All Forum Posts by: Russell Moran

This was the most unprofessional business I've ever used. I am a Land Lord of a property and had used them for 2 of my tenants. I wanted to be as hands off as possible. I used them to find my tenants because I was promised they vented their tenants extremely well. I wanted little to no problems from these tenants and they promised they would find great tenants. The first set of tenants had maintenance calls almost every month for small things. Light went out, door come off a track, microwave/fridge lights burned out. Things that any normal person could fix. The tenants left the house in a mess and I had to pay more to make it "make-ready" then I got in deposits.
The 2nd tenant is where the real problem came in. I had paid extra commission to Renters Warehouse to find tenants that would agree to a 2 year lease. This totally backfired!!! These people were complaining right and left and would not properly communicate thru the right channels. They asked for things to be fixed and as a Land Lord I approved, only to find out the money I spent did not get things fixed. The tenants did not let Renters Warehouse know the issues were not resolved, or Renters Warehouse just ignored them. Renters Warehouse did not follow up on requests and do inspections like they told me they would do. The tenants sent me certified letters threating to sue me because of air conditioning problems that I had approved to fix but Renters Warehouse did not work/communicate well with the warranty company. It was an absolute mess. The tenants ended up leaving out of a 2 year lease in 12 months and left the house with BEDBUGS!!! They continued to send me letters asking me to return their deposit.
Do you want to know the kicker? Renters Warehouse FIRED ME as a Land Lord because the tenants wrote negative reviews about them and they didn't want the bad press. Renters Warehouse inability to communicate effectively is costing them business. I can see from other reviews on here this is a common problem. RENTERS WAREHOUSE IS HORRIBLE...RUN AWAY!!!

My grandparents passed away last year. I am the oldest grandchild. My mom and aunt are the only 2 surviving children of my grandparents. Grandparents had a will and my aunt moved into the house and taking over payments in agreement from both children (her and my mom). She is moving out of the house and does not want the payments anymore and wants the house to stay in the family. She wants me (the oldest and financial advisor) to assume the payments. My mom and aunt will sign over the house to me from the "estate" which they are over. My goal is to take over the house and "OWN" it, not just pay the bank for it. I will be renting it out to other family members to help them out. I am reading I can't "assume" the mortgage, but rather I'd have to get a new mortgage. Since this is rental property I would have to traditional come up with 20% down in TX. What's the cheapest way to legally take possession of this property?

I've used lending tree and getting lenders to contact me. Some are local, some aren't. I don't think they need to run my credit because 4-5 folks doing that could hurt me right? What exactly do I need them to do for me?

Not necessarily looking for a lender, looking for ideas and people who know if this is possible. What is the DTI threshold? I current paying around $1,600 month for current home including taxes, insurance, etc... Does anyone know the law on BKs and my options? I did try the marketplace and it said I need to pay to upgrade my account. Is that the correct place?

My family wants to purchase a new home as we have outgrown our current one. We want to keep our current home as rental property. Here's the scenario: We filed chapter 7 bk back in November 2009 and it was discharged February 2010. The houses we're looking for will be around $300-$500k. Our AGI in 2011 and 2012 was around $185K. I'm in Texas and willing to look into options. Any recommendations?

My name is Russell Moran; I’m a newbie from Grand Prairie, Texas. I currently own my own home and that is the extent of my real estate background. I have owned for 10 years. I am self-employed and own 2 businesses. I own an insurance agency that my wife and cousin run and I own a life insurance and retirement agency that I run. I have a business bankruptcy on my credit report that started in November 2009 and discharged in February 2010. I believe this will hinder me in my real estate investment goals. My goals are to buy local properties both residential and commercial. I would like to have them maintained by property managers. My mid-term goal is to own the buildings that I have my insurance agencies in. Long term is to own multiple commercial properties all over the metroplex. At this point in my life I pay heft taxes annually and was lead to believe depreciation in real estate could help me alleviate a lot of my tax burdens. I joined BiggerPockets to get put on the right path. Any recommendations would be appreciated.