All Forum Posts by: Patrick Ng

Hi all, 

Could use some insight from those with some more experience. I have a rental on the market that is going to be available Oct 1. Property management had found a tenant that met screening, and today tenant deposited $50 less than what was posted as security deposit. Tenant then said she was under the impression that the rent was what she deposited, not what is clearly posted and that that is all she can afford. 

This seems like a red flag to me, and potential sign of a problematic tenant. Any one have experience with this before, or am I looking at this too cynically? I am currently weighing the potential decisions on how to move forward against each other: 

1)Accept the $50 less than posted and place a tenant that met all screening criteria.

2)put the home back on the market for the listing price and risk vacancy.

3) propose that we agree on a rent in between, which would be $25 less than the original listing price. 

In a lot of @Brandon Turner's publications, he mentions training the tenant properly. I worry that by accepting what the tenant mistakenly thought the rent was would set the wrong precedent, but then again, won't have the vacancy issue. 

Thanks for the insight all!

@Tanya Lechner

@Mike Castellow

@Sharon Powell

Thanks for the leads! 

Hi all, anyone have any San Antonio contacts for a licensed structural engineer than can do a foundation inspection and generate a report? My lending is requiring it for funding a property that we are currently under contract for. Thanks!

Patrick 

Hi all, 

Moving towards my first couple of deals with out of state BRRR properties. I have an agent who is serving as my "boots on the ground" team member that is overseeing the rehab locally.

I am looking for ideas on how to compensate him for this extra work. How do people property compensate team members that are helping with this part of the project?

Thanks!

Patrick

@Seth Teel I am looking to rehab, rent and hold. Thanks for the insight! Definitely going to keep this area on the radar. 

@Mikk Phillips Completely agree with you, noticed that kind of variability when I lived there. Since I moved out, heard a lot has changed, which is why I am soliciting information about certain areas like this one since I can't drive the neighborhoods my self. Thanks for the input!

@Kyle Zochert Thanks for the input. That is what I have been finding as well, very few good properties surrounded by some that need a lot of work. Where near the west side are you invested?

@Rick Pozos

Thanks for the insight! 

Hi all,

Anyone in the San Antonio market have experience investing in the 78207 area of town? Looking at a property in that area that has been on the market for a couple months, looking for some insight from folks that have experience in that area with rentals.

Thanks!!

Pat

Hi all,

I am looking to move on a duplex. I recently closed on a SFH, and my goal for financing this property is to keep more cash on hand in case of repairs etc on the other properties I have. For this property, all the financing I am finding is requiring 25% down, and will not allow "gifting" of funds to help cover a down payment, like if I get a personal loan from a family member.

I hear on the podcast often about how deals are partnered etc. Is it not possible to get conventional loan for these, because my mortgage broker told me that no bank will allow gifting of funds and bringing other's into deals. When this is described in the podcasts etc, are people using hard money or other kind of funding? I'm trying to understand the details of the, one person find the deal one person bring the money, transactions work.

Also open to learning about other ways to finance to keep more cash on hand. Thank you!

Patrick

@Hillary Gries @Dannielle Hoffman Correct, no bidding war. Thanks for the replies!