All Forum Posts by: Peter M.

Thanks for all your input. This helps a lot.

I am currently going through several applications for a unit I have available and was hoping to get some advice on what you ask prior landlords and PM companies when screening a potential tenant.

The main problem is that most of the applicants come from large apartment complexes that require me to fax over a form with a copy of the release the applicant signed, proving they can give me the information I need. Private landlords will usually talk to me over the phone but they are few and far between.

I am in the process of creating this form and was wondering if any of you could give me some tips. Or if you were feeling particularly generous to show me the form you/your company use. Thanks

Peter

BS- Marine Engineering Systems (basically a mechanical degree specific to working on ships) from the US Merchant Marine Academy. Not much translates to real estate besides working with tools but the effort necessary to get through differential equations in college certainly helped my work ethic and "stick to it" attitude which is a must in real estate.

No formal real estate education but plan on getting a license soon to get more hands on experience and better access to MLS sites and investment opportunities.

Good luck Rob Padilla. I think everyone on here has felt the same frustration you have. I know I have/am. Your story was great and if nothing else when you get down on yourself, look back at that success and realize there is nothing stopping you from doing it again.

This is a great area to be investing in or simply living in for that matter. Flipping and wholesaling isn't my thing but I have done some renovations so if you have any questions feel free to shoot me a message.

All of the above mentioned are great ways to find rent amounts especially calling rent signs and talking with other landlords. The best part is they are free.

If you want to go further you could also talk to a Realtor or appraiser who could do comps for you (for a fee of course). In fact once you get the property under contract and get the appraisal done, rental comps should be included although you should be a little wary of these because they sometimes tailor the results to match what their client tells them they think they can get in rent. It won't be an outright lie but they will pick the 3 in the area which are the most favorable so you need to do your own research to make sure the amenities are the same. Otherwise you might expect a lot higher rent for white appliances and laminate counter tops when those comps were all from places with stainless steel and granite. Hope this helps a bit.

Good luck

David,

I agree with Bill completely. I would only use IO loans for a short time mainly due to a lack of equity. In fact, I did exactly this on the multifamily property I bought. It was in terrible shape, all 4 units needed major work, and besides the one tenant I inherited (whom I had to evict) it was completely vacant. So with no tenants ie. no income, the lower interest only payments for the first few months were very beneficial while I completed the renovation.

Now that I have some cash flow, that money goes towards principal and equity. My renovations coupled with the improving real estate industry should create a nice little bit of leverage for when I purchase my next property. Had I been making interest only payments this whole time, that amount of leverage would be considerably smaller. Hope this helps.

Thanks for the warm welcome everyone.

Hello,
I have been involved in real estate investing for 2 years now, but have only recently discovered this incredible resource. My knowledge of REI has grown exponentially since I started coming to this site and I am even trying out Smartmove for a current vacant unit. I figured it was about time to start contributing and networking with the people who are donating their time and experience to help new investors such as myself. I especially enjoy how open everyone is despite the fact that we are technically competitors and strongly believe that open discussion and sharing of ideas enriches almost any industry.

Once I complete my service obligation in a year, I plan to pursue real estate full time. Therefore I believe it is prudent to start networking now while simultaneously continuing my education and looking for properties to add to my meager yet hungry portfolio.

I am actively looking for multifamily, buy and hold properties in the Dallas/Fort Worth area as well as contacts in all aspects of real estate. If you have similar interests or have any advice for me I would love to hear from you. Thank you for taking the time to read this and sincerely wish everyone success in their real estate endeavors.

Peter Moser