All Forum Posts by: David A.

I have quite a few blank bandit signs I am going to put to use this weekend. Are bandit signs a good way to find motivated sellers nowadays? I haven't come across any threads that talk about this lately as much as I did back 2 years ago. I am getting started with my marketing once again and I am highly motivated. Looking for sellers with majority equity or free and clear homes that need repairs. What price range/areas should I plant these signs and what is some useful wording I could use.Thanks

For the longest time I've had a passion for real estate. Not only because of the potential profits but its something that is always on my mind. A little background history, I am 24 years old and bought my first house 4 years ago, 3 of which has been rented out. I purchased the property a little on the high side and paid $101k for a 3/2/2 1240 sq ft home at 5% on a 30 year fixed. My piti is $820 per month and luckily I have had luck with tenants and recently increased the rent with a new couple to $1050. Now that the market has toppled, the comps put it at 90k fmv. I'm not looking to sell and plan on keeping this rental for many years to come. The cash flow im getting is ok with me. My wife and I are expecting a baby boy here next month and we are looking to purchase another property.
Since we can't get another FHA loan, wells Fargo who is our current mortgage will approve us for a conventional with 5% down. My goal is to close on a good reo that needs repairs in 6 months or earlier if I find a heck of a deal. With this next house I want to rehab and put it on the market. Now, I don't know if there are seasoning periods before we can sell it. Is a house 35% below fmw possible to get with a conventional loan? I have so much to say and contribute to BP I think this is great and I have learned valuable info/ investors experiences. what do you guys think is a good strategy on a second house? I have 0% apr checks for roughly 10k to use toward a rehab as well as as cash reserves.

Ok so the last potential tenants decided to change their minds about leasing the house. I had received a $200 non refundable payment from them and I accepted their lease. They weren't too happy about it but I explained that if they changed their minds and I accepted their lease, the money is NON REFUNDABLE. I just sent them a copy of the paper they both signed so thats done I lost a week with them and it was a hassle to verify their information.

I marketed the property for rent on craigslist again and a couple that just moved from Arizona to Texas put down a deposit to hold it as well. They both have been working at their jobs for only 3 weeks but make considerably good income. Their credit is a mess with $24k in debt but have been making payments on time. I will be calling their previous landlords in Arizona tomorrow but I really don't know if I should accept them. They are both nice but I learned from going to the REIA meeting last weekend to be firm and that I was. I let them know that we give 2 days grace period and on the 3rd an eviction notice will be placed on the door. Anyone have any insight on renting out your properties if their job history is only 3 weeks. They both were making good income back in Arizona but this worries me.

Hi Loc yes that is what i am requiring them to do. thanks for the reply

Thank you Jon, I will do that. Should I also screen his wife? I see you are in Dallas, I am in Keller.

Hi everyone,
I am in the process of leasing out my home for the second time and this time I don't want to miss a thorough screening. I am just having some problems deciding to accept or reject their application. I have run a screening through mysmartmove and it shows a chapter 7 bk in 2008. They have revolving debt of $26k and it shows they have paid on time approximately $560 per month. His income on the application is $4500 per month but the lady at human resource is not willing to verify his wages. The rent will be $1050 per month and I want to make sure they can afford it of course. How do you go around verifying wages with an uncooperative human resource person with a bad attitude. They have 2 years good rental history. Should I run a screening on his wife as well? I guess I should have done this from the get go. thanks for any help