All Forum Posts by: Veena J.

Hello. I live in Frisco and would be happy to connect you to a good title company that I use for our non realtor purchases. Use the TREC one to four contract and fill it out. The title company I recommend would have a lawyer to look over the contract first if you want them to.

** sorry for the typos. I'm mobile.

Morning! I'm a semi seasoned real estate investor... My family has been in the business's for decades. It seems as though I've hit a bit of a lull dealing with a series of issues with tenants/contractors/property issues/etc. I'm literally feeling like I put out one fire just turn around to another. I know stress and obstacles are part of the game. I'm just a little down after sooo many. Anyone have any words of wisdom or encouragement to spare? I'd love to hear your experiences and motivation to not just throw in the towel. Lol. I truly love what I do. And I know that everyone on REI has had at least one (if not many) issues over the years. It just seems like all mine are hitting one after another. Sigh.

I should add regarding my advice that we are fairly conservative with our pro formas, but we are willing to take on riskier properties to grow aggressively. I know that model doesn't always work for everyone... I have the good fortune of having a husband who makes a very solid salary outside of real estate. 

Originally posted by @Greg H.:

@Veena J.

The only required notice in Texas is the 3 day notice and it does not in any way preclude you from accepting rent or not allow the tenant to come current

 That's what I thought too-- I haven't been able to get ahold of my atty yet, but from what I understand, written notice of late rent due is only required if the 3 day vacate gives them the option of paying rent late which is up to the LL... I could be wrong but I sent notice of rent due just in case to make sure I have airtight evidence for eviction. 

We are invested in the Dallas, DC, and Chicago markets. All very competitive, but the Dallas market may fit your parameters. Send me a PM, I have a few single family in my portfolio I'd be willing to owner finance on that meet your budget. I am not actively trying to sell them, but I would if the deal was right-- they are all cash flowing with equity in the property, but I'm trying to shift my focus from SF to MF. 

I am dealing with a similar issue with a tenant here in Texas as well. However, my TT always asks every month to pay the rent late, so I am starting the eviction process and hoping he pays the rent before I have to file. 

Steps in Texas:

You can choose to give them the option to pay or not. If you do give them the option to pay...you have to first send them a notice of the rent and late fees due. (hand deliver to anyone over 16yrs, taped to the inside of the main door, or via certified mail)

Once you've sent that, you can send a notice to vacate property via the methods above, but if you are giving them the option to pay rent in full plus late charges, you can send via certified mail but you have to give them 5 days instead of 3. The other methods are only 3 days. 

If you decide you just want them out of the property, then you do NOT need to give them formal written notice of the amount of rent due... you can simply send a 3 day notice to vacate. However, if you do this, you are not allowing them the option to bring rent current... 

If you have a good history with these TT, I would send the late rent notice and go from there... That way you're covering your bases but don't need to be overly aggressive. At the end of the day, this is business... but I like to help my good TTs when life throws them curveballs. 

We saved cash for our DP on all our turnkey investments. 

My initial response is to not leverage a HELOC on your primary home. If for some reason you have issues with the rental property, you are putting your primary home in jeopardy... We never mix our primary home with any of our business assets. I would suggest looking into private money and see if you can find an investor to partner up with you. You will need some skin in the game.

If you decide to use a HELOC for DP, make sure you run your debt service numbers correctly and are still cashflowing on the property.

You may also consider buying a rehab with hard money (70% LTV) and then refinancing once you've finished rehabbing... that could potentially cost little money out of your pocket if the numbers are right. Best of luck!

Hello,

Does anyone have a rec for a licensed electrician in Dallas (zip 75227)? I need the panel replaced and it looks like we will need to pull permits to do it. Anyone have an idea of the costs involved?

Thanks!

You've gotten a lot of great advice. I'd personally caution against doing a SFH at $1m+ because the market for that is sooo minimal unless you're in an A+ market... The higher the price point, the less you can resell. I would start by trying to narrow your niche. There are so many ways to make money in REI (obvi) so find one thing you enjoy that has a risk tolerance you're comfortable with and go from there. Good luck!