All Forum Posts by: Rocky V.

Wow!!  This is why I dislike home warranties.  Threaten to cancel or not renew the policy this should get them moving.

Definitely ask around.  The only reason I still keep my license is because my broker is extremely fair.  No monthly fees and very small fees when I buy/sell/lease.   I wouldn't bother with the big name brokers.

@Nathan Lifshes The DFW market is still HOOOOT!! You will be competing against several investors with extremely deep pockets. At that price point you will probably only get older homes and properties needing major rehab. What's your ideal/realistic home look like? I will have a 1/2 duplex hitting the market soon and another standard SFH as well. Both are in South Arlington.

@Account Closed Go with a 40 yard dumpster.  However, I would recommend finding a trash out crew to do the entire project.  I have one that I use at it is much cheaper than having my crews handle trash out.  A good trash removal company will have their own trash trailer and small crew.  

@Caleb Heimsoth I've been in the biz since 2000 but started as a side gig.  Maybe rehabbing one a year and picking up one or two rentals.  Since 2010 I really started focusing more on real estate and that was when I saw by bank balances go crazy.  If you focus it is not hard to acquire at least 3-5 a year.  Business relationships are key and cash reserves are a must.  

I remember my close minded acquaitances telling me why I was getting into the rental biz for just a $100/month profit.  Well there still working that 8 to 5 while I take numerous vacations a year and enjoy life.  You just need to get started and get out of the rat race.  It starts with one and there are endless possibilities.  Pic is from Chase account which are monthly rent deposits every single month.   I currently  have just over 30 SFRs and will be hitting 50 by the end of this year.  My net per month is around $12K.

I'm not sure about your state but here is what I have. I hold a Series LLC in which I group properties into individual series. I also utilize Land Trust and name a series as beneficiary. I have another LLC for management and construction tasks. I'd read up on LoneStarLandLaw but I'm not sure if it applies to your state.

FYI - if your just getting started Just Do It!!  Don't let all this llc, corp., trust hold you back.  When I first started everything was in my personal name.

Definitely go to another small local bank that has their own portfolio loans.  It took me awhile to locate some in my area but now I have about 3.  Last year I closed 3 portfolio loans with 4 or more properties per loan.  If you are not over 10 properties I would consider standard loans because rates are much more appealing.

I'd have to say SFRs but I'm a bit biased as I only own SFRs.  My rebuttal to multis is what about a fire or water damage.  You would have several doors out of commission rather than just having it contained to one door.  No matter your decision buy LOW and build a strong relationship with a local small bank that handles portfolio loans.

Call me old school but I stick everything in a manila folder and total it out at end of project.  Currently have 5 folders going on at once.  I tend to stick with the principle of KISS.

At the end of every project we total it out in QB.