All Forum Posts by: Adam K.

Inspections are inspections, not a list of mandatory fixes. If the house was built in 2008 it should not need a new roof unless there was a softball size hail storm that punched holes in it. Hail damage does not require replacement just because it's hail damaged. If it's not leaking, the shingles are not missing and the HOA is not complaining a 2008 roof should be fine. The cost of the roof varies by the pitch, angles, height, installer, brand and type of shingle, decking etc. Big companies with big trucks and advertising will charge 3xs as much as a craigslister. I had 7 quotes for one roof and the price varied from $4200 - $7800 in Houston on a 1500sqft house with a few hips and valleys on it. Not all vent hoods vent through the attic and I don't have any ovens with a piped vent system. Inspectors are not licensed electricians, plumbers, hvac techs, framers, roofers or anything else unless by coincidence. They perform limited tests and note their findings which usually end with recommending the specialized trade to inspect further or replace. Yes, Texas is WAY DIFFERENT than California. My late father in law was a general contractor in San Diego and from what he told me you need a license, permit, and insurance to hook up a water hose and then have a inspector sign off on it. Texas has far less requirements and licenses for tradesmen. City or county permits might be required depending on the work. Fix what you need to fix to make it functional and competitive for the market jt is in. Get lots of free quotes, get recommendations, check their past jobs, build your team.

The # 1 is the numbers. Past rental history + income. I recently processed several applications where the applicants had yrs of paying rent on time. That's great but a 40% increase in their rent obligations will seriously effect their future performance if there is no change in their income. It's easy to get excited walking into a freshly painted 4 bedroom house with new carpet when you have lived in an 2 bed apt for the last few yrs. The agents are excited, the tenants write personal letters of promise, etc. I go by the numbers. If After paying rent , auto ins, electric and water you only have $15per day to feed, clothe and entertain yourself and 3 kids it's not going to work. The numbers have to work in all parts of the deal. Don't blow it by buying right, fixing right and renting wrong.

If you have had success leasing yourself why stop because you put furniture in it? Adjust your marketing and go for it. Listing it will cost you cash flow to the listing and buyers agent. That cash flow does not guarantee qualified tenants from buyers agents. Remember they represent the tenant applicant, not you, and have no interest or duties in your property or cash flow once it is leased and their fee is collected. Continue with your own screenings, order new reports, master the county and state public record systems.

Commision ,yes, It is listed. The seller will pay whatever % was agreed to in the listing contract. The listing agent then pays the buyers agent a % of that if there is one. If you don't have a buyers agent the listing agent can act as intermediary , assign you an agent from his brokerage and then collect full commision. The commission is paid by the seller and should not figure into your out of pocket expenses unless you agreed otherwise. Wholesaling or assigning a listed property? Sorry, I will only allow this for my personal properties I am listing for a $1000 7 day option fee.

All of my refinances are with mortgage companies. The big banks take too long and have too many requirements, at least for rental purchases so I never wen tried refi's. I sat down with BOA last year to find out about getting my 5th and they said I can't have more than 4 mortgages. We talked a little bit and then he learned about the magical world of REI finance.

The requirements vary but last I was told you needed 3 months reserve cash for properties 1-4 each ,PITIA and 6 months reserve for each props 5-10 with 720 cs.

So if that's not there you could get stuck in the HM loan.

On one deal I refinanced before the first payment was due, but made the payment anyway in case it didn't close. On another I refinanced before the 2nd payment was due. In both cases I got a check back from the HM lender after funding. At least in TX there is no seasoning rules for refi I know of, maybe a resale if it was specifically worded in the contract. FNMA and some banks will have the time limit rules disclosed.

Don't think for a second that just because an agent is bringing you a tenant applicant that they are good to go. I have been DQ'ing applications all week that came from agents that were vouching for how great of clients they are. Evictions, lates, no jobs, convictions , you name it! They sign the criteria but obviously didn't read it or thought i couldn't find anything. It's your property and no one has more at stake than you. Do your own verifications, charge the tenants whatever they owe according to the lease and don't sign any agreements where the agent is not representing you.

Pay stub? Get 2 months or bank statements to make sure the income is consistent. Make sure the job is stable and will continue, not seasonal or 1 of 10 jobs the applicant has had in the last yr. Call the number again from a different phone and act as you want the services of the company or whatever to see if it's legit. Did you give screening criteria that states unverifiable info will result in DQ? This and about 50 other things you need to do qualify the tenant. Don't find ways to make them work, find all the reasons they don't work and DQ them. The good tenants will eventually show up with a filled out app correctly , all info and documents, rent history contacts etc and you won't find any negatives.

I have added sections in my leases stating guests are not permitted for more than 7 consecutive days or 8 days total in a month, unless authorized by the landlord.

They could all be criminals or professional tenants that intentionally were omitted from the application. Do not delay, do not go by your feeling or hope it works itself out. Notify them they are in breach of the contract they signed and move forward with whatever actions necessary. If they just moved in and are blatantly breaking the rules they obviously think they can do whatever they want and the lease is just a worthless piece of paper. Think about 4 more people flushing the toilets, walking the carpet, banging the walls, slamming the doors etc. The property will get worn out faster and maintenance issues will be more frequent.