All Forum Posts by: Polo Vazquez

First of all.. Congratulations!
Yes on the 15 month lease if you can get the tenant to sign it. It might be easier to do 5 months then a year. Another thing you can do if the lease will be up in December, is to tell them once their lease is up they will be set on a month to month. Most people are hesistant to move out in December, specially if you give them a month to month option.

I don't know about $2900 for the rent. Ask your realtor. He can pull comparable rents for you. I also use the bing search engine. Just type properties for rent in "your city" and it show you rentals from a bunch of different websites. Never try to go to high in rents or else it will sit vacant. Alway rent out at price then slowly increase every year.

I use stessa.com for account (it's awesome, I highly recommend it) and apartments.com to collect rents. I think you can collect rents with stessa as well now. I haven't looked into it because I'm too lazy to switch eveyone over.

If it's a good deal, the money will come. You can literally just post in on a RE investors group or facebook marketplace and you will probably find a buyer and you can wholesell it. If it's not a good deal then you might end up in a small pickle and have to drop out of contract and lose money (consider it the cost of doing business) and try again.

The only way that you can achieve this, that I know of, is if you buy the property at a discounted price (say $120000) and then wait six months before doing a cash out refinance. If you wait six months you can now use the current appraised value. This means if the property appraises at $150000 and you do 80% LTV you get $120000 back.

I do not see a problem here... a good percentage of agents are investors. If a lead is your own there is nothing wrong with offering to buy the property youself (by law you do need to disclose you are an agent though). If you broker is sending you leads just offer them to pay them a discounted commission if you close on any of the properties they send you. 

You will also find that once you start doing this, investor clients will naturally gravitate towards you. At first I didn't want to take them because first time buyer clients are easy money, but now I have clients that keep coming back and buying 1 or 2 homes every year. It's great!

Following

 I have to agree with Nathan here. Tenants like these are the ones that will have you stressing out and working twice as hard when you could easily just find new tenants that won't. I will say, in your scenario I would put them on a month to month at least until January. It's hard to find tenants Nov and Dec in my area.

Hey Mike! Here in the McAllen/Edinburg/Mission Texas area we are getting a lot of out of state investors. We have a good combination of lower property prices, high rental demand and inexpensive labor (lower maintenance costs) that have attracted a lot of people. The area is also growing exponentially. Purchasing fourplexes as investments has become popular by out of state investors recently as well. You should consider it and look into it.

It's very hard to read the numbers. I believe there is a way to post your numbers directly from the calculator using a link. This way we can open it up and are not just looking a photo with tiny numbers.

I use apartments.com. It is also free and easy to use.

This isn't just in cold places. I live in Texas and I ALWAYS have to either lower rents or offer first month half of in order to fill vancies in October, November and December. People are saving their money to buy Halloween stuff, turkeys, presents and vacations rather than paying a $1500 rent with a $1500 deposit or so... I prefer using first month half off because then it gets harder to get rents back up to market price even when you renew the lease

We also see this phenomenom in sales. Houses sit in the market longer and our phones ring less during these months.