen the house and know they liked it enough to live there. So make sure you always bring paper copies with you if you use them or have the internet link readily available. If they are really interested, they will usually fill it out that same day that you showed it to them. 

That being said, I have had people send me the application first. Some because they are out of state anyway. Others because the market might be too competetive at the time so they want to be the first ones in line.

I hope this helps and congratulations on your listing!

Hi Eddie! Welcome to Biggerpockets. It's always nice to see fellow RGV investors on here. What kind of multifamily are you looking to finance? If it's 2-4 units, financing is the same as a single family with a few minor exeptions. If you are looking a 4+ units, then this is a whole other beast. You have now entered into the rules of commercial Real Estate and commercial lending. From my experience all bank have their own rules when it comes to commercial financing. Most will only lend with a 20 year amortization and stick a 5,7, or 10 year balloon payment. DM me if you would like to talk further about this. I could also suggest a few contacts you can talk to about lending.