All Forum Posts by: Paul Zofsak

So my tenant is two months behind on rent, I went through all the processes to lead to the eviction trial which is set for today. So my question at this point is how do I know if I need to spend the time and $$ to file a writ of possession? I have had no communication with the tenant, I have not received the keys from them, and it looks like the power is still on in the house but the blinds are all drawn so it is hard to determine if they are still living there. This is in Texas by the way.

I would like to hear from the experts on this one; here is my story. In January of this year I closed on a house with a buy and hold strategy. I did an HML and then into a conventional loan, I rented the house and am now in the process of evicting the current tenant. During the process I realized that I may have purchased a house that is above the current market demand and I will not get the type of tenants I want for the rent that I need; chalk that up to experience. Anyway, so in my current situation of only having the house for six months but with obvious intent to hold on to it initially should I consider moving forward with a 1031 exchange; would I qualify?

I have a guy I like to use. When I get back in town I will give him a call and see if he is looking for any additional clients.

Welcome to the forums, you should be able to find the answer to any question here.

My tenant is two weeks late with rent, I got an email with a reason why it was late and that it would be sent soon; nothing yet. I went by the house today and there were no cars outside and from what little I could see from the front window I couldn't see any furniture. I also didn't get a response to my phone call or most recent email.

So now what is my next step to insure that I don't do anything that infringes on my tenant's rights and could get me in hot water? I would guess that I would have to go through the eviction process whether they are there or not, correct?

My most recent purchase was a short sale that came with a $4k loss mitigation fee. The bank was requesting $95K so I offered $91K. After $8K in rehab and closing costs I now have an ARV of $134K. You just have to figure it into your numbers and see if they still work; in my case they did.

I agree, the gut is usually not wrong. I googled the prospective tenant and got nothing to support the information she gave me. I have a lot of other interest in the house and have spent too much time on this already. Thanks for all the replies; its great to have the BP community to reach out to.

I have a prospective tenant that has provided me a paystub along with her application. Everything seems good on the paystub and when I call the number she provided the person I spoke to verified everything to be correct. Here is where it gets fishy and my gut is telling me it is B. S., the number provided is a cell phone number, the address in google maps shows to be a boarded up house and the address for the main office appears to be a personal residence in a neighborhood. Also, when I google the company name only one comes up, I called and they never heard of her or the person whose number she gave me. On the one hand it could be a small company without a website and google maps can have old photos on it, but it all seems off to me. On the other hand it seems a little "made up".

What are you all's thoughts on the matter? Is there a better way to go about this?

Based on my experience it would all matter on the deal at hand. If you can include the purchase price, repairs, and the closing cost into an HML then you are getting in with no cash out of pocket; it all depends on the deal and the numbers. My most recent deal had a purchase price that was exactly 70% of the ARV; repairs and closing costs came out of my pocket to a tune of about $17K. I will get back about $2K at refi closing (would be $8K if I had the property for six months before refi) so In the end I will have about $15K cash out of pocket but an instant equity of about $33K plus monthly cash flow.

It all depends on your area as far as what is achievable; in Houston, the housing market is cheap and exploding.

If you want to be completely passive then you should look into a property management company; in the end, its all about the numbers.