All Forum Posts by: Toby Mims

Go to Lowes or Home Depot at 6am and find a few good General Contractors, and schedule them to come out on the same day and time to give estimates so that there will be a sense of competition for the best quote.  Order "The Book On Rental Property Investing" by Brandon Turner.  That book has been very valuable for me!

I would probably pick a home near west Texas where they found the Wolcamp shale field near Midland Texas. 

http://www.usatoday.com/story/money/nation-now/201...

There will be great growth in that area in the coming years, and I know you want to get off to a great start!

I would call a few property managers in that area, so you can get a feel for that market. They might even know someone that is ready to sell a home that you are looking for!

Welcome Casey! I know exactly how you feel! BP is an amazing resource! 

If the Federal Reserve continues to raise rates and does it aggressively, housing values could fall in the long term. I the near term, many will make a mad dash to buy as they see rates starting to go up.

I would let the tenant know that at the end of the lease the rent is going up and that the new bathroom remodel will be taking place immediately. That will make them feel like they are getting something in return for the increase in rent. I would also put them in a decent hotel during the remodel. 

Hire a new attorney, send her a letter of intent to sue her for all of the damages to the property. Have your new attorney negotiate with this person. If no deal, proceed to take her to court for the damages. 

We have a great a/c technician that tells us if there are any issues when he does his service work. We drive by our rental at least once a month, and have given our neighbors our phone number if they see any trouble developing. 

Darien, Welcome to BP! We ALL wish we had started at your age! Keep learning because it will serve you well in your future!

Have a talk with them, and let them know that things just aren't working out. Tell them to keep their partial rent payment, and offer them $500 additional if they will move out by a certain date. Tell them the house must be clean and you inspect it before you give them the money. This could save you THOUSANDS in attorney fees, torn up house, and future trouble. Hurt your pride, not your wallet. 

You could really knock it out of the park by bringing along a contractor with you to the 2/1ba home, to see if a small third bedroom can be created with minimal investment.