All Forum Posts by: Andy Webb

Be sure to do a search on this site for an Estoppel agreement or form.  There is a good write up as to why you want to use one and document certain things in the property for the hand over. Proper documentation will help ensure smooth operations.

You do not need separate accounts for each property, but it is good to have a separate account or accounts for your rental business to avoid commingling funds with your personal stuff. For accountint, I just used good ole fashioned Excel to track my portfolio, but I am pretty organized.  I like our regional and local banks, so cannot really comment on NY.

Unfortunately it is ongoing...Hello Mr. Cooper, good-bye Mr. Cooper, hello Rocket Mortgage, good-bye Rocket Mortgage...as you grow your portfolio it can get pretty annoying, especially at tax time when you now need two 1098s...and be sure your insurance gets updated...else the new guy comes a knocking with a warning to buy pricey force placed insurance.

Greetings and welcome back again!  Nice portfolio and great goals!  We are also hunting MF in NE TX, though not quite as far as Texarkana; generally east of DFW along the I20 and I30 corridors, especially Van Zandt and Henderson counties.  I like the growth we are seeing along there.  We are limited partners in a small MF investment out that way as well, so getting our feet wet.  So far so good and eager for more!

Andy

You said: "I want them gone".  Give them notice, get them gone, and find those ideal residents for your property.  Hopefully you have a clearly laid out 'tenant selection criteria' document that will guide you in landing those next residents.

I take it your lease does not dictate who handles this?  Perhaps have that added on your next round.

I will second what @Dylan Barnard said about Denton.  Not on as many people's radars, but really a good area.  I have walked a few decent duplexes with clients over the past year up that way.  But as others have said, inventory is scarce.  Off-market would be the better way to go...

Andy

Congrats - nice low out of pocket!

We have been considering the travel nurse niche here in our area (DFW, TX).  What are the major pros and cons in your view?

Thanks!

Welcome @Clayton Bristow - fellow KW agent out of the Frisco office here. Enjoy the ride!

Andy

In Texas and I think in most other states, but confirm in yours, you have to be 18 to enter into a legally binding contract.  I can see someone at 16 bird-dogging (i.e. finding properties for others to contract), but not wholesaling as I know it: getting a property under contract and then assigning the contract or closing on the property and immediately reselling it.  Keep exploring your idea though and get out to real estate events in your area to learn more from the experienced investors.