All Forum Posts by: Taj Akinbode

@Josh Prihoda

As a general recommendation, it would be best to leave the electricity on until the new tenant moves in. This will ensure that the unit stays in good condition and is ready for immediate use by the new tenant. Additionally, if there are any issues with the unit that need to be addressed, such as a malfunctioning appliance or a problem with the electrical system, it will be easier to identify and fix those issues with the electricity on.

Leaving the electricity off until a week before the tenant moves in may not provide enough time to identify and fix any last minute issues that may pop up, and it may also make it difficult to do any final cleaning or touch-ups. Paying for the electricity for 1.5 months may not be the most cost-effective option, but it could be a good investment in ensuring the unit is in good condition and ready for the new tenant to move in smoothly. You can advise your tenant to ensure that the electricity is switched over before or no later than 3 days after move-in. Ultimately, the decision will depend on your budget and priorities. 

I am a Realtor and investor-friendly agent serving the Houston TX market and surrounding areas.  If you have further questions or need assistance, don't hesitate to reach out.

@Trevor Candice

Congratulations on taking the first steps towards building your real estate portfolio! 

Investing in a small multi-unit property as an owner-occupant is a great strategy that can help you save on living expenses and take advantage of owner-occupied loan rates. 

When searching for properties, it's important to identify areas with high rental demand and low vacancy rates, and work with a local investor-friendly real estate agent or property manager who can guide you through the process. 

Remember to do your due diligence and analyze any potential investment before making a purchase. I am an investor-friendly agent across town from you, My focus is Houston and surrounding area. If you have any questions or would like to discuss further, feel free to reach out to me. I'll be happy to help!

@Murray Reginald

Great that you are ready to take action! If you're looking for regular financing, I recommend getting prequalified to know how much you can qualify for. This will give you a good idea of what price range you should be looking in for homes. Additionally, in some areas, it can be difficult to find a good quality house in the $100K range, especially in a good area. Just recently, one of my clients was looking to acquire a house that was listed on the MLS for $65K, and less than 12 hours later, there were 13 offers on the table. The property eventually sold for $110K in less than 24 hours. This just goes to show that there can be fierce competition for properties in the $100K range that is located in decent areas within the Houston market.

I recommend working with a knowledgeable and experienced Investor-Friendly agent who can help you navigate the market and find a property that meets your needs and budget. They can also help you understand the different financing options available to you.

Best of luck in your home search!

@Murray Reginald

@Bryan McElrath

Here are some helpful info

Rentometer - https://www.rentometer.com/

Bigger Pocket Rent Estimator - https://www.biggerpockets.com/...

For a more reliable data, get a realtor with MLS access to help you run rental comps.

Best of luck.

@Alejandro Ferrer

@Alejandro FerrerI'm sorry to hear about the situation with your tenant. It's important to first check your local landlord-tenant laws to see what your rights and responsibilities are as a landlord. In most cases, if there is no lease in place, the tenant is considered a month-to-month tenant and you can give them a notice to vacate.

You could also try negotiating with the tenant to see if they would be willing to leave earlier in exchange for some sort of compensation, such as a discount on their rent or some of the cash you offered.

In terms of the repairs needed on the unit, it's important to address these as soon as possible to prevent further damage and to maintain the safety and habitability of the unit. You could consider hiring a contractor to assess the necessary repairs and provide a timeline and cost estimate.

Lastly, it's important to have a lease in place for all future tenants to avoid similar situations in the future. Make sure to clearly outline the terms and conditions of the lease, including the rent amount, security deposit, and move-in/move-out dates.

I hope this helps, and good luck with your property!

@Andre Bias

It sounds like you have a great opportunity to purchase some properties from your uncle at a discounted price. Since your uncle is not interested in seller financing, there are a few options available to you for purchasing the SFH properties.

One option you may want to consider is using hard money, which can provide you with a short-term loan to purchase the properties. However, keep in mind that hard money loans often come with higher interest rates and fees, so you'll want to make sure that the deal still makes sense financially.

Another option could be to partner with another investor or group of investors to purchase the properties together. This could help you to spread the financial risk and potentially reduce the amount of cash you need to put up front.

It's also important to consider the condition of the properties and any repairs or renovations that may be necessary. You'll want to factor these costs into your budget when determining how much you can afford to spend on the properties.

Overall, regardless of the source of the deal, it's important to thoroughly analyze it and consider all of your options before making a decision. It may be beneficial to consult with a real estate attorney or financial advisor to ensure that you are making the best decision for your specific situation.

Best of luck with your real estate investment endeavors!

@Ryan Swigart It's understandable that you want to keep all your mortgages in one place for the sake of convenience. However, I agree with your realtor's recommendation to work with a local lender that they trust and have experience with.

While I can't speak to the specific argument that unfamiliar banks make offers weaker, I can say that choosing the right lender can make all the difference in the success of your home purchase. Not all lenders are created equal, and great lenders can often close loans when others can't.

As experienced realtors often partner with and prefer to work with experienced mortgage lenders that are responsive and work hard to see the deal to closing. By working with a local lender that your realtor trusts, you may be able to expedite the process and increase your chances of a successful purchase.

Submitting a lengthy application to a new lender can be a hassle, but it may be worth it in the end if it means working with a lender that can get you the best deal and help you close the deal smoothly. I hope this helps, and good luck with your home purchase!

@Preeti Tibrewala

I am an investor-friendly agent located here in Houston and I'll be happy to assist you sell your properties for top dollar. Please visit my website below to schedule a time with me. I have sent you a private message as well. Looking forward to connecting with you. 

@Angelo Looney

Congratulations on taking the first steps towards becoming a real estate investor! I am an investor friendly agent in the Houston area and I will be happy to share my thoughts and some of my connections with you. 

Evaluating deals can be overwhelming, but there are a few key steps you can take to make the process more manageable. Firstly, it's a good idea to develop a clear set of criteria for what you're looking for in a property. This could include things like location, size, and amenities. Once you have a clear idea of what you're looking for, you can use this criteria to evaluate potential properties and determine which ones are worth pursuing further.

In terms of evaluating potential deals, the bigger pocket calculator is a great too. It's also helpful to work with an investor-friendly agent. Someone who are investors themselves, has access to more tools than bigger pocket calculator and has experience working with investors. An investor friendly agent brings a lot more to the table than a regular agent .  An investor-friendly agent can help you identify properties that meet your criteria, can provide insights into market trends and potential rental income, etc. 

While it's not necessary to connect with contractors before physically looking at properties if you plan to complete inspection before executing the sale, it can be helpful to have a rough idea of renovation costs so that you can factor these into your overall budget before making an offer. This can help you avoid overpaying for a property that requires extensive repairs or renovations.

Hi Michelle,

Glad you’re looking into the Houston market. There’s are a lot of opportunities here.

It’s very important that you do your due diligence when it comes to seller financing deals especially when you are being asked to put down a substantial amount.

I will advise that you connect with a local investor-friendly agent with a good knowledge of the Houston real estate market who can answer your questions and  dig into various databases to find you information you would normally not have access to. 

Happy to connect with you and assist in anyway I can.