All Forum Posts by: Polo Vazquez

Quote from @Marci Mayes:

I have purchased quite a few rental properties in Texas over the years. My experience has been that the exemptions in place on the property on Jan 1 stay with the property for the remainder of the year. For example -- If I purchase a rental with a Homestead exemption, Over 65 exemption, etc, I benefit from the exemption the first year. This gives me time to stabilize the property by doing repairs, finding tenants, etc. before the property tax exemption falls off the next year. 

I can confirm this. In all the properties I have bought in Texas, if it had a homestead exemption, it stays for the remainder of the year. It disappears the following year if you don't apply for it again.

Hi BP! 

I happen to see a lot of people on BP interested in buying fourplexes but they are not very common everywhere. The area I live has a good amount of cashflowing fouplexes with prices ranging from $340000 for a used one to $515000 for a new build. Total rents range from $3200 - $4800 per month.

We get a lot of out of state investors buying them, as well as people moving to our city to househack and hopefully find financial freedom. DM me for more information!

If you are willing to do some out of town investing, my hometown down in South Texas has a lot of fourplexes. I happen to know of a builder selling some for $415000 with rents averaging around $4000 per month. DM me if this is something you would like to explore

Nothing wrong with that. A lot of people team up to get started, raise cash, use the good credit of one person but the cash of another etc. Make sure everything is in writting. Who is managing the property? how much is that person getting paid? Who owns what %? How long will you hold the property? what happens if someone wants to sell? 

I suggest you do an LLC together and eventually put the duplex on that LLC

It's very possible that they only reinforced one side of the home and now another section is having problems. 

I pretty much do exactly whan Nathan does but I could had never explained it as well as he did. I keep $5000 in funds at all times in my account for the first property then $2000 for each additional property I have.

Seriously....what's VG's problem? This is a very legit question to ask on a forum. 

I do autodraft for EVERYTHING! and still I sometimes miss an insurance renewal or so. I use to do everythign separate but as my portfolio grows I have turned more and more to escrowing payments since it takes some of the work off me. It is a bit more expensive (Insurance companies charge a few bucks a month) but it' is worth it in my opinion. However, it does become a hassle when changing insurance companies. As far as property taxes I ALWAYS escrow those.

On your mortgage payments, do autodraft on all and I run all my real estate properties from the same business bank account to make it easier. All the mortgage payments come out of there.

I think you should do it like @Matthew Irish-Jones does it. Realtor first the contractor once under contract. You may think you are wasting the realtor's time but that's our job. We get paid to show properties. It could be virtual or in person. We don't mind if we know our client is making offers. We speciall don't mind if the client will use us again when selling the property after flipping it. I've even gone as far as doing 3d scans for my out of state investors after they get it under contract.

Hello Everyone! 

Networking is key for real estate investing. Come join us and meet other investors, lenders, wholesellers etc! This would be our second monthly  meeting and plan to keep doing them consitently. Hope to see you there.

My advice is get a realtor that has experience rehabing. I send  my out of state investors videos of the whole house plus pictures of everything that needs to be fixed that I can see. From that, they can count the number of doors, windows, sq ft of flooring etc that needs to be replaced. Now they don't need to waste the contractor's time. They call them and ask things like "how much is it per sq ft to replace this? how much per window, how much is a 2 ton AC"? It's not 100% accurate and I still suggest they have contractor give them a real estimate during the option period but it gives them a good ball park. I've even gone as far as 3d scanning homes for them. They can take measurements and see every in of the house with it.