All Forum Posts by: Andy Webb

At a minimum do an interior inspection or have someone do that for you.  You may find more grounds to support ending the relationship.

Have you been to the Buc-cees in Terrell on I-20?  If you do, you will see plenty of development and construction in that southern part of the town.  Forney will fill out, Terrell will follow, more so than it already is.  I love that corridor.

I am not familiar with Jay's document here on BP.  I am using a Zig Ziglar Performance Planner that is working great; very well organized.

I lean on my wife.  If I get bogged down on a transaction, she can usually tell and gives me a swift kick in the rear end.  

Someone else mentioned a mentor - that is of course a great way to go. Some spouses are not in the REI game with you, so may not be there to give you that swift kick in the rear end. At least not for said reasons above...Ideally, the whole family is involved.

If you are targeting Fannie Mae or Freddie Mac backed loans (the cheap money), then right now the max number of loans that any one person can have is 10.  If each spouse can swing a property/loan on their own, you should absolutely do this to max out those FNMA loans.  

Note that it is not just 10 FNMA loans...if you have other loans in place, that counts towards the total 10 for any given person.  We put an owner finance note in my wife's name, so now she can only get 9 FNMA notes until that owner finance one is paid off...

To the concern about having that many mortgages in your personal name:  get an umbrella liability policy equivalent to your net worth.  E.g. if you have amassed 1M in net worth, put a 1M umbrella policy in place. 

Speak with your 401k provider - they will tell you the process, rates, etc. The max loan amount is $50k or 50% of your vested balance. If you are following the BRRRR strategy, you could surely pick up a single-family rental or two with that loan amount.

Ask your PM to show you the lease comps for the last few months for your immediate area and for similar properties. If they pull a quick CMA from an MLS system, you should see, among other things, the Days On Market (DOM). You can also see what those properties leased for to be sure that is a good price.

Things often slow down a bit around the holidays normally, though this year in DFW I did not really see as much of a drag.

Great choice in Forney and Kaufman.  That corridor along I20 is growing and will continue to grow East.  We are active in East TX a bit farther out by the way and are seeing good demand out that way.

I would stick to the subdivision of your target property if possible.  If there are not enough comps there, go out in distance (within reason), but try to stay within clear geographic bounds (e.g. major roads), stay in the same school district, stay in the same city.  And/Or go farther back in time, max 180 days sold - that is what appraisers will work with, if not a shorter time frame in our hot market.  In your example, I would say no to crossing into another town or county.

A Realtor is a fiduciary - they are supposed to hold your interests as their client above their own. 

I am a both a Realtor and an investor in single-family rentals and have worked with investors to help them buy their first or next investment property.  I would rather see the people around me succeed, grow their business and wealth.  Why take away that opportunity from them for a one-time gain?  Who knows, perhaps that effort to help them will come back around to me in some way. Abundance mentality trumps a scarcity mentality, at least in my world.