All Forum Posts by: Austin H.

I wouldn't suggest cash for keys in Texas. If the tenant doesn't pay and you can prove it they get put on the street in less than 30 days. Besides that cash for keys promotes the mind set of take advantage of the landlord and see if they will pay me. I hate wasting money but have no problem spending more than I want to when someone takes advantage of my good hearted nature just to make sure they have to pay in the end.

Just giving you a hard time. :) Best of luck!

Wrong holiday....but I guess you could say due to all the men and women that laid it all on the line is a direct result of our independence.

Most will accept old surveys. Most of the time surveys and should be exclusively for the previous buyer/client of the survey company. My advice is don't rely on an old survey over a year old it is based on the conditions at the time off he survey not today. Surveying is expensive and it should be but an investment in a house is expense, you want to be certain there aren't any encroachments, setback line issues, easement issues and they can also aid in bringing to light title issues.

Glad to hear you have goals, many people your age don't. Hit rock bottom a year ago and already quit your job? Chances are you don't know what rock bottom is. Disclaimer:i don't either, fortunately. My advice is to get a job and keep it. Make sure it is something applicable to a career in real estate. Steady income and credit is what builds a career in real estate. Many people think you can survive on no job and no money, with ambition. Some people do, most don't. Vast majority of people don't become successful overnight, it takes long nights, heartaches, bad decisions, some good decisions, a little luck, perseverance, CREDIT, some money and dedication to become successful. Just remember success is in the eye of the beholder not others around you. Again get a job and work on real estate on the side. If you are planning on wholesaling, that's a job that you spend money on, not an investment.

No one in their right mind would hand over their cash reserves. It's shown in the P&L statement so you can see where the money is going on and out at.

Is anyone purchasing/holding/owning rental properties in one LLC and using another LLC to manage the properties? Any advice on max dollar amount to keep in one LLC?

The reason i ask is we currently own our properties in a LLC to project our personal assets, with the understanding that if we are ever sued they will go after LLC and personal assets but that doesn't mean they will succeed. We currently own $460k in assets in one LLC and will be over $550k in the next couple of months. My thoughts are if we set up different LLCs to hold properties and cap them at $500k or 750k or whatever $ amount we come up with and then manage the properties in a LLC that doesn't own in any assets etc. If ever sued the holdings LLC will be shielded better.

This also gives us an opportunity for branding/marketing the management company better, rather than using the name we came up with when setting up our 1st LLC (its rather lengthy)

A nice home in a nice neighborhood will be easy in Texas even in high growth areas at 300k, cash flow might be difficult, in my market my max is 150k and then the money doesnt make sense. I wouldt buy a property based on expected appreciation or at break even. The appreciation may not happen, and stuff comes up that can turn a positive cash flow into a negative. In my opinion you should determine the lowest percentage of cash on cash return that you are willing let to go of your money for and then research your prospective investment areas. Use zillow, hotpads etc to determine actual rent prices (ignore the zestimate), also look at the tax roll value to determine if the tax roll vs. rent is in the ballpark and then look at Realtor to check out asking prices and then begin talking to an agent.

People rent for 3 reasons IMO. They dont have the down payment, bad credit or they prefer for someone else to handle maintenance.

I will look into that. thanks

What are ya'll using when renewing a lease with a tenant? To date we have been just having the tenants resign a new lease which takes up alot of ink, paper and more time. Im sure there is a better way but I just haven't made the time to put together a lease renewal form. Does anyone have one that want to share or give me some ideas on how to word it?