All Forum Posts by: Philip M.

Bruce, the rental registration fee in Garland pays for inspectors that ONLY look at rental properties. They defiantly are scrutinized more. 

Garland code compliance oversees the rental registration program. This also covers STR.

https://www.garlandtx.gov/276/Code-Compliance

Scott Horne's group has done good work for me.

That is what I seem to be encountering. I can adapt to this change but I am optimistic that I can find a title insurance company can assist me.  I am hopeful that someone in Texas has had a recent positive experience. 

I have experience with purchasing property before at the tax sale but it has been a few years. I recently purchased one. I am being told that when I decide to refinance (BRRRR) that I can't get clear title for two years. Right of redemption in Texas is 24 months for homestead and 180 days for non-homestead. Previous owner moved out about eight years ago. All the court documents for the foreclosure were sent to them at an address other than this property. In the past I have been able to refinance after 180 days. The title insurance company (who I have used before) is saying 2 years. I suspect that someone challenged the 180 days, won the case and now they are now dictating 2 years are required. I am being told that nothing has changed, but it has. Has anyone else had a similar experience?

I agree with Bruce and he has some great suggestions. I don't think you don't need a lawyer for something like this, just actively participate in the rental and continue to educate yourself. And yes Garland does have their requirements online.

 Yes, well within the normal range.

DTI for the properties is about 40% which is acceptable for most lenders. My personal DTI is even better since I work at keeping expenses low.

Delayed gratification. 

My blue collar W2 is quite a bit less than $100k a year so not a high income earner. I have 10 conventional loans in my name. Each cash flow well so the debit and income are in balance. It can be done but you need to work harder on getting good deals.

This is why I have been doing BRRRR for years. It's much more work but typically I end up getting most of my money out, still have equity and positive cash flow. Plus money to go do it again because I was able to get most of my money out. Everyone is spoiled now that they have seen unprecedented low rates. I remember when 7% was a great rate because they were coming down from 9%. You need to get creative by looking at the what could be done with the property.