All Forum Posts by: Richard Gray

@Aristote Kalenda

I’m sorry, I really don’t want to rain so your parade, but post cards seem like a poor method to find a seller. It may work, kinda like bandit signs, they must work, if not why are so many using them? In my opinion all these do is lesson your brand. I get a couple cards every week offering to buy my house from some strange city that I have never been to. From the receiver of this card it appears to be some kind of scam.

Do you want to buy any/every house in the city, pay pennies on the dollar, paint it and sell it for a 30%-40% profit? To me that is what that is what post card is saying, trying to find someone in desperation, for a quick sale.

May I suggest you “drive/walk fo dollars. Find the house which has potential as a buy and hold investment, find the owner and gently make contact stating that you are interested in buying a home in that neighborhood and if he/she has ever considered selling could we possibly meet for coffee and speak of the possibilities.

Yes, it is slower. Can’t do a bunch a month. But it gets results.

@Daniel K.

My rents are due the first day of the month. The door is posted on the second day of the month. Three days later I file for eviction. The only way he can stop the eviction is to pay up with rent and late payment and my filing cost. I also file for money owned me in small claims court. This most of the time works and at least the property is vacant at the end of the month. I let the eviction process even if the tenant leaves because he will have an eviction on record which should affect getting his next rental.

@Liz Brock,

I rent for cash flow. 90k paid for should have great cash flow. I would not sale or refi. This house could be a golden goose. Cash flow is great!

@Steve K.

I believe “reasonable “ is what ever you agreed and allow to happen.

I have two rentals which I personally manage and one of them I pick up the rent at the rental property after calling to coordinate. It is sometimes a little inconvenient but It also gives me a

chance to view the property. They have been with me for seven years and never been late.

The other tenant brings the rent to me, has been with me for two and a half years and never been

Late. Both of these tenants have been very good and take care of the properties very well. I accept cash or money orders and issue a receipt when I receive payment.

These are low income folks who have had problems with checking accounts and banking in general. I believe they do not live on a budget and money is very tight, but I always get paid.

I have several other properties that are managed by a property management co which cost 10% and are direct deposited to my account generally by the 14th of the month. Very convenient and expensive. What I can do for one or two rentals I am unable to do for several. I will probably in the future change to a direct deposit payment, but for now it is working.

@Kristyn Grimes

Why not call a foundation company in the area for estimate? I have replaced piers before and it’s not that difficult. I used bottle jacks and two younger helpers. Pretty much same procedure as leveling a floor.

@Adam Azam

My rents are due on the 1st, on the 2nd their door is posted with a three day notice to “vacate the property because of nonpayment. On the 5th I file with the County for eviction which takes twenty some days. If the Tenant comes up with the money , full months rent, plus 10% late fee and eviction filing fee generally $60. I may let them stay, 2nd time probably not.

This is not a surprise to the Tenants. I do month to month rentals only and this is clearly explained in the rental agreement.

@Mitch Messer

I like it, about the easiest way to get into RE. You can get a low interest rate and minimum down

Payment. Just make sure the place can rent for enough so as provide you with a profit when you move out. Don’t overbuild the neighborhood. Generally you will have to live there for a year, then you can buy another and do it again.

@Steven Robillard,

I have limited experience with auctions, I like them. I used Auction.com.

They have a good inventory in my area. I have bid one one sfh, got it at a good price.

I was to learn later that they transfer title/deed by way of a Quick Claim deed. With no

Title search. I learned this doesn’t work well in my area. I tried to have them send it to my title

Company, with me paying full price and all closing cost. They were not move away from the quick

Claim deed. My local lawyer advised me to not purchase this deal because it could make me

Responsible for any Leins or judgements against the property plus I may never get a good deed.

I walked on the deal. The company now places a warning on there web site concerning liabilities and risk involved.

@J.R. Crady III

The home I have lived in for 30 years is a septic system an I’ve had no problem in that time. However, many of the tenants are from different areas of the country and not familiar with the systems, tend to not take care of them and not have good luck with them. I do not have rentals with the septic system.

@Jacob Phillips

I have been asked several times about sec 8. I have no experience with sec 8 but years ago I had a friend who did sec 8 and it was a constant hassle and from what I learn from him I want no part of it.

When asked about sec 8 my response is that I really don’t know anything about it and if the prospect wants the run the paperwork for approval I may consider it. In 25 years of doing rental properties I have never seen that prospect again. I really don’t want to be in business with the government and tell me what to do. However, I am considering purchasing a place with the intention of doing a sec 8 just to see how it goes. If I do it will be for the education and a tax shelter more than the cash flow.

Rick

Copperas Cove, TX