All Forum Posts by: Renay Reese

not sure where you are located but in Texas if there is an active lease it would transfer to new owner. We give notice to the tenant after the home sales just incase it falls out of title. We do also let tenants know that we are interested in selling just incase they are interested in buying. In the past the some tenant have a emotional connection to the property due to living in it and sometimes will offer more then an investor just looking at numbers. hope this helps good luck

familiarize yourself with that specific website terms (can you inspect properties) title status, liens etc. I would try to contact them or search for properties that did not sell or those that do not have a time line on auction/or low number of bids. That way you can find the ones that have less competition. Also if the site that you are using have notifications when you get out outbidded.  I would set that up. Last know your number of course and figure out the highest bid that make sense and be the top bidder if "tanks" include losing the deal. hope this helps. 

I have not had any success with online auctions. To find the best deals it needs to make sense (cents) on the numbers but I have found that if you have less competition (not on mls or auction sites) you have a better chance with price and terms) Also a lot of sites do not allow inspections. I would always do an inspection. Even if it is as is. Just so you know what you are getting. or if the numbers make sense even with a tear down then I have made offers in the past site unseen. hope this helps 

in texas it would be a credit back to you at closing with proration up until that day. hope this helps

never skimp on inspections, legal services or comfortable shoes. Always Always consult a lawyer (that you pay for) in your area for updated laws etc. it should be a business expense. Find a large real estate business in your area that you hope to reach there success and find out witch firm they use, through social post or their pr dept. hope this helps and good luck on your business venture it takes guts to go out your own and always make sure you have the best team starting with legal. 

when it comes to dealing with deals....i always like to reach out to the seller bank in this case and speak to them. you will find it difficult some times but once you find your contact at each bank keep in contact with them. Everyone says "send me an offer" and we worry about terms. Still send your offer but follow up with a call to test the waters. I have agents call me all the time asking me what is the ball park that the offer needs to be in for consideration? I personally don't get turned off from low ball offers or the word no. You probably already now this that no or no response to your offer should be considered a starting point. Key is to build relationships with the reo rep and after you buy a couple of properties they will remember and notice your offers from the rest. hope this helps......

....first time I have even threatened eviction on anything other than non-payment. (Always consult a lawyer) I would first start at....what is your definition of a good tenant? My definition of a good tenant is one that pays on time. A great tenant does not exist. Second if the discard was an accident and not his personal fire arm but a visitor...then I would let it slide after making a note in the file and having tenant sign that they understand that this is not something you or your owners want in there home. You can call the police department and ask if there has been any report filed. (you might want to call a couple of officers until you find the one willing to help) You can always try to find it in Austin Incident Database. I know all this takes time away from tasks that need your attention. But I found that you can turn a renter into a life long customer as a buyer or at least a lead source. Easier to give a slap on the hand then to evict, make ready and find a qualified tenant.  hope this helps 

for tax purposes I always recommend starting with a tax lawyer that has book keeping services available. But the most important take away is that managing your finances is ultimately your responsibility at the end. The subjects that you don't like or maybe not interested in will be your greatest asset. When you walk into your meeting have notes from your research. Which is more important making money or saving money? So many times I watch American Greed show and I see people that worked there entire life just to get an investor to steal it. I recommend scanning your receipts and entering in bookkeeping program your tax lawyer or cpa recommends so that you can see first hand where your spending is going and to double and triple check your accounting firm. If you have the money hire two tax firms one to file and the other to double check the first firm. I truly feel what every investments you become involve in find a partner that is open to 24/7 communication and be involved as much as possible. real estate, real estate is a solid investment over time from appreciation of property, tax deprecation benefits, cash flow = residual income. hope this helps....

I would replace the art work with something else for the future and include in your terms that any type of filming is prohibited or contact you to discuss. 

we had a previous owner pass away in a home we purchased and when we did a walk through all of his fluids exited his body. Needless to say the smell was very strong through out the 3/1 on pier and b. The real smell over time is trapped inside carpet and under carpet padding and along the cat tacks that hold the carpet to the edges/base of wall. Just because the carpet looks good maybe due to cleaning or spot removal, remember carpet is porous surface will allow air or liquid to pass through it.

1. Pull up carpet and the carpet padding. (don't try save the carpet) 

2. Vacuum in between cat tacks and wall (use small nozzle tip to get in the crack.)

3. Mix vinegar and water in new disposable bug spray 70 water 30 v. Set bug sprayer to mist and cover entire subfloor and cat tacks. (don't soak floor but apply evenly)

4. To reduce cost of new carpet. take measurements of carpet area. Find a local carpet company that is owner operator ask them for used carpet that they did a color change on, ask them to text you a pic of the used (pre owned) carpet and settle on a price before they come out.

Hope this helps.