All Forum Posts by: Steve E.

Hello @Bruce M. If you have not setup with PGI Direct, John Parks, think twice. I had been looking for a provider and one of my friends setup with him several months ago. Originally he was quoted $1850 for one time setup and no annual fee. My friend got a quote from mysolo401k.net for $525 so John said he will be undersold and matched it and set it up for $525 and $125 annual fee. He did set it up and send the documents but since that day he has not responded to my friends needs and never answers phone or emails. My friend is frustrated and since he just setup and brought a rental property already and wondering if he did things correctly. Do your due diligence whoever you chose if you have not done so.

Serge S., thanks for the response. I am not worried about the foreclosure but the self employment. You certainly make good points so will look into his spending patterns and bank reserves.

Hello Joel,

Thanks for the excellent solution as always.

Steve

Hello all,

Have a house listed in mls and a prospective tenant applied through his realtor. He saw the pictures from out of state and really liked the place and about to sign the contract.

Their background check and credit history my realtor performed came back clean. The husband has been working for a trucking company until last year and currently he works for himself and provided good income history.

My personal search revealed he was involved in a hit and run last year and luckily it was not fatal, but I am guessing he was let go of the company and started his own.

Add to the twist, zillow and redfin says their current residence was foreclosed in June but since it is so fresh not showing up on their records, the county record still shows their name.

When I asked him indirectly about the traffic violation he admitted it was an accident and I can certainly understand it was an accident and he made a bad decision not to stop and I am okay with it.

But the foreclosure finding has made me thinking and have not brought up to him. Other than this his background, credit history and the income portrays him as a perfect tenant and do not want to lose him.

I wanted see what you all think and should I take him or not?

Thanks

Robert, thanks for the feedback and do you think it is a bubble or starting of a seller's market. And probably most of the offers submitted for this property and similar properties are investors. The price they are paying would fetch hardly anywhere between .7-.8% rent and I don't get it.

Congratulations Robert. I am in your neighborhood and have read your past interesting posts. I hope you probably noticed the market particularly in Frisco, McKinney and Plano. I had been trying to get my first rental property and lately all my list price offers or little better had been shot down. This property, 9924 Nixon Drive in Frisco, was listed last Friday, we viewed the property at noon on Friday. I was waiting for my realtor by the way not really happy with him, keeps bragging how he wins i multiple offer situations. This keeps me worrying because the only reason could be you are offering way overpriced. Anyway this house was listed for $149K, last year around this time the same type of house was around $135K. The realtor convinced me to offer $11K more and escrow of $12K which I never heard of. I thought that was too much and made him submit with $5K escrow. He was not happy about that and made comments how I am not ready to be a RE investor, blah blah blah.

Anyway coming back to the offer, we just found out they have selected a better offer and will keep ours a backup offer.

This shows how the market is and probably all the realtors are just having a ball with all these newbies including myself.

Hello all, finally my friend realized the pitfalls in this deal and decided to back out, thanks to Harry M. and Carlos F. for the justification.

But interestingly this afternoon he was countered with $132K, so the seller looks motivated. I did my best but now it is upto my friend. I myself would just walk away. Thanks everybody.

Harry M., really appreciate the breakdown and now I can explain it better. Carlos F., thanks for the suggestion but currently I am not in the market wish I was in yours though.

Carlos F., hope my friend realizes this and you and Harry M. are correct, this property is in Howe. He just found out there are 3 potential buyers according to the seller and I am thinking he is just trying to create an urgency. I will keep you all updated how this thing turns out since you are in the same market. Thanks friends.

David Weiss, thanks for the reply, Harry was right, the rent is per side.

Harry M. What a small world and thanks for the in sight. I tried explaining him the 50% rule but he is not thinking and says $9000 is ridiculous for relatively newer property (2003). How can I explain him the 50% rule?

Also what is the $1000 you have under Misc?
Thanks