All Forum Posts by: David Veeder

I have used Finishing Touches http://www.finishingtouchesremodeling.com/ three times and have been satisfied.  They are also involved with at least three Real Estate Investor Groups in DFW. As well other people in the master mind groups that I am in use them as well.  My impression is they specialize in doing non-owner occupied work.  I think they do over 100 homes a year.

I have been using Dallas Green Works for a number of years http://www.dallasgreenworks.com/.  

I have been impressed talking to the people at http://www.omnikeyrealty.com/.  Although I don't have anything under management with anyone.

Talk to your mortgage broker.  I ended up paying more taxes for a couple years to make sure I could get more conventional loans on single family (1 to 4 family) based off my real estate income.

Hubzu charges a buyer's premium over an above the sales price.  Also I would not rely on Zillow for rent or value information.  Also you need to see the property before bidding.  They can hide a lot in pictures.  I have friends that have purchased through Hubzu, it can be a good source for properties.  That being said protect yourself and do as much due diligence is possible.

I would make sure to contact the landlord before here current residence.  Current may praise her if they want her out.  Doubt that is an issue but it is always good to be to have the additional information.

I rent to people with pets.  Not limit on size although I need to meet the pet to make sure it is not aggressive.  I charge a deposit and then pet rent, which adds to cashflow.  I have had some damage but just to carpets, although it has required me to change the carpet and pad prematurely in some cases.  Over all accepting pets has been a positive.  

If you're holding the asset for rental.  Leverage is best.  It ups your Cash on Cash return rate, and reduces the chance that someone will go after the property in a lawsuit.

I currently use erentpayment.com it cost $ 3.00 per transaction.  I am now testing out Bank of America's online invoicing service.  $ 10 per month for up to twenty transactions, as I understand it they have a payment portal that doesn't cost me anything.

Although it is not law.  It is a generally accepted practice to limit rentals to two people per bedroom.

I would prefer the 8 unit. An 8 unit is valuated on NOI/Cap Rate. Therefore if you can improve operations than you can force value for the property. The rule of thumb is if you can raise the NOI 10% than you can do cash out financing the money that you put down. So you can go do it again. Of course you will need to improve NOI. I just like the possibly of forcing value rather than having to rely on non-existant comps.