All Forum Posts by: Paul Ewing

I provide fridge, stove, washer, and dryer in all my rentals. They are usually basic model so some tenants prefer to use their own.  No ice makers. Some places have dish washers, but I dislike those.

Legend Bank will do one on an investment property, but it may be a YMMV depending on your relationship. They are a small North Texas regional. 

About what I would expect for a pre-rehab on a $10k house.  

This is why picking tenants is so important and why I manage my own places.  You just can't trust most property managers to do the required work to get good tenants because they really have no incentive to do it. In fact they are financially better off if they churn the tenants since they often collect signing fees and a percentage of the refurb bill. A $4k+ turnover pretty much kills a year of cash flow on a low to mid range rental.  

What do you mean by only receiving half the rent? Are they making partial payments or is Oceanpointe giving you money? I am not sure which is worse.

I remember from some of Morris' podcasts that at least his wife has a license, probably in NJ where they live. Not sure about him. Now from some of the stuff I have heard from both of them I question how well they listened in class or studied the website when getting licensed. And let's not get into their understanding of tax and how it relates to real estate. They are firmly convinced that the only way to claim real estate expenses is to have an LLC and that it somehow magically lets them pay a lower rate than an individual. I can see if most of their income is earned income from flipping junk houses or even commission from it then yes an LLC can let you take some as a dividend instead of income getting hit with FICA taxes.

You must be listening to the same webinar I am :)

The truth is that there is money to be made in this type of asset.  The problem is that it isn't going to be made by the standard turnkey buyer with one or three properties.  The is a guy that does this by me that specializes in what I consider slumlord places. He has about 80 of them in one town where I have one of my best cash flow places. I am looking for a few more places thwre, but I am very picky about the immediate neighbors.  It is generally a C class area and mine is in the sort of C+ section.  It is locally know as Felony Bay but there are a lot of decent hard working folks living there, but a lot of meth heads as well.  I think the key is owning a lot of properties to spread the risk and doing all the management yourself.  Even the slumlord guy does the tenant screening and higher level stuff himself.  He has a few guys to handle repairs when it gets to the point where they can't be ignored any more.

What are people's experiences with tenants keeping snakes for pets? Pythons is particular?  I'm not a big snake person myself except they make nice hat bands.

The link on the Perks page isn't working and I haven't gotten a response from BP. Does anyone have the Pro discount code for MySmartMove handy?  I need to submit some apps and would rather not have to pay extra.

Thanks, Paul