All Forum Posts by: Paul Ewing

I need recommendations for a good retail sales Broker and a Property Manager in Wichita Falls. They do not need to be the same brokerage.

I think the PITI payment will be worse than that. I can't believe you can get insurance on a $300k house for $1200. I think it will be closer to double if not triple that.

Also remember that Fort Worth and to a lesser extent McKinney are very diverse cities. Fort Worth has several ghetto type areas and several areas with million dollar homes and everything in between.  

When you approach local banks are you talking to the residential loan officer or someone from the commercial lending side.  I have found that the commercial loan officers have no problem with LLCs and actually expect them.

Personally I think it both are still overpriced.  I invest in the semi-rural areas West of Fort Worth, but that is a strategy that calls for local knowledge and would not be a good idea for long distance investing because frankly the property managers that will deal with rural rentals around here are a joke. Now that I am at nine active and two in rehab properties, I would kind of like to get a good manager, but there aren't any.

Anyway as for the Fall/Winter question, I have bought about two thirds of my places from November to January.  Seems to be a bit less competition and sellers want to get things done fast.

There are lots of people that say you can't get good tenants after Halloween. That may be in some Northern and Midwest markets, but around the DFW area there are so few good rentals available that they are lining up whenever something comes open.

I have a deal under contract that I am trying to get funding for.  It is a doublewide on a nice wooded acre of land outside Ft Worth TX for $69K. It was a rental and needs about $3k-$5k of rehab to put it back in service based on the cost of my last two rehabs.  I would like to keep it as a rental because I have seven within two miles of it already, but worst case is I can put $5k-$8k in and flip it for $110k based on several comps from the area.

My bank decided that they would rather not do another manufactured home loan currently so I am looking for other options.  I know that I can probably get something from 21st Mortgage, but they are a pain to deal with. Does anyone have any other ideas? 

 I think that part is the earliest to automate with technology. Have an online form or virtual assistant take the repair order. Have it automatically be routed to the appropriate service person or just call them and be done with it. I'm a small time landlord with only ten properties and I am almost there. I kinda like not having to do the hands on repairs if I don't want to and all my properties are within 20 miles with most within two miles of my house.

The real place where local knowledge is important is on the initial buy. You need to know about the area and the trends that are going on.  Is the house inexpensive because it is an ex crack house in a neighborhood that no one who you want as a tenant wants to rent in or is it just under prices or in general not an expensive area. 

People diss inexpensive houses, but they are not all bad and not all in war zones. I can't believe I just got an offer accepted on a house for $69,900. I have never spent that much on a house. Most were in the $25k-$55k range all in.  They are almost all in great areas, rent for $750-$1200 and I would not have a problem living in any of them. But then I wouldn't pay $30k much less the $60k-$80k asking prices for some houses not ten miles from mine.

Saw this piece on Market Watxh. It is mostly about Rootstock and similar, but it had a mention of how small local turnkeys could go bad with a link back to one of the BP threads on Morris Invest.

https://www.marketwatch.com/story/the-new-housing-...

So did Tyler delete it or has Morris gotten their lawyer after BP?

How long has this tenant been with you?  If he has been paying and she has no issues with her other background checks then I would say let him have her as a roommate.  Do they have children? If so I can see him wanting to give her a chance to be with them.  What is the difference with this than a girlfriend?