All Forum Posts by: Rick Pozos

Once you start doing renovations on the outside of the property the tenants will know that rent increases are coming. As mentioned, the good ones get $20 or $30 per month increase on 6mo lease, bad tenants get $100 or $200 rent increase.

As you are doing exterior renovations, start interiors as tenants move out. One by one or two or three at a time. By the time you finish all renovations it will be time to raise rents again!!

There are some really rough parts of 78244 in San Antonio. There are also some new and newer houses in the area. Depends on the street.

You probably need to analyze about 20 or so houses in an area to get a better feel for it. Prices change with major streets, railroads, or a drainage ditch.

It is not that you are not taxed on the inherited house, it is that you receive the house at today's value. So if you sell it tomorrow or in the next few months, the value is probably the same as 3 months ago when you inherited it. Hence, no profit, no tax.

It was worth $600k when inherited. Sold a couple of months later for $600k. No tax because there was no profit made.

Start the eviction, NOW.

Hey @Christopher Douglas I would get out and go to some real estate meetups and meet some people in person. There are a few big ones and lots and lots of smaller ones. I have a smaller group that is free and the larger ones are usually a few hundred $ per year.

What's wrong with Dallas?? Big city and you know the area. Stay where you have an advantage. I say this for your benefit. You know the good areas and bad ones in your area. It is too easy to get into the wrong property in an area that you know nothing about. 

Too many people want to go out of city of state because they are chasing the 'better' returns. The unknown is a big factor that WILL cost you money in the long run. Invest where you are.

Hey @Debbie Weber I am also in Alamo Investors. There are lenders that are sponsors who PAY to be included in the newsletters and are at the events. Use one of them. There are also a few other bigger lenders who do fix and flip loans here in San Antonio.

Let's start with the price. 490k for a two bedroom, two bath?? In San Antonio??

It sounds like they tried to use it as a duplex and someone found out. OR they were illegally doing STR. You could do a longer term mid-term, but still if it is single family, it's single family. It is going to cost a bunch to separate the electric meters and make it two units. This sounds like a high-end neighborhood. Neighbors are going to be in your business.

This should have been talked about or done MONTHS AGO. But yes, now that we are here, maybe let him know that if things do not get up to date or cleaned up you will go to his superiors.

When people are late right at the beginning, I let them know that the behavior is not acceptable and let them know there are consequences to that bad behavior. 

I did not read the other post. YOU need to know pretty close to what the tax people know. Maybe not all the details, but have a pretty good handle on what you are wanting to do, or what you think you should do. 

When the tax guy or the accountant says that you might want to do this, YOU should already know why you do or do not want to do this. Again, you do not have to know every line of the tax code, but have a good understanding of what happens when you do something. And make sure that you know this stuff for YOUR situation.